The NSP program is still going strong offering down payment assistance ( Up to 30%) to first time homebuyers in Orange County, CA.
This terrific new listing can be purchased only by buyers who qualify for the NSP Program guidelines. Call 949-306-8416 to se if you qualify today!.

County: | Orange |
Property Type: | Townhouse/A |
Bedrooms: | 2 |
Bath(F,T,H,Q): | 2,0,0,0 |
Sqft/Source: | 1,027/Assessor’s Data |
Sqft Lot/Source: | 3,799/Assessor’s Data |
Please read the terms of the Neighborhood Stabilization Program below:
The down payment assistance works like this:
- The buyer must get pre-qualified by a lender who is participating in the program. Please contact me (Jesse Madison) for a list of lenders.
- If a buyer qualifies for a first loan (FHA and VA ok), the buyer can get a second loan for up to $80,000 ($75,000 in Riverside County) or 30% of the purchase price (whichever is less) that will allow them to buy a home of greater value. This loan is known as a “silent second“. The benefit is that the buyer will not need to make any payments toward this second loan for the duration of the loan and the interest rate is 0%. Furthermore, if the buyer lives in the home for more than 15 years they no longer need to pay back the loan! Yes that’s right! They have essentially been gifted the second loan if they live in the home for 15 years.
- Silent Second Funds will be used as gap financing to: 1. reduce the amount of first mortgage required in qualifying for the home, and 2. can also be used to pay for up to 3% of the sales price to pay for closing costs on behalf of the hombuyer.
- If the buyer chooses to sell at anytime before the 15 years the homeowner will be required to pay the loan back upon sale of the home.
- The buyer must buy a specific property that qualifies for the NSP program (Contact me for a list of homes in your area). Eligible property types: Condos, Manufactured Homes, Single Family Detached, Single Family Attached, Town Homes
- Home buyers must attend and complete an eight (8) hour Homebuyer Education Class certified by HUD. This can be done during escrow.
- Most lenders require 3% of the buyers own funds in the transaction ( ie. down payment).
- Income limitations apply. Household Income cannot exceed 120% of area median income (See Orange County income limitations chart below).
- Applicants need not be first time buyers, but must be a US citizen or Permanent alien. Applicant(s) must not have owned real estate nor filed any mortgage interest or real estate tax write offs in the past 3 years. They must occupy the home they are purchasing as their primary residence for 15 years. Purchaser must agree to a 15 year affordability period. If borrower chooses to sell, rent, refinance, lease, convey or transfer the Property within the Affordability Period, the program requires that the 2nd Loan to be recaptured and the Equity in the Property shall be shared.
Income limitations are as follows:
Homebuyer Eligibility Requirements Maximum Income 120% of Orange County Median by household size Household Size
1 person $78,120
2 persons $89,280
3 persons $100,440
4 persons $111,480
5 persons $120,480
6 persons $129,360
7 persons $138,240
8 persons $147,240
This is truly an amazing opportunity and funds are available for a limited time. Call today and see if you qualify for the NSP Down Payment Assistance Program.