The Housing Trust provides meaningful financing options in the form of lower cost 2nd mortgages and down payment assistance to improve the ability of Orange County residents to fulfill their dream of becoming homeowners. In calendar year 2008-09, the Trust funded 64 second mortgages totaling $3,565,210.
Second mortgage loans up to $110,000 are available to first-time home buyers with incomes at or below 160% of area median income (AMI). The 30-year amortized loans have an interest rate approximately 1% below the market rate for first mortgages. The OCHT works with a variety of financial institutions to provide the first mortgages and to allow additional subsidies from city, county and state government or other programs that the borrower may qualify for to leverage OCHT funds.
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