I did some research online and found that Buena Park does have a first time homebuyer assistance program that is open to the public who do not work or reside in Buena park beginning July 1, 2009. Here is part of the program details. Click on the link below for the whole brochure from the city. If you find this helpful, please let me know.
Aaron Zapata
Prudenital
aaron@aaronzapata.com

Applicant/Borrower:
Must be a first-time home buyer; may have not owned property within the last three (3) years.

Second Mortgage Loans Provided to Eligible Applicants in the Following Order:
1. Households displaced due to action of the City, County, State or Federal Govern-ment; 2) Residents who live or individuals who are em-ployed in the City of Buena Park at the time of applica-tion; and 3) All other eligible households.

Applicant/Borrower’s Qualification:
Must qualify for a first trust deed loan.

Household Income Limits:
May not exceed 80% of the median income based on family size.

Maximum Purchase Price:
$516,800 for a single-family residence and $399,000 for a condominium or town-house.

Loan Amount/Terms:
Up to a maximum of $100,000 deferred loan for 30 years at 3% simple interest.

Applicant’s Contribu-tion:
Applicant must contribute a minimum of 3% of the purchase price as a down payment.

Second Mortgage Loan Plus Interest Must Be Paid When the Borrower:
1) sells the property; 2) trans-fers title/ownership of the property; 3) takes equity out of the property; or 4) no longer lives in the property.

By the way, the State of California has stopped taking applications for the $10k new home tax credit.

They have already used up all the funds - $100mm - that were allocated for it.

HELLO JONG,
OUR OFFICE IS LOCATED IN BUENA PARK. WE ARE ONE OF THE BIGGEST OFFICE IN BUENA PARK AND IM CONFIDENT WE CAN HELP YOU.
THE INFORMATION BELOW IS PROVIDED BY OUR INHOUSE LENDER.
1. Our 3% (of the sales price) downpayment assistance can apply to Buena Park. She must have at least 2 people to occupy to qualify for income limits up to $92K.
2. Program sales price limit is $637,645 for Orange County; however, she can only qualify based on her income and debt.
3. $92K income is not high enough to qualify up to $600K. The housing ratio is 56% when it should be less than 33-40%. She’ll need more income.
4. FHA doesn’t limit the program based on income and is very lenient on credit. It’s the downpayment assistance that will have income, credit, and first time home buyer requirements.

Joanne Mullins,
Loan Officer
The Mortgage Guild
Cell: 562-900-2020
Direct: 714-228-0078
Anaheim Office: 714-939-3863
Fax: 714-333-4030
Email: joanne@cahomeloancenter.com

Click here for all the area first time home buyer programs: http://www.socaloceanviews.com/professional11.shtml .

Hi Jong Kim,

Typically, down payment assistance income limits are determined by the number in your household and $92,000 may not necessarily make you ineligible. Here is a link to the City of Buena Park, I know it says they are not accepting applications at this time but I had called on 3/9/09 and I was told the program would be open within 3 weeks.

If you and your spouse are members of CalPERS or CalSTRS you may be eligible for special programs.

Hi,

Your income is too high for the traditional down payment assistance programs offer by the City, County and State. Your best bet is a 3.5% down FHA loan. You can get the $8,000 federal tax credit, although I think the income limit for a single person is $75,000 ($150,000 for a married couple). The $10,000 CA credit does not have income limits but you would have to buy a new home.

all of your debt payment obligations (car payment, credit card minimums, student loans, etc..) and your mortgage payment cannot exceed $2,900/mo. A good rule of thumb is to not finance more than 3.5 times your annual income and 4 times would be the absolute maximum. Interest rates are particularly low right now, but still you probably don't want to finance much more than $368K.

Hello Jong Kim,

It looks as though you have already located a new home by Lennar, and so you would also probably qualify for the $10,000. state tax credit, in addition to the $8,000. federal first time buyer's tax credit. That is assuming you haven't owned a residence for the last 3+ years, which you didn't mention.

As Ron, mentioned, an FHA loan looks like your best way to go. Good luck in your new home!

There is an assistance program for nurses, you should look into.

Hello Jong,

I am a Direct FHA lender, and reside in Buena Park. I do not sell homes, I finance them. The fine agents that contribute their expertise here can help you with locating the right property. I would like to address your financing question regarding FHA.

To answer your question #4, an FHA loan is available to you with as little as a 3.50% down payment ($21,000 on a $600,000 price). If you are able to negotiate to have the Seller cover your normal closing costs (up to 6% of the selling price - which is usually, and by far, higher than the actual costs themselves), then the down payment is what .you need to prepare for. It appears you have sufficient savings to cover this.

The Federal Government has a tax credit program for first time buyers who purchase in 2009. This credit is up to $8,000 and is received via a filed tax return for 2009. The tax credit will either offset taxes owed or you would be issued a refund check for it in 2010.

If you have not done so already, talk to a FHA lender to get pre-qualified for the price range you want. If there will be more than one applicant, or a self-employed individual (noted from a previous post), this is an essential first step. Being assured by a lender that you have the capacity to move forward is a great relief and confidence builder, and it gives your representing agent strength in negotiations on your behalf.

I am always available to help you determine your pre-qualification for FHA. Do not hesitate to contact me for further assistance.

All the best,

Ron