Corona Down Payment Assistance - HOAP

The Redevelopment Agency of the City of Corona is offering up to 20% of the purchase price not to exceed $75,000 in assistance to low moderate-income first-time homebuyers for down payment and closing costs. Below is a brief summary of the program regulations and minimum requirements for determining whether you qualify to receive assistance from the HOAP Now I program. This information is available at Corona's Home Owners Assistance Programs

To be eligible for assistance in the program, you must, at a minimum, meet the following criteria:

1. First Time Home Buyer: Applicant(s) cannot have owned residential property within the last three years (first-time homebuyer).

2. Eligible Properties: Single family unit, town home or condominiums, or manufactured homes onpermanent foundations. Home must be located in the City of Corona. Home must be in good condition and meet all applicable building codes. Fixer uppers are not eligible.

3. Eligible Home Buyer: Applicant(s) must be a US citizen or have legal residency status.

4. Preference Criteria: Preference will be given to; households displaced as a result of actions by the City, County, State, and Federal governments, households that are buying a foreclosed home not requiring repairs and/or lead-based paint abatement, and residents who live or work in the City at the time of application.

5. Lead-Based Paint: Pre-1978 built homes will be checked and may be tested for lead-based paint. Homes requiring extensive lead-based paint abatement will be ineligible.

6. Income eligibility: HOAP Now I is targeting moderate income households. The gross household income must meet the following minimum and maximum requirements:

Number of Persons In Household:

In Household 1:  Minimal Required Income $36,400 - Maximum Income $54,600

In Household 2:  Minimal Required Income $41,600 - Maximum Income $62,400

In Household 3:  Minimal Required Income $46,800 - Maximum Income $70,200

In Household 4:  Minimal Required Income $52,000 - Maximum Income $78,000

In Household 5:  Minimal Required Income $56,200 - Maximum Income $84,250

In Household 6:  Minimal Required Income $60,350 - Maximum Income $90,500

In Household 7:  Minimal Required Income $64,500 - Maximum Income $96,700

In Household 8:  Minimal Required Income $68,650 - Maximum Income $102,950

Source: Income Limits provided by HUD.  Effective May 2010

These income figures are subject to change

HOAP Now II is targeting Low Income households. The gross household income must not exceed the above minimum requirements.

7. Down Payment, 3%: Applicant must have at least 3% of the purchase price available in funds tocontribute toward the purchase and must have no more than $10,000 in liquid assets remaining after close of escrow. The 3% down payment from the applicant may be a gift provided a notarized letter is submitted stating that this is a gift not a loan. Applicants may contribute more than the 3% down payment if available.