City of Corona, Riverside County, California provide Down Payment Assistance Programs for First Time Home Buyers who are US Citizens. Corona has 2 programs: For Low Income and Moderate Income. For low income borrower, Corona provides up to 50% of purchase price, with maximum limit of $100,000; and for moderate income borrower, Corona provides up to 20% or purchase price with a maximum limit of $75,000.
Are you a First Time Home Buyer? – A first time home buyer is a person or persons that have not owned a home in the last three years.Â There are exceptions to this,Â If an individual is a displaced homemaker or a single parent.
A displaced homemaker is an individual who:
a) Is an adult;
c) Is unemployed or underemployed and is experiencing difficulty inÂ obtaining or upgrading employment.
Single parent is an individual who:
A)Â Â Â Is unmarried or legally separated from a spouse;
B)Â Â Â Â Has one or more minor children of whom the individual has custody or joint custody, or is pregnant.
Income Limits – HOAP Now I is targeting Moderate Income households. The gross household income must meet the following minimum and maximum requirements to qualify for HOAP Now I:
| Number of Persons
|Number of Persons In Household||Maximum Allowable Annual Income|
HOAP Now I & II can only be used to purchase homes within the Corona City limits. Homes outside the City limits are not eligible.
The property you are buying must be currently owner occupied, or has been vacant for at least 90 days. If you feel that you are a qualified buyer, contact approved lender for the City of Corona, at www.coronahoapnow.com. Income guidelines have not yet updated for the new fiscal year. Check at the website above for more accurate information.(IM)