There are 29 new affordable homes available for first-time homebuyers looking for a place to live in Anaheim, located a stone’s throw away from the Disneyland Resort, with the city offering up to $100,000 in down payment assistance.
The townhome-style condos called 100 West, which are at 1214 S. Urbana St., are a part of the city of Anaheim’s BEGIN lending program. BEGIN provides up to $100,000 in down payment assistance for low- to moderate-income households.
Preference is given to people who already live or work in Anaheim. The assistance comes in the form of a bridge loan from the city. Most people who qualify for the loans get around $35,000 to $40,000, according to city spokesperson Erin Ryan.
The homes are priced in the mid-$400,000s and have two bedrooms with two-and-a-half bathrooms. Other homes available to buy at 100 West go for more than $800,000.
Interested homebuyers would first need to qualify with Toll Brothers, the developer, and get a mortgage through a lender approved by them. Then homebuyers would apply for down payment assistance with the city. There are 12 people who have ongoing applications for down payment assistance, Ryan said.
The BEGIN program requires people to provide at least 3% cash for the down payment.
There are 292 units at the 100 West development. The city gave Toll Brothers density bonus approval for setting aside some units for low-income earners.
The income limits to qualify are $153,350 for a household of four people or $107,350 for a single person, which is based on 120% of the Orange County median income set by the state.
The city’s first-time homebuyer program has been around for more than 20 years.
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