The County's MAP provides silent second loans to assist low income first-time homebuyers, with annul incomes not to exceed 80% of the Area Median Income (AMI). The loans are designed to help pay for down payment and/or closing costs to purchase a home. The 3% simple interest, deferred payment loan has a term of 30 or 45 years depending on the funding source, and a maximum loan amount of $40,000. Homebuyers must occupy the property as their primary residence. There is a 1% minimum down payment required for this program and the total sales prices shall not exceed 85% of the Orange County median sales price for all homes, which as of October 2004 is $454,750 (85% of $535,000). All applicants are required to attend a homebuyer education workshop.

For additional information on MAP or to get pre-qualified, please contact Affordable Housing Clearinghouse (AHC), the County's non-profit service provider, at (949) 859-9255.

Mortgage Credit Certificate (MCC) program is offered through the County of Orange, in partnership with Affordable Housing Applications. The MCC is a Federal Income Tax Credit program. An MCC increases the loan amount you qualify for and it increases an applicant's take-home pay. The MCC entitles applicants to take a federal income tax credit of twenty percent (20%) of the annual interest they pay on their home mortgage. Because the MCC reduces an applicant's federal income taxes and increases their net earnings, it helps homebuyers qualify for a first home mortgage. The MCC is registered with the IRS, and it continues to decrease federal income taxes each year for as long as an applicant lives in the home.

For more information on MCC, please call (800) 591-3111 or (714) 834-6009.
www.ahahousing.com