City encourages home purchases through loan program

Torus Tammer

FOUNTAIN VALLEY -- City officials are encouraging potential homeowners

to invest into their community by taking part in its first-time home

buyer’s program.

Brent Hoff, acting housing coordinator for Fountain Valley, said the

program is funded by the city’s Redevelopment Agency and is designed to

help low- to moderate-income families.

“This program was designed to provide assistance for people to

reestablish affordable housing,” Hoff said. “The program is open to

anyone who qualifies, as long as the property that they intend to

purchase is within the city limits.”

Hoff added that the program focuses on lending qualified applicants a

down payment of up to $25,000.

“Depending on the amount that the participant qualifies for, the

amount is granted in the form of a 30-year loan with interest and

payments deferred for the first 10 years of the loan,” Hoff said.

“Essentially, what this does is fill the gap between a house being

affordable and not affordable.”

Hoff said that those who qualify is determined by household size and

annual gross income.

Once the person is approved by the city, the applicant then contacts a

city-provided lender to receive pre-approval for mortgage financing.

Mayor Larry Crandall said that not only does the first-time home

buyer’s program help the city meet some of its federal requirements, it

encourages those who have always dreamed of owning a home, but didn’t

think it was financially possible.

“This is a great opportunity for folks who don’t have a lot of money,”

Crandall said. “It gives a chance, generally to the younger families, to

own a home for the first time and is another example of a wonderful

program provided by the city.”