Presently the City of Rancho Santa Margarita does not offer any form of first-time homebuyer assistance; however, homebuyers can contact mortgage lenders to inquire if they offer first-time homebuyer assistance.
Financial Assistance Programs
Most lending institutions have some type of program that is geared toward helping first-time home buyers. Typically these programs will require lower down payment requirements. These loans are typically insured by the Federal Housing Administration (FHA) so some additional underwriting criteria may be applicable. Contact a bank or a mortgage broker for additional information. Keep in mind that due to recent changes in federal regulations, underwriting and financing options may be limited.
Unlike larger Orange County communities, the City does not have or receive special funding that is specifically targeted to help lower income households buy a home. There are some nonprofit organizations that do offer some form of homebuyer assistance geared specifically for lower income households. For a list of these agencies, visit the Orange County Housing and Community Development website