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HOAP Now: Frequently Asked Questions
We have compiled a list of frequently asked questions about our homeowners asssitance program to assist you in finding the information you need.
Q: Does the City of Corona have a First Time Homebuyer Program?
A: Yes. We actually have two programs!
HOAP Now I ? offers a 30 year fixed loan not to exceed $75,000 or 20% of the purchase price of the home, 0% interest, no monthly payments, and it is payable within 30 years or becomes immediately payable if you sale the home or refinance to cash out on equity.
HOAP Now II ? offers a 30 year fixed loan, not to exceed $100,000 or 50% of the purchase price of the home, 0% interest, no monthly payments, and it is payable within 30 years or becomes immediately payable if you sale the home or refinance to cash out on equity.
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Q: Where can I find the application?
A: The applications for assistance under HOAP Now I & II is initiated by contacting one of the Participating Lenders once you have determined: 1) You are a first time homebuyer, 2) You meet the income guidelines for the program, 3) You have attended an eight hour HUD approved first time home buyer class and have received a certificate of completion. Once all this criteria has been met, you can contact one of the Participating Lenders and start the application process.
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Q: How do I know if I am a first time home buyer?
A: A first time home buyer is a person or persons that have not owned a home in the last three years. There are exceptions to this, If an individual is a displaced homemaker or a single parent.
A displaced homemaker is an individual who:
(1) Is an adult;
(2) Has not worked full-time full-year in the labor force for a number of years but has, during such years, worked primarily without remuneration to care for the home and family; and
(3) Is unemployed or underemployed and is experiencing difficulty in obtaining or upgrading employment.
Single parent is an individual who:
(1) Is unmarried or legally separated from a spouse; and
(2) Has one or more minor children of whom the individual has
custody or joint custody, or is pregnant.
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Q: CWhat if I have owned a home in the past, can I still qualify for the program?
A: Yes, as long as you have not owned a home in the last 3 years.
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Q: Am I required to be a U.S. Citizen to apply?
A: Yes, this is a requirement of HOAP Now I & II.
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Q: Are the income limits for eligibility flexible?
A: No, The income limits aren?t flexible, they are established by Federal statutes.
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Q: Where can I get information to attend a first time home buyer seminar?
A: You can call the Fair Housing Council of Riverside County, (951) 682-6581, or the Neighborhood Housing Services of the Inland Empire, (909) 884-6891 to get information on their schedule of seminars and to make your class reservation. Or click here for additional information.
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Q: What is my next step after I?ve attended a first time home buyer seminar?
A: Your next step would be to contact one of the Participating Lenders on our list and schedule an appointment to meet with them and complete the application process. Once the process has been completed the lender submits your application to us.
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Q: If I take the first time home buyer seminar in another City or County does it still meet the requirements for HOAP Now I & II?
A: Yes as long as the provider of the seminar is HUD approved and they issue you a Certificate of completion for the seminar. The first time home buyer seminar should have been taken within the previous 12 month period.
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Q: Where can I find the list of Participating Lenders?
A: Go to www.coronaHOAPNow.com to get the list of the of the Participating Lenders. We encourage you to call two or three of the lenders and see who may have the best loan for your circumstances.
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Q: Can I use a lender that is not on the Participating Lenders list?
A: No. Our Participating Lenders are the only lenders that are able to submit an application on your behalf. If you don't go through one of these lenders, your application will be rejected.
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Q: Can the price of the home be under $220,000?
A: HOAP Now I ? Yes, the price can vary based on income, the amount of the first loan, interest rates, and the amount of the Agency's assistance.
HOAP Now II ? The purchase price of the home can not exceed 95% of the area median sales price.
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Q: Can the price of the home exceed $350,000?
A: HOAP Now I ? Yes, the price can vary based on income, the amount of the first loan, interest rates, and the amount of the Agency's assistance.
HOAP Now II ? The purchase price of the home can not exceed 95% of the area median sales price.
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Q: Why am I still being required to put 3% of my own funds towards the down payment?
A: The reason for this is that we would like you to have some sort of investment in the property, which is why this is required.
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Q: Once I turn in the application, how long does it take to review?
A: After we receive the application from the lender we will attempt to review the applications within 5-10 business days. However, if there are any items missing from your application, we will contact the lender to obtain missing information. The timeliness of the response from the lender or applicant for the additional information will determine how soon we can determine eligibility for assistance.
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Q: Can I purchase a home outside of Corona?
A: HOAP Now I & II can only be used to purchase homes within the Corona City limits. Homes outside the City limits are not eligible. You may want to contact the Riverside County EDA if you are interested in buying a home in the County unincorporated areas, (951) 955-3389.
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Q: Can I purchase a short sale property?
A: Yes, although you should be aware that short sales in some cases may take months to get approved. Your commitment of funds may expire before then.
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