Eligibility Criteria
Approval under the City of Buena Park Homeownership Program is based on two fixed eligibility criteria. These requirements are non-negotiable and are set forth in accordance with
federal limits:
-
Household Income
-
Debt-to-Income (DTI) Ratios
Household Income Eligibility
Applicants' household income must fall within one of the following income categories:
Low-Income:
- Household income falls under
80% of the Area Median Income (AMI)
Moderate-Income:
- Household income falls under
120% of the Area Median Income (AMI)
Definition of Household Income
- Household income includes all income earned by the applicant and all household members aged 18 or older who will reside in the dwelling unit.
All household members’ information will be verified and calculated together. Failure to accurately report household income may result in delays, denial, removal from consideration, or the need to reapply.
City of Buena Park Area Median Income (AMI) Limits 2026
| Number of Persons in Household |
Category 1
Lower Income
(71-80%) |
Category 2
Low and Moderate Income
(81-110%) |
Category 3
Low and Moderate Income
(111-120%) |
| 1 |
$104,200 |
$106,700 |
$116,400 |
| 2 |
$119,100 |
$122,000 |
$133,050 |
| 3 |
$134,000 |
$137,250 |
$149,650 |
| 4 |
$148,850 |
$152,450 |
$166,300 |
| 5 |
$160,800 |
$164,650 |
$179,600 |
| 6 |
$172,700 |
$176,900 |
$192,900 |
| 7 |
$184,600 |
$189,050 |
$206,200 |
| 8 |
$196,500 |
$201,250 |
$219,500 |
10% of household assets are added to the applicant's total annual gross income.
Definition of Annual Gross Income
Annual gross income includes:
- The full amount, before any payroll deductions of wages and salaries, overtime pay, commissions, fees, tips, and bonuses, and other compensation for personal services, provided they are normal and consistent with the Applicant.
- Self-employed income is defined as the higher of either the current year-to-date net income (proven through Profit & Loss Statements) or the highest net income shown on the Applicant’s most recent federal income tax return. NET INCOME is defined as net income plus depreciation, plus amortization, plus rent deduction for use of a home, interest, dividends, and other income from real or personal property.
- Interest, dividends, and other net income of any kind from real or personal property. Where household assets are more than $5,000, excluding property, adjusted gross income shall include the greater of the actual income derived from all assets or a percentage of the value of such assets.
- The full amount of periodic payments received from social security, annuities, insurance policies, retirement funds, pensions, disability or death benefits, and other similar types of periodic receipts, including a lump sum payment for the delayed start of a periodic payment.
- Payment in lieu of earnings, such as unemployment, workers’ compensation, severance pay, and welfare assistance.
- Periodic and determinable allowances, such as alimony and child support payments, and regular contributions or gifts received from persons not residing in the dwelling to the extent that such payments are expected to continue.
- All regular pay, special pay, and allowances of a member of the Armed Forces (whether living in the dwelling) who is the head of the family, spouse, or other person whose dependents are residing in the unit.
Debt-to-Income (DTI) Ratio Requirements
Applicants must meet both front-end and back-end DTI requirements:
Front-End Ratio (Housing Expenses)
-
- Minimum:
28%
- Maximum:
35%
Back-End Ratio (Total Monthly Debt)
These ratios
do not change
and are strictly enforced in accordance with federal limits.
| Category |
Income Level |
2/Br. |
3/Br. |
4/Br. |
| 1 |
Lower Income
(71-80%) |
30% of Actual Income, Less Utility Allowance |
30% of Actual Income, Less Utility Allowance |
30% of Actual Income, Less Utility Allowance |
| 2 |
Low and Moderate Income
(81-110%) |
Not Less Than 28% of Actual Income and Not More Than $3,0812
|
Not Less Than 28% of Actual Income and Not More Than $3,424 |
Not Less Than 28% of Actual Income and Not More Than $3,698 |
| 3 |
Low and Moderate Income
(111-120%) |
Not Less Than 28% and Not More Than 35% of Actual Income, Less Utility Allowance |
Not Less Than 28% and Not More Than 35% of Actual Income, Less Utility Allowance |
Not Less Than 28% and Not More Than 35% of Actual Income, Less Utility Allowance |
1
Affordable Housing Cost (AFC) = Principal, Interest, Taxes & Hazard Insurance (PITI) + Mortgage Insurance (MI) + Utilities Allowance + Special Tax Assessments + Association Dues.
2
Figure includes utilities allowance:
Standard:
2/Br.=$247; 3/Br.=$314; 4/Br.=$390 |
Electric Only:
2/Br.=$283; 3/Br.=$358; 4/Br.=$439
(Based on County of Orange Section 8 Program)
Reference: HCD Income Limits
Required Documentation & Application Completeness
To verify income and Debt-to-Income (DTI) eligibility, a complete application package must be submitted with all required documentation requested by the lender and the City of Buena Park. Additional documentation may be required.
Applicants should be prepared to submit the following:
- Applicant Summary Form (form provided by the City).
- Residential loan application (form provided by the lender).
- Federal income tax returns (most recent two years).
- Two most recent pay stubs or a current profit and loss statement (if self-employed).
- Other evidence of other income, including child support, spousal support, social security income, other assets, and investments, etc.
- Two most recent statements (all pages) for all household assets, including but not limited to checking, savings, CDs, stocks, bonds, securities, cryptocurrency, and other investments, etc.
- In cases where persons are claimed as being household members but are not shown on the federal income return, please provide: (1) for minor children –evidence of guardianship; (2) adults over the age of 18 – evidence that they are living with you currently or will be living with you after you purchase the house.
- Credit Report
- Proof of residency (e.g., birth certificate, passport, permanent residency card, etc.)
- Driver's licenses for loan applicants.
Applicant Summary Form
An Applicant Summary Form is required and must be submitted with the application package to the City of Buena Park. This form consolidates key applicant information used in the City’s review process.
The lender and the realtor/broker will guide the qualified applicant(s) through this process once the pre-qualification requirements are met.
Applications missing required documentation may result in delays or removal from consideration. The City of Buena Park works with applicants through the lender and realtor/broker to obtain missing items and help complete the application. Final review cannot occur until the application is deemed complete. Qualified applicants should be prepared to provide additional documentation if requested by the City of Buena Park.
Ground Lease
Ground Lease
University Gables is a residential community located on Sycamore Lane in Buena Park, CA 90621
.
View in Google Maps
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. Although you own the home you purchase in University Gables, all the land on which University Gables is located is owned by CSU Fullerton Auxiliary Services Corporation.
As the homeowner, you will acquire a long-term leasehold interest in the land underlying your home, which will be subject to renewal upon certain stated conditions. As with any lease, you will be required to make ground rent payments pursuant to the terms of your Ground Lease. A prepayment will be required, coupled with an agreement on your part to pay CSU Fullerton ASC stated future rent adjustments (subject to a cap).
To assure homes in University Gables remain available to and affordable by members of the University community, the Ground Lease includes certain restrictions. These restrictions limit the amount of the resale price you may receive, address continuing ownership eligibility and may lengthen the time required for selling a home in University Gables. Homes in University Gables must be owner occupied. You should carefully review the Ground Lease documents and these restrictions before buying a home in University Gables.
Some Provisions of the Ground Lease
-
Length of Lease: The ground lease is for 99 years.
-
Ground Rent: Homebuyers will pay rent for the use of the land. Part of this ground rent will be paid up front. (The prices specified above include the upfront ground rent, which can typically be borrowed as part of the home mortgage. The upfront ground rent would be refundable pro rata if the buyer sells the home before the end of the covered term.)
-
Future Availability: Should you elect to sell the home at some future date, it will first have to be offered to University employees or a qualified buyer within the criteria's, tiers, and income. In addition, there may be other provisions to keep the housing available for campus employees. For example, the CSUF ASC has an option to repurchase the home if the owner no longer maintains the home as his/her principal residence, or severs his/her employment relationship with the University.
-
Future Affordability: To keep the homes affordable to future eligible employees, the annual appreciation of the home will be tied to an inflation index (e.g., Orange County median income, for consistency with the City's purchaser income restrictions). Credit will be allowed for the value of improvements made by the homeowner.
You should carefully review the Ground Lease documents before buying a home in University Gables.
For those persons whose principal objective in purchasing real estate is capital gain, it is strongly recommended they consider acquiring a home in the unrestricted general marketplace rather than in University Gables.
Key Reminders
- Qualified applicants are strongly encouraged to:
- Review all applications materials carefully.
- Ensure accuracy and completeness
- Respond promptly to requests for additional documentation
- Incomplete or inaccurate submissions to the City of Buena Park and the lender may delay or prevent approval and will result in automatic removal from the ASC waitlist.
- If an applicant withdraws from the process or is deemed ineligible, they will be removed from consideration. Applicants may reapply after 180 days to be placed back on the ASC waitlist.
