“Long Beach down payment assistance program”
The help you need to own your piece of Long Beach real estate
Many buyers in Long Beach search far and wide for programs that can help give them just a small bit of help into owning that first home or condo. As a city, Long Beach wants to help people take that first step.
Down payment assistance from the city to help you own your first Long Beach condo or home.
To help buyers here in Long Beach the city created a down payment assistance program. This program can allow up to $275,000 dollars to be used towards the purchase of a home or condo within certain zip codes of the city.
Here are some highlights of the requirements of the program.
- Must currently live or work in Long Beach. 1st time buyer and has not owned a home in three years. Borrowers can not own other property. Divorce situation evaluated by court documents.
- Owner occupied single family residence, condominium, or PUD. No multi-unit properties.
- 30 year 2nd Trust Deed that is forgiven after 30 years living in the home.
- Maximum sales price eligible for financing is $332,500 for condominium or PUD.
- Maximum sales price eligible for financing is $500,650 for a single family residence.
- 1st mortgage is at least 30% of the sales price and requires at least 1% down payment.
- CalHFA down payment assistance (3rd Trust Deed) is allowable. 1st mortgage will be FHA.
- Property must be vacant, owner occupied, or if tenant occupied the tenant must be aware the property is listed for sale.
- Property must be in a Community Redevelopment Area (primarily 90802, 90804, 90805 and some parts of 90806 bordering Signal Hill). Contact Mike Simpfenderfer for proper property qualification and eligibility. Estimated time to close escrow is 60 days.
- Termite completion is required and property condition must be FHA compliant. Unpermitted additions or work will need to be resolved in escrow so the property is FHA/Fannie Mae/Freddie Mac compliant.
As with many down payment assistance programs this fund as limited resources. A class is required to be taken by the buyer, but truly this is a small price to pay for such great help.
Call us today at 562-989-7111 and we would be happy to put you in touch with one of our lending partners who would be happy to tell you how you can get started to qualify for this great program.