Long Beach Down Payment Assistance Programs
Helping Long Beach Achieve homeOwnership
Long Beach Down Payment Assistance Programs
Helping Long Beach Achieve homeOwnership
Long Beach Down Payment Assistance Lender
As a direct mortgage lender, Capital Home Mortgage Long Beach is a Long Beach Down Payment Assistance Program Lender offering Long Beach Down Payment Assistance Programs. As the lender we manage the entire lending process from start to finish. With in-house processing and underwriting, we provide quick, common-sense approvals and timely closings.
Give us a call today at (888) 620-7744 to speak with one of our knowledgeable Long Beach Loan Officers and get started on your path to homeownership!
Long Beach First Time Homebuyer Assistance Program
The Long Beach First-Time Homebuyer Assistance Program provides grants of up to $25,000 to eligible residents to support their journey to homeownership. The grant can be used for down payments, closing costs, and lowering mortgage interest rates. It is a part of the city’s initiative to make homeownership more accessible in a high-cost housing market.
Overview of the Program
- Purpose: To empower first-time and first-generation homebuyers to purchase a home in Long Beach.
- Grant Amount: Increased from $20,000 to $25,000 in 2024.
- Repayment: The grant is non-repayable, provided recipients meet the residency requirement.
Eligibility Requirements
- Residency: Applicants must currently live in Long Beach.
- First-Time Homebuyer: Defined as someone who hasn’t owned a home in the past three years.
- First-Generation Buyer:
- Applicants must not have had parents or guardians who owned a home during their lifetime unless it was lost to foreclosure or short sale.
- Income Limits:
- Household income can be up to 200% of the Los Angeles County Area Median Income (e.g., $196,400 for a family of four).
- Mortgage Pre-Approval: Applicants must have pre-approval for a 30-year fixed-rate mortgage.
- Residency Commitment: Recipients must live in the purchased home as their primary residence for at least five years.
Eligible Properties
- Single-family homes, condominiums, and townhomes within Long Beach.
- Mobile and multi-family properties are excluded.
Program Benefits
- Reduces upfront costs, making homeownership achievable for low to moderate-income households.
- Allows buyers to remain in Oakland and invest in their community.
- Offers flexible, deferred repayment terms with no monthly payments.
Important Considerations
- Funds are limited, and grants are awarded on a first-come, first-served basis.
- This program is funded through federal and state COVID-19 relief funds, as part of broader community support initiatives
For more information or to apply, visit the City of Long Beach Homebuyer Assistance or call today at (888) 620-7744 to speak with one of our knowledgeable Long Beach Loan Officers.
Long Beach Mortgage Team
Why Long Beach is Choosing Capital Home Mortgage
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California Mortgage Programs
California Purchase Home Loans
Looking to Purchase in California?
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Looking to Renovate a California Home?
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California FHA Home Loans
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California VA Home Loans
100% Financing for California Veterans
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Flexibility for California Homebuyers
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California Non-Conforming Mortgages
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California Rural Home Mortgages
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California Native American Loans
California Hud 184 Home Mortgage
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California Manufactured Home Loans
Great California Affordable Housing
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California Reverse Home Loans
Your California Home at Work for You
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Making California Mortgages Possible
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California Rate & Term Refinance
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