Free Money From The City of Long Beach for Your Down Payment
According to the
city of Long Beach, California, their new Long Beach "Down Payment Assistance Program" is a conditional grant of up to $10,000. Since you are thinking about buying a condo or home in Long Beach, this may be an excellent opportunity for you.
Over 900 first time Long Beach buyers have taken advantage of the program and you can too. But there are few restrictions and requirements:
a) the money can be used to assist in paying for the down payment and eligible non-recurring closing costs of purchasing your first home.
How do you qualify?
To qualify for the program, you must meet the following requirements:
1. You must currently live or work in Long Beach.
2. The home you want to purchase must be located in Long Beach.
3. You must not have owned a home within the last three years, from the time you open escrow. Please read the program description for possible exceptions.
4. You must qualify for a mortgage from a private lender.
5. You must provide at least one percent (1%) of the sales price from your own funds as part of the down payment.
6. Your gross annual household income (meaning all regular income sources before taxes) must not exceed the following income limits:
How do you apply for the Long Beach Down Payment Assistance Grant?
1. Download the Home Buyer Application. Or call the Long Beach Housing Development Company (LBHDC) at (562) 570-6855 and request that an application packet be mailed to you.
How long does the application process take?
After you have completed the application and submitted all supplemental documentation to the LBHDC, the staff will need to verify the information and determine whether or not you are eligible for the program. The process time is approximately 15 to 20 working days. If you qualify, a Certificate of Eligibility will be sent to you and/or your lender.
Interest rates remain at a 40 year low, now is the best time to buy a condo or home in Long Beach. So, if you were thinking about waiting to save money for a down payment, this may be your answer.Technorati Profile