DOWNPAYMENT ASSISTANCE PROGRAM
The Downpayment Assistance Program is a conditional grant of up to $10,000. The money can be used to assist in paying for the downpayment and eligible non-recurring closing costs of purchasing your first home. To date, over 900 first-time home buyers have realized their dream of homeownership in the City of Long Beach through the program. For a detailed description of the program, please click here.
HOW DO I 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 downpayment.
6. Your gross annual household income (meaning all regular income sources before taxes) must not exceed the following income limits:
| | Federal Housing Authority (FHA) Loans | Conventional Loans | Household Size | 115% of the Area Median Income
| 120% of Area Median Income
| | | | | 1 | $48,185 or less | $50,300or less | 2 | $54,970 or less | $57,400 or less | 3 | $61,870 or less | $64,600 or less | 4 | $68,770 or less | $71,800 or less | 5 | $74,290 or less | $77,500 or less | 6 | $79,810 or less | $83,300 or less |
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HOW DO I APPLY?Please click here to download the application. Or you may contact the Long Beach Housing Development Company (LBHDC) at (562) 570-6855 and request that an application packet be mailed to you. HOW LONG IS THE PROCESS?
After you have completed the application and submitted all supplemental documentation to the LBHDC, 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. |
