City of Downey First Time Home Buyer Program – Housing Assistance Program (HAP)

Need Help Finding Down Payment Assistance?

Education is our passion – You can arm yourself against deceptive and unethical “Real Estate Professionals” by educating yourself about the home buying process.

These informative and convenient on-line classes will empower you with the ability to make educated financial decisions about choosing a lender, real estate agent, loan program and understanding everything that happens during the home buying process. Bookmark this page and check back often for new dates, times and classes.

Schedule of Homebuyer Education Classes – Click Here

Program Highlights

Program Summary

The City of Downey’s Homebuyer Assistance Program (HAP) has been developed to provide first time homebuyers with the financial assistance necessary for homeownership. The HAP loan is in the form of a deferred payment second mortgage. The HAP Program is designed to assist qualified households with the down payment and closing costs for the purchase of a home in Downey. As funding is limited, loans will be granted on a first come, first serve basis.

Program Details

Eligible Buyers: First Time Home Buyers – Can not have owned a home in past 3 years or a displaced homemaker or single parent.  Home buyer must live or work in City of Downey.

Maximum Assistance: Up to $40,000 or 25% of the purchase price.

Interest Rate: 0% Interest

Income Limits:

Household Size                    Annual Income
1                                   $42,450
2                                   $48,500
3                                   $54,600
4                                   $60,650
5                                   $65,500
6                                   $70,350
7                                   $75,200
8                                   $80,050

Payments/Recapture: Silent Second no monthly payments.  Loan is due in 20 years or sooner if property is sold or transferred

Equity Share Component: City will share in the appreciation of the property.

Eligible Properties: Family must purchase an existing single family detached home.  Condominiums & town homes are permitted.

Eligible Cities/Areas: City of Downey

If you have questions about this or any other down payment assistance programs that may be available in your area call us at 1-866-667-6724 or Click Here if you would like us to research programs you may qualify for.

For a complete list of upcoming no-cost on-line home buyer classes, follow this link – Upcoming First Time Homebuyer Classes