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
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