Updated 2/25/2010- I just called today, funding is currently available, but funds are going quickly.
First Time Home Buyer Program
When funds are available, Neighborhood Improvement offers a First Time Home Buyer Program to assist low-income applicants to qualify to purchase their first home. The program makes available a limited number of silent second and third mortgages to help applicants with the money necessary to qualify to purchase a home in Garden Grove.
In order to qualify for most First Time Homebuyer Programs:
* The Applicant cannot have owned a home in the past three (3) years.
* The Applicant must attend a Homebuyer Education Program.
* The Applicant must meet the low-income requirements.
* If the home is a single-family detached home, it cannot exceed $546,250, and must be located in Garden Grove.
* If the home is a townhouse or condominium, the price cannot exceed $362,790, and must be located in Garden Grove.
Other important information regarding the First Time Home Buyer Program:
* The Applicant must provide at least one percent of the total purchase price for the down payment.
* The loan amount plus interest becomes due after the sale or transfer of the property, refinancing of the first mortgage, at the loan maturity date, or when the property ceases to be owner occupied.
Please note that all First Time Homebuyer Program requirements must comply with rules set forth by the funding source, and the requirements may change when the funding source changes.
For more information, please read our First Time Homebuyer Fact Sheet.
If you are interested in purchasing a home in the City of Garden Grove, and would like to obtain information about different programs to assist you, please visit the program website at Come Home To Garden Grove , or call the program toll-free number at (877) 570-5276 and select “Option 2″. You may also contact City staff regarding loan and grant opportunities by calling 714-741-5330.
To view the City of Garden Grove website, please CLICK HERE
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{ 2 comments… read them below or add one }
My wife and I have been Habitat for Humanity home owners for the past 5+ years.
Habitat for Humanity has a clause in the title deed that states that they have the “the right of first refusal” meaning that our home can never be sold on the open market. We are interested in buying a house (sfr) in the Westminster/Costa Mesa area.
We are currently prequalified through Chase Bank for up to $300,000 w/20% down for a 30 yr loan assuming the present interest rate remains at bout 5%.
Is there a possibility that we my qualify for the First Time Home Buyer’s Assistance Program?
Thank you
Hi Walt,
Most first time homebuyer programs require that you have not owned a primary residence in the past 36 months. Some programs, like the State of California CalHFA programs will allow the purchase of certain properties in Low to Moderate income areas without the first time homebuyer restriction.
Another question that I have is are you planning to live in the new home as your primary residence? If so, do you have an FHA loan on your current home? You may be able to use FHA financing and avoid having to put 20% down.
Feel free to email me directly or call me on my cell phone if you have any additional questions. Email: ScottS@Broadviewmortgagecorp.com Cell: 714-336-8286