Housing and Grants Division |
Owning a home seems like an impossible dream for many households today. But with the First-time Homebuyer Programs available through the Bellflower Housing and Grants Division, this dream can become a reality. These programs are designed specifically for people wishing to purchase a home in Bellflower but who may not qualify for mortgages typically offered by lenders. Depending on your income level and the number of people in your household, you may qualify for either one or both of the programs.
The Homebuyer's Assistance Program (HAP)
The HAP assists qualified households with 80 percent of the down payment and 100 percent of the non-recurring closing cost associated with the purchase of a home. The borrower can receive up to $40,000 in the form of a deferred second mortgage at 5 percent simple interest. The loan works in conjunction with the first mortgages offered by participating lenders, and the borrower is free to choose the lender he or she wishes to work with. Payment on the loan is deferred until the sale of transfer of the property. The program is designed to assist low-income households (L-HAP) or households whose incomes are less than 80% of median income. To encourage long-term homeownership in Bellflower, the interest on the L-HAP loan is forgiven after the tenth year of ownership. The full loan is forgiven after 30 years of home ownership. The program is available city-wide; eligible properties include single-family detached properties, condominiums, and town homes (mobile homes not eligible). Finally, the home must be the applicant's primary place of residence.
|
1 | $44,400 |
2 | $ 50,750 |
3 | $ 57,100 |
4 | $ 63,450 |
5 | $ 68,550 |
6 | $ 73,600 |
7 | $ 78,700 |
8 | $ 83,750 |
To Download an application click here
Should you have any questions regarding this program, please do not hesitate to contact us at (562) 804-1424, Ext. 2102.
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