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City Now Offering First-Time Home Buyer Programs

December 11, 2018

The City is now offering First-Time Home Buyer Programs for qualifying low-income families. The CalHome loan is a 30-year deferred payment loan requiring no monthly payments, not exceeding $60,000, which accrues 3-percent simple annual interest for the life of the loan. The loan is designed to assist with covering the difference between a qualifying mortgage amount and the actual price of a single-family home for qualified low- and very low-income families.

The City also offers the Workforce Initiative Subsidy for Homeownership Grant. The matching grant is up to $15,000 that assists qualifying low- and very low-income families with the down payment or closing costs. For every dollar a resident puts towards the down payment, the City will match with three dollars.

There are openings available for the First Time Home Buyer workshops which introduce potential Garden Grove homeowners to the process of buying a home, how to qualify for a home mortgage, and information regarding financial assistance programs offered through the City. The workshops will take place on January 5, 2019 and February 2, 2019, 9:00 a.m. to 12:00 p.m., at the Garden Grove Courtyard Center, located at 12732 Main Street.

To sign up for the workshop, or to obtain more information on the City’s First Time Home Buyer Programs contact Timothy Throne at (714) 741-5144, Benchmark Mortgage at (949) 231-0142, or visit the Neighborhood Improvement website.

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