The City is 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 scheduled workshops for 2019 and 2020 are now available online. There are a limited number of spots available for these workshops.
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.