Moderate Income Households Now Eligible for First-Time Home Buyer Program
The City of Garden Grove has updated its First-Time Home Buyer Program that provides no-interest loans to income-eligible homebuyers looking to purchase a home in Garden Grove. The program now includes a down-payment assistance loan of up to $50,000 for moderate-income households whose household incomes fall below the moderate-income limits in Orange County. For households below the low-income limits in Orange County, the program will continue to offer loans of up to $110,000.
The loan is a 30-year deferred payment loan, which requires no monthly payments for 30 years. The loan is set at a 0% interest rate and requires a minimum down-payment of 3% from the borrowers own funds.
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 moderate-income families.
To qualify for the City’s First-Time Home Buyer Program, applicants must attend a first-time home buyer workshop with a HUD-approved counseling agency. For the list of approved agencies, please visit ggcity.org/fthb.
For more information and to apply for the program, please visit ggcity.org/fthb or contact Dana Yang at (714) 741-5131 or danay@ggcity.org.
