Down Payment Assistance in Long Beach and Lakewood

Posted by Allison Van Wig on Monday, June 20, 2022 at 7:00 AM By Allison Van Wig / June 20, 2022 Comment

Buying a home is a big undertaking – and if you're like many people, you could use some down payment assistance. In Long Beach and Lakewood, there are a few programs you may be able to take advantage of. This guide explains.

Down Payment Assistance Programs in Long Beach and Lakewood

Check out these down payment assistance programs you may be eligible to use in Long Beach or Lakewood:

Neighborhood LIFT Home Buyer's Program from Neighborhood Housing Services (NHS) of Los Angeles County
California Homebuyer's Down Payment Assistance Program (CHDAP)
Extra Credit Teacher Home Purchase (ECTP) Program

Here's a closer look at each.

About the Neighborhood LIFT Home Buyer's Program from Neighborhood Housing Services (NHS) of Los Angeles County

The Neighborhood LIFT Home Buyer's Program from Neighborhood Housing Services (NHS) of Los Angeles County offers eligible buyers a $15,000 down payment assistance grant. This is a silent second mortgage with 0% interest that is forgiven over five years.

To be eligible, you must:

Be a first-time homebuyer or haven't owned a home in the past three years
Meet program income requirements
Complete an 8-hour homeownership education course offered by NHS
Contribute at least $1,000 of your own funds towards the purchase of the home
Purchase a home within Los Angeles County ( Long Beach and Lakewood both qualify)
Not exceed the maximum household income limit for Los Angeles County

For more information, visit the NHS website or call (866)-550-5337.

About the California Homebuyer's Down Payment Assistance Program (CHDAP)

The California Homebuyer's Down Payment Assistance Program (CHDAP) offers eligible buyers a loan of 3% of the purchase price or appraised value to be used for down payment and/or closing costs. The minimum contribution you can make towards the purchase of your home is $1,000. This program has no maximum sales price limit but there are income limits in place.

To be eligible, you must:

Be a first-time homebuyer or haven't owned a home in the past three years
Have at least a 640 credit score
Complete a 8-hour homeownership education course offered by a HUD-approved counseling agency
Contribute at least $1,000 of your own funds towards the purchase of the home
Purchase a home within Los Angeles County ( Long Beach and Lakewood both qualify)
Not exceed the maximum household income limit for Los Angeles County

For more information about this program, visit the CHDAP website or call (310) 996-3042.

About the Extra Credit Teacher Home Purchase (ECTP) Program

The Extra Credit Teacher Home Purchase (ECTP) Program offers eligible teachers up to $7,500 of down payment assistance on the purchase of their home. This is a deferred second loan with 0% interest that doesn't have to be repaid until you sell, refinance, or pay off your first mortgage.

To be eligible, you must:

Be a full-time teacher employed by a public school, charter school, or private school accredited by the State Department of Education
Meet program income requirements
Complete a 8-hour homeownership education course offered by a HUD-approved counseling agency
Contribute at least $1,000 of your own funds towards the purchase of the home
Purchase a home within Los Angeles County ( Long Beach and Lakewood both qualify)
Not exceed the maximum household income limit for Los Angeles County

For more information about this program, visit the ECTP website or call (213) 241-1000.

Are You Buying or Selling a Home in Lakewood?

If you’re not already living in Lakewood, or if you are but you’re looking for a new home, we’re here to help. Call us right now at 562-882-1581 or start browsing our Lakewood real estate listings to find your dream home today!

You can also browse:

Long Beach real estate listings

Anaheim real estate listings

Bellflower real estate listings

Signal Hill real estate listings