City of Hawthorne First Time Home Buyer Down Payment Assistance Program

Posted on 30. Oct, 2009 by Scott Schang in City Assistance Programs, Down Payment Help

City of Hawthorne First Time Home Buyer Down Payment Assistance Program

1.Must be moderate income household (see income limits below).

2.House to be purchased must be within the City of Hawthorne.

3.Must qualify for a fixed-rate trust deed from an institutional lender.

4. Must not have owned a house in the last three years.

5.Must have a minimum 3% down payment.

6. Maximum purchase price for a single family house is $500,650

7.Maximum purchase price for a condominium is $398,050

Assistance: Deferred loan up to $80,000.

Eligible Structures: New or existing detached single family houses, townhouses, and condominiums

Use of Loan: Down payment in addition to 3% provided by applicant, non-recurring closing costs, including points, and mortgage write-down.

Interest Rate/Term: 0% interest rate, 30 year term.

Security: Promissory Note and a Deed of Trust

Repayment: Loan repayment deferred until the earlier of maturity of loan (30 years), sale or transfer of property; property ceases to be owner-occupied, or repayment or refinancing of first mortgage.

It is the goal of the Hawthorne City Council to:

1.Increase homeownership opportunities in the City.

2.Improve the condition of housing through the pride of homeownership.

3. Preserve existing rental and owner-occupied housing resources.

4. Increase access to the community’s existing housing resources.

5. Eliminate physical barriers for disabled persons.

Phone: (310) 349-2973
FAX: (310) 644-6685

Application

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The Author: Scott Schang

I am a branch manager at Broadview Mortgage, Katella Branch in Orange Ca. As Dean of Homeownership University, I am passionate about education and believe that in the age of the internet and instant information, the consumer is ultimately empowered with the ability to make informed decisions and choices. If you have any questions feel free to call/text me at 714-805-7268 or email [email protected]

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