City of Garden Grove First Time Homebuyer Program
TheÂ City of Garden GroveÂ has a first time home buyer program that offers money to home buyers looking to purchase a home within the city limits. If you are considering purchasing a home, this program is certainly worth your consideration. Here are some details about the program from the City's website:
When funds are available, Neighborhood Improvement offers a First Time Homebuyers Program to assist low-income applicants to qualify to purchase their first home. The program makes available a limited number of silent second loans to help qualified applicants with the money necessary to qualify to purchase a home in Garden Grove.
In order to qualify forÂ mostÂ First Time Homebuyers Programs:
- The Applicant cannot have owned a home in the past three (3) years.
- The Applicant must attend a HUD approvedÂ Homebuyer Education Program.
- The Applicant must meet the program income requirements.
- The home purchase price cannot exceed $451,250, and must be located in Garden Grove.
Other important information regarding the First Time Homebuyers Program:
- The Applicant must provide at least one percent of the total purchase price for the down payment.
- The loan amount plus interest becomes due after the sale or transfer of the property, refinancing of the first mortgage, at the loan maturity date, or when the property ceases to be owner occupied.
This program is certainly worthwhile to qualified home buyer's in Garden Grove. Many of other city programs have run out of funds with the bad economy, so having this prorgram is a huge benefit to our city. If you're looking to purchase a home in 2012, give this program a look.