First Time Buyers Can Receive up to $75,000 in Down Payment Assistance for Eligible Homes in Lawndale
LAWNDALE, CA - As one of the last cities to be annexed as part of the South Bay of Los Angeles County, Lawndale is also the smallest city in the South Bay.
With only approximately 30,000 residents, Lawndale has always maintained a small town feel to it (as compared to its more populous neighboring cities).
Lawndale is a "young professionals" town with a median age of 29yrs and more than half the residents working in professional occupations (managerial/professional/sales). This makes Lawndale a great place for young people and families just starting out.
With more than half of Lawndale's population falling in the low-medium income level (25k-50k for singles & 50k-75k for families), this makes Lawndale's residents eligible for assistance in purchasing their first home.
One of the best things about Lawndale though is that first time buyers can receive up to $75,000 in down payment assistance to purchase eligible properties through the HERO State program. Payments for these "silent seconds" are deferred until the home is sold, refinanced, title transferred or no longer owner occupied. So how does one qualify for this assistance? Well, here are some of the basic eligibility requirements:
- Applicants must be first time buyers - no previous homeownership in the last three yrs.
- Only purchased foreclosed (REO) or abandoned properties are eligible
- There are income guidelines but basically, you must be a low-medium income borrower
- Sales prices limits are $493,000 for single family residences & $394,250 for condos/townhomes
- Property must be located within a HERO designated census tract
- Buyers must contribute a minimum of 1% of the down payment, which may be a gift
- Buyers must complete a HUD approved homeownership education course
One of the challenges with this program was that many of the designated census tracts were in the unincorporated areas of the county where there were little to no active and eligible properties listed.
Now the LACDC has launched the HERO State program that has the same benefits and requirements as the initial HERO program but with the HERO State program, there are designated census tracts in some incorporated areas of Los Angeles County.
Here in the South Bay, there was only a smattering of eligible census tracts scattered around the area. Now, with HERO State there is the city of Lawndale with many eligible properties in these census tracts. Lawndale's eligible census tracts extend all throughout the entire city from Redondo Blvd. in south Lawndale up to Rosecrans in north Lawndale.
If you're interested in more info on how you can qualify for this program, please feel free to contact me at 805.5278554 or firstname.lastname@example.org regarding eligibility requirements, available census tracts or if you just have a question. I would love to be able to assist you with finding the most affordable loan option available to you in purchasing your first home here in Los Angeles County.