Long Beach Real Estate-Long Beach Condos

The City of Long Beach offers a down payment grant, to Long Beach, CA  police officers and firefighters.  The grant can be up to $10,000 and can be applied to down payment and/or closing costs.

To qualify for the program, you must meet the following requirements:

1. You must be a sworn police officer or firefighter employed by the City of Long Beach and have successfully completed probation.
2. You do not currently own a home in the City of Long Beach.
3. You must qualifiy for a fixed-rate or adjustable-rate first mortgage from a private lender.

AND...Here's the big AND:

There are income limitations.  The household income can not exceed these limits:

HOUSEHOLD SIZE                               INCOME LIMIT       MOST LIKELY LOAN LIMIT (limited by qualification)

1                                                         $47,200                  $150,000

2                                                         $54,000                  $175,000

3                                                         $60,700                  $195,000

4                                                         $67,400                  $210,000

5                                                         $72,800                  $230,000

6                                                         $78,200                  $250,000

I added the "Most Likely Loan Limit-by qualification" column to show you how the maximum household income makes this program, generously offered by the City of Long beach,  virtually ineffective.  The grant is actually a forgiveable loan.  You have to live in the property for at least five years for the grant to be forgiven.

For whom is this program useful?  If you are selling a property, from a municipalty other than Long Beach, with equity, this grant might work.  A hefty down payment, combined with the allowable loan, may get you a home in Long Beach that is commenseurate with the needs of the household size.  If that is your situation, the grant has an application (that I'll fill out for you) and takes about 2-3 weeks to receive.

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