Garden Grove now offering First-Time Home Buyer programs

The City is offering First-Time Home Buyer Programs for qualifying low-income families. The CalHome loan is a 30-year deferred payment loan requiring no monthly payments, not exceeding $60,000, which accrues 3-percent simple annual interest for the life of the loan. The loan is designed to assist with covering the difference between a qualifying mortgage amount and the actual price of a single-family home for qualified low- and very low-income families.

The City also offers the Workforce Initiative Subsidy for Homeownership Grant. The matching grant is up to $15,000 that assists qualifying low- and very low-income families with the down payment or closing costs. For every dollar a resident puts towards the down payment, the City will match with three dollars.

There are openings available for the First-Time Home Buyer workshops which introduce potential Garden Grove homeowners to the process of buying a home, how to qualify for a home mortgage, and information regarding financial assistance programs offered through the City. The scheduled workshops for 2019 and 2020 are now available online at www.ggcity.org/neighborhood-improvement. There are a limited number of spots available for these workshops.

This article was released by the City of Garden Grove.