![]() ![]() There’s a very short list of approved participating lender in Compton that can process these loans for you. Mobile homes are not eligible for assistance through this program. NOTE: Properties located in the unincorporated areas of the City of Compton are not eligible for the First Time Homebuyers Program. Buyers must live in the property they purchase as their principal residence. This applies to those participants that receive HOME funds (Low Income). Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the United States. Single family detached properties, condominiums, and town homes in the incorporated area of the City of Compton with a property value at HUD-prescribed levels (not to exceed 95% of the area median home value for Compton) generally are eligible. The loan is forgiven if the borrower lives in the property for 15 years.Īn eligible household may receive mortgage assistance not to exceed $100,000 (for moderate income households) and mortgage assistance not to exceed $150,000 (for low income households). After five (5) years, the loan will be reduced 10% annually. You can find more information on Philly First Home Program on their website. The City would like to secure funds from this program to purchase. This property is an excellent opportunity for first-time homebuyers, located in the highly sought-after Freeway Circle community. ![]() A deferred Silent Second Deed of Trust loan is essentially a loan provided to the homebuyer interest-free and does not require monthly payments. Helping first-time homebuyers with a down payment or closing costs. Subcommittee on VA, HUD, and Independent Agencies. Compton Sheriffs and Alcohol Beverage Control (ABC) partner to conduct Minor Decoy and Shoulder Tap operations. The financial assistance consists of a Second Mortgage, which is in the form of a deferred Silent Second Deed of Trust loan. The Community Redevelopment Agency of Compton has a First Time Homebuyers Program to provide financial assistance to individuals and families with the dream of homeownership. It’s not a small handful of buyers, last fiscal year they had funds left over for moderate income buyers. Case Study Gabrielle and her children had fallen in love with the rental home they found through Interfaith Housing and Community services. With most cities starting their fiscal year on July 1, Compton will again have funds available for their First Time Homebuyer Program.
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