City of Long Beach Down Payment Assistance Program get up to $275,000

Despite the media woes that financing is "nearly impossible" and that the average person can't get financing there are still some great loan programs out there. FHA certainly leads the way with good, safe traditional financing allowing borrowers to purchase a home or condo for as little as 3.5% down.

In addition to FHA the city of Long Beach is also doing their part by providing a down payment assistance program. This program allows up to $275,000 of assistance! We have been asked about this program before and have found it's tough to get information on it.

You will have to go through a lender who is approved to work with the program, but we will certainly give you a lender to contact so you can take advantage of these limited funds.

Key factors

• Must be a first time buyer
• Must currently live or work in Long Beach
• Can purchase a condo up to $332,500 or a home up to $500,650
• 1% down payment is required by the buyer
• Property must be located in one of the communinty redevelopment areas (primarily 90802, 90804,90805 and some parts of 90806)

There are income limits as well depending on the number of people that live in the household. There is also a calss that the buyer must take, but that's it's a short class compared with the amount of gain that you can get :).

It is definitely worth while to investigate to see if you qualify for this program as there are a limited amount of funds for this program.

Lender Contact:

Mike Simfenderfer of GEM Mortgage provided us these highlights. He is a local lender located her on Atlantic Ave in Bixby Knolls. Contact him today at 562-714-2158 or e-mail him at loans4yourhome@yahoo.com .

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