Hey there! Navigating the home-buying process can feel overwhelming, especially when you’re doing it for the first time. But don’t worry—I’m here to help you understand a fantastic program that could make your journey to homeownership in Lancaster, California, a bit smoother.

Program Overview

The City of Lancaster offers a First-Time Home Buyer Program designed to assist eligible residents with purchasing their first home within the city limits. This program provides financial support to help bridge the gap between your savings and the total cost of buying a home.

Funding Source

This initiative is funded by the City of Lancaster, aiming to promote homeownership among its residents.

Eligibility Criteria

• First-Time Homebuyer Status: You must be a first-time homebuyer, defined as not having owned a home in the past three years.
• Income Limits: Your household income should not exceed 80% of the Area Median Income (AMI) for Los Angeles County. As of May 1, 2024, the income limits are:
  • 1 person: $77,700
  • 2 people: $88,800
  • 3 people: $99,900
  • 4 people: $110,950
  • 5 people: $119,850
  • 6 people: $128,750
  • 7 people: $137,600
  • 8 people: $146,500
• Property Location: The home must be located within the City of Lancaster.

Benefits

• Financial Assistance: The program offers loans of up to 40% of the purchase price or a maximum of $150,000 to eligible first-time homebuyers.
• Deferred Payments: Payments on this loan are deferred, meaning you don’t have to make payments until you sell, refinance, or pay off your primary mortgage.

Potential Drawbacks

• Limited Availability: The program is not always open for new applications. It’s advisable to check with the City of Lancaster for the most current information.
• Repayment Terms: Upon selling, refinancing, or paying off your primary mortgage, you’ll need to repay the loan, which may include a share of the home’s appreciation.

Application Process

1. Check Availability: Contact the City of Lancaster’s Housing Division to confirm if the program is currently accepting applications.
2. Prepare Documentation: Gather necessary documents, including proof of income, tax returns, and information about the property you intend to purchase.
3. Complete the Application: Submit your application through the City of Lancaster’s Housing Division.

Additional Information

For more details, visit the City of Lancaster’s Housing Division website.