Hey there! Are you dreaming of owning your first home but feeling a little lost on how to make it happen? Let me introduce you to a wonderful resource if you’re looking to settle in Compton, California. The city offers a First-Time Homebuyer Program designed to give low- to moderate-income individuals and families a leg up in the homeownership journey. Here’s everything you need to know to take advantage of this opportunity.

What is it?

This program provides deferred-payment loans to help first-time homebuyers cover down payments and closing costs. It’s funded by grants from public agencies and nonprofits, including the CalHome Program, which focuses on assisting first-time buyers with financial and educational support.

Who’s Eligible?

• First-Time Buyer: You haven’t owned a home in the last three years.
• Income Requirements: Your household income must be within HUD-defined low- to moderate-income limits.
• Home Location: The property must be located within Compton city limits.
• Primary Residence: You must live in the home as your primary residence.

What Are the Benefits?

• Financial Support: Receive deferred-payment loans to ease the burden of upfront costs like down payments.
• Education and Support: Access homebuyer counseling to prepare for the responsibilities of homeownership.
• Low Financial Risk: These are “silent second” loans, meaning repayment is deferred until you sell, refinance, or fully pay off your home.

Any Drawbacks?

• Funding Limits: This program operates on a first-come, first-served basis, and funds may run out quickly.
• Property Restrictions: Not all homes qualify, so you’ll need to ensure your chosen property meets program criteria.

How to Apply

1. Contact Neighborhood Housing Services (NHS): Call (213) 381-2862 or visit their website for guidance.
2. Complete Education: Finish a HUD-approved homebuyer course to earn your certificate.
3. Get Pre-Approved: Obtain pre-approval for a mortgage through an approved lender.
4. Submit an Application: Include your income documentation, pre-approval, and homebuyer education certificate.
5. Select a Property: Choose a qualifying property in Compton and pass required inspections.
6. Finalize the Purchase: Work with program administrators to close on your new home!

Where’s It Available?

This program is exclusive to Compton, California, so your dream home must be within city limits.

Final Thoughts

If you’ve been feeling like homeownership is out of reach, this program could be your golden ticket! Don’t let the process intimidate you—take that first step toward owning a home in Compton and secure your financial future.