ABOUT FIRST TIME HOME BUYER PROGRAM
The Successor Agency formerly known as the Community Redevelopment Agency of the City of Compton has developed the First Time Homebuyers Program, to provide financial assistance to individuals and families with the dream of homeownership. The financial assistance will consist of a Second Mortgage, which is in the form of a deferred Silent Second Deed of Trust loan. A deferred Silent Second Deed of Trust loan is essentially a second mortgage which has zero interest and is only repayable to the Agency if the terms are violated. The loan works in conjunction with the first mortgages offered by participating lenders. An 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).The Agency will determine the amount awarded to each household based on a Gap Financing Formula.
The Agency will disburse second mortgage assistance to qualified homebuyers. The number of loans will be limited based on the availability of Federal and State Funds for this Program. Applications will not be received after May 15 of each calendar year or until available funds have been exhausted.
Visit our FAQ page to learn more about the First Time Homebuyer Program:
FAQ about the First Time Homebuyer Program
DOWNLOADABLE DOCUMENTS ABOUT FTHB:
The following documents are available in PDF format for applicants and those interested in the First Time Home Buyers program:
GUIDELINES AND APPLICATIONS:
APPROVED LENDER LISTS:
