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. 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 First Time Homebuyers Program is limited to the availability of Federal Funds; as a result, the Agency may discontinue the acceptance of First Time Homebuyer applications at any time, due to the limited availability of Federal Funds.
- First Time Homebuyer Guidelines
- First Time Homebuyer Application
- Approved Lenders List for First Time Homebuyers Program
- Approved Lenders List for New Residential Construction Projects Only
- First Time Homebuyers Program Flow Chart Process
