First Time Home Buyer Program
1.Must be moderate income household (see income limits below).
2.House to be purchased must be within the City of Hawthorne.
3.Must qualify for a fixed-rate trust deed from an institutional lender.
4. Must not have owned a house in the last three years.
5.Must have a minimum 3% down payment.
6. Maximum purchase price for a single family house is $500,650
7.Maximum purchase price for a condominium is $398,050
Assistance: Deferred loan up to $80,000.
Eligible Structures: New or existing detached single family houses, townhouses, and condominiums
Use of Loan: Down payment in addition to 3% provided by applicant, non-recurring closing costs, including points, and mortgage write-down.
Interest Rate/Term: 0% interest rate, 30 year term.
Security: Promissory Note and a Deed of Trust
Repayment: Loan repayment deferred until the earlier of maturity of loan (30 years), sale or transfer of property; property ceases to be owner-occupied, or repayment or refinancing of first mortgage.
It is the goal of the Hawthorne City Council to:
1.Increase homeownership opportunities in the City.
2.Improve the condition of housing through the pride of homeownership.
3. Preserve existing rental and owner-occupied housing resources.
4. Increase access to the community’s existing housing resources.
5. Eliminate physical barriers for disabled persons.
Phone: (310) 349-2973
FAX: (310) 644-6685
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