Long Beach Introduces $25,000 Grants for First-Time Homebuyers.

If you’re a first-time homebuyer in Long Beach, you’re in luck! The city is offering grants of up to $25,000 to assist with the purchase of your dream home. Enter the city’s First-Time Homebuyer Assistance Program, a fantastic initiative tailored to support low- and moderate-income families who have traditionally been underrepresented in homeownership. This program not only helps you secure your first home but also lays the foundation for multi-generational wealth.

These grants are versatile and can be used for various expenses associated with home buying, including down payments, closing costs (such as loan, title, and escrow fees), and even loan points or fees to lower mortgage interest rates.

To be eligible, applicants must meet certain criteria. They must reside in the city of Long Beach, be over 18 years old, and their total household income should not exceed 200 percent of the L.A. County area median income. For instance, a single person’s income should not surpass $137,500, and a family of four should not exceed $196,400, as of January 2024.

Additional eligibility requirements include not having owned a principal residence in the past three years. Furthermore, the applicant’s parents or guardian must not currently own a home, unless the applicant has been in foster care, in which case they qualify as a first-generation homebuyer.

This program is an excellent opportunity for those looking to step into homeownership and build a foundation for a secure future.