If you are considering purchasing a home in Brea, California, you may be eligible for the City of Brea’s Homebuyer Program & Down Payment Assistance. This program was created to help first-time homebuyers purchase a home in Brea. The program offers down payment assistance in the form of a deferred-payment loan of up to $20,000.
To be eligible for the program, you must meet the following criteria:
1. You must be a first-time homebuyer (defined as someone who has not owned a home in the past three years).
2. You must meet the income requirements set forth by the City of Brea.
3. You must live in the home you purchase for at least five years.
4. You must occupy the home as your primary residence.
5. You must complete a homebuyer education course prior to closing on the loan.
The loan can be used for down payment assistance, closing costs, and principal reduction. The loan is deferred – meaning you don’t have to pay it back until you sell or refinance the home.
In addition to the loan, the program also provides potential homebuyers with access to various resources and counseling services. These services include credit counseling, budgeting, and pre-purchase counseling.
The Homebuyer Program & Down Payment Assistance is a great resource for first-time homebuyers in Brea. It can help make homeownership more attainable and provides valuable resources to those who are ready to take the leap into homeownership. If you’re interested in learning more about the program and seeing if you’re eligible, you can visit the City of Brea’s website or contact the City of Brea Community Development Department.