Inglewood CA First-Time Home Buyer Lottery
Inglewood CA First-Time Home Buyer Porgram
STEP #1 - Call experienced Realtor Andi Grant 310-508-4354.INGLEWOOD FIRST TIME HOME BUYER 2019 LOTTERY is being administered by the Inglewood Housing Authority (referred hereafter as "IHA") SEE DETAILS BELOW!
Held during the city council meeting at 2pm
*ALWAYS CONSULT LICENSED MORTGAGE LENDING PROFESSIONALS FOR CURRENT RATES AND INGLEWOOD FIRST-TIME HOME BUYER PROGRAM GUIDELINE CHANGES. Call or write to speak to one of our preferred first-time home buyer lenders at 310-508-4354
TO PARTICIPATE IN LOTTERY
- Applicant must be a first-time home buyer which is any individual person, non-married or married couple, who have not been on title of real property (owned a home) during the 3 year period before the purchase using this program.
Applicants must separately be pre-approved for MINIMUM of $250,000 loan from a lender of their choice. YOU CANNOT ENTER LOTTERY WITHOUT BEING APPROVED FOR THE MINIMUM. All lenders are not created equal. We have experienced lenders we can recommend if you do not already have a rock star lender in mind.
Applicant must contribute 3% of their pre-approved financed loan with bank towards the purchase of the home. This doesn't include the city's IHA loan amount.
This 3% must be in your name and ALREADY be showing in your account for full 90 days PRIOR to submitting application (this could be in savings, checking, 401K). The deadline for application is July 1, 2019.
Maximum loan amount the city's IHA is awarding is $350,000.PRO - No monthly payments due on the city loan
PRO - 0 % interest loan.
- Maximum purchase price including all closing costs cannot exceed over $600,000.
- Home must appraise at final accepted offer price value.
VERIFICATION OF INCOME:
Various sources of income will be verified i.e. employment documentation, paycheck statements, 3rd party income verification, and federal/state income tax returns. ALL parties going on title must have verifiable income.
- Single family homes
- Townhouses and condos
- NOT ELIGIBLE are Mobile/Manufactured homes.
- You will have approximately 6 months to obtain and close on property [It's important that you work with an experienced Realtor (call 310-508-4354) who knows the Inglewood home inventory and knows how to structure an offer to make it desirable to a seller, while at the same time negotiating the best terms for you.
- The house you make an offer on cannot be tenant occupied. There must not be someone displaced to accommodate the purchase.
- Property can be either vacant, occupied by seller, or occupied by you the buyer currently living there.
- ANY repairs must be paid for by seller or you the buyer. If being paid by you the buyer, the bank that is financing the first loan, MUST approve this as part of their loan guidelines. The city's IHA program will not pay for ANY repairs.
- Buyer/applicant must occupy the property as their main residence. The loan agreement will require that this is mandatory and remains this way throughout the entire duration of owning the home.
NOTE: There are MANY different programs available if your income exceeds the below amounts. Call/text for other program info 310-508-4354
|Household Size||Income Limit 120% AMI
- 30 year (minimum)
- Conventional loan with NO ADDED MORTGAGE INSURANCE
- Fixed-rate loan that doesn't exceed the current market rate - fully amortized
- NO Cosigners if not part of the household size number that will be living on the premises AND on title (having ownership interest)
- NO interest only loans
- NO adjustable rate loans
REPAYMENT OF LOAN (PLEASE READ CAREFULLY)
- Property is sold
- Property is transferred*
- Converted to rental temporary or long-term
- Refinanced for reasons OTHER than getting better interest rate or term.
**Transfer - may possibly get exception if adding a spouse to title, or placing home in trust - NOT GUARANTEED has to be approved.
REPAYMENT SCHEDULE GUIDELINES
- Within first 15 years following the recording of covenants - 100% IHA SECOND LOAN IS DUE - TO BE PAID IMMEDIATELY AND IN FULL
- 16 yrs - 25 yrs - 75% is due to IHA
- 26 yrs - 35 yrs - 50% is due to IHA
- 36 yrs - 45 yrs - 25% is due to IHA
- 45 years - FULLY FORGIVEN
INGLEWOOD FIRST TIME HOME BUYER 2019 LOTTERY:
APRIL 23, 2019 - APPLICATIONS AVAILABLE ONLINE
Held during the city council meeting at 2pm