First-Time Homebuyer Loan Program

The City of Carson Redevelopment Agency “First Time Homebuyer Loan Program” has been developed to provide income qualified first-time homebuyers with the financial assistance necessary for home ownership. The loan is in the form of a “silent second” trust deed. The Loan Program is designed to assist moderate-income qualified households with the additional funds needed to purchase a home in the City of Carson.
 

Participants’ Eligibility

• Applicants must not exceed the state income limits for Moderate income house holds

• Must not have owned a home in the past three years

• Must contribute 3% of the purchase price and up to 3% of the closing cost.

• Minimum Fico Score Requirement 620

Type of Eligible Property

• Single-Family Residence

• Condominium

• Town homes

• No Sales Price Limit

Type of Assistance

• $ 2009/10 Budget Approved $1,500,000

• 45 Year Loan Amortization with Equity Share

• Loan is Secured by a Second Deed of Trust

• Loan is payable upon sale, transfer or default

• Applicant must be a current Carson resident or working in the city of Carson on a full-time basis and income determination will be based on 80% of the Carson employment. Any part-time employment in the city of Carson will be used for additional income determination only

Pre-Application Guidelines

• Review Pre-Application Summary

• Pre-Qualification Checklist

• Complete Mandatory 8-hour Homebuyer Education Course
  (Please check back for the 2010 schedule for mandatory 8 hour Homebuyer class)

Pre-Application and Pre-Qualification Checklist
( PDF format, 5 pages )

Program Guidelines and Application Packet

Application Packet
( PDF format, 21 pages )

Certified Lenders List
( PDF format, 1 page )

All documentation must be submitted to:

City of Carson
Housing & Neighborhood Development
Attention: Debra Scott
One Civic Plaza, Suite 500
Carson, California 90745

For more information or further assistance, please call Debra Scott (310) 233-4864