First-time homebuyers in Long Beach can receive a grant of up to $25,000 toward the purchase of their home.
The city’s First-Time Homebuyer Assistance Program is designed to “assist low- and moderate-income families traditionally underrepresented in homeownership with purchasing their first home and building multi-generational wealth,” officials said.
Eligible applicants must fulfill these requirements:
- Be over 18 years old
- Annual household income cannot exceed 200% of the L.A. County Area Median Income
| Current Income Limits as of January 2024* | ||||||||
| Number of persons in household | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| 200% of Los Angeles County AMI | $137,500 | $157,100 | $176,800 | $196,400 | $212,100 | $227,800 | $243,500 | $259,200 |
- Be a first-time homebuyer — defined as someone who has not owned a principal residence in the past three years
- Be a first-generation homebuyer — defined as someone whose parents or guardian never owned a home during the homebuyer’s lifetime or who lost the home to a foreclosure or short sale and does not own a home now. Anyone who lived in foster care also qualifies as a first-generation homebuyer.
- Must currently be a resident of the City of Long Beach
- Be pre-approved by a lender for a 30-year fixed mortgage loan. Cash purchases are not eligible
- Must not have more than $100,000 in liquid assets in your bank account after the close of escrow
The grant will be awarded to around 100 households. The money can only be used towards the following costs:
- Down payment
- Non-recurring closing costs, such as loan, title, and escrow fees
- Loan points or fees to buy down their mortgage interest rates
The grant can be applied toward the purchase of a single-family home, townhome, or condo
located anywhere in Long Beach. Mobile homes and multi-family homes are not eligible.
Qualified applicants must meet the following home purchase requirements:
- Have an escrow period that is 30 days or longer. Qualified applicants must not have opened
escrow before applying for the grant - Agree to occupy the home as their primary residence for a minimum of five years
- Be represented by a licensed realtor in the home-buying process
City officials will review applications on a first come, first served basis, and issue a notice of Program Qualification to applicants that meet the eligibility requirements.
“Homeownership is a significant milestone and lifelong dream for many individuals and families and Long Beach is committed to making this more attainable for as many people as possible,” said Long Beach Mayor Rex Richardson. “This important Program offers an incredible opportunity, empowering first-time homebuyers to invest in their future and plant roots in our great city.”
Applications for the grant program can be found on the program’s website. More information on the program can be found here.