First Time Buyers Can Receive up to $75,000 in Down Payment Assistance for Eligible Homes in Gardena
GARDENA, CA - With the distinction of being located in the center of transportation access, Gardena is a short commute from not only LAX and the Long Beach Airport but to most of the ports of LA, Long Beach and San Pedro as well.
Gardena boasts easy access to every major Los Angeles County freeway, the 405, 105, 710, the 110 and the 91 freeway too. Gardena has one of the most envied locations in the South Bay as a key point on the "Golden Triangle" a project that will provide truck and rail access to the largest shipping ports on the West Coast. A pretty impressive distinction for a small community of barely 50,000 residents.
However, one of the most noteworthy things about Gardena is its preservation of the Gardena Willows Wetlands, a unique natural habitat and native flora and fauna. Amongst Los Angeles county's massive freeway system and concrete jungle, the city of Gardena has maintained this oasis of trees, waterfalls and native plants and creatures.
Dating back to Los Angeles natives, the Tongva Indians, the Willow Wetlands and marshes ran for hundreds of miles and were a source of food for the residents who know to live off the land as their name Tongva (people of the earth) dictates. The Willows have now been recommended for nomination for the National Register of Historic Places
One of the best things about Gardena though is that first time buyers can receive up to $75,000 in down payment assistance to purchase eligible properties through the HERO State program. Payments for these "silent seconds" are deferred until the home is sold, refinanced, title transferred or no longer owner occupied. So how does one qualify for this assistance? Well, here are some of the basic eligibility requirements:
- Applicants must be first time buyers - no previous homeownership in the last three yrs.
- Only purchased foreclosed (REO) or abandoned properties are eligible
- There are income guidelines but basically, you must be a low-medium income borrower
- Sales prices limits are $493,000 for single family residences & $394,250 for condos/townhomes
- Property must be located within a HERO designated census tract
- Buyers must contribute a minimum of 1% of the down payment, which may be a gift
- Buyers must complete a HUD approved homeownership education course
One of the challenges with this program was that many of the designated census tracts were in the unincorporated areas of the county where there were little to no active and eligible properties listed.
Now the LACDC has launched the HERO State program that has the same benefits and requirements as the initial HERO program but with the HERO State program, there are designated census tracts in some incorporated areas of Los Angeles County.
Here in the South Bay, there were only a few designated census tracts scattered in and around Lawndale, Inglewood, Hawthorne and Carson. Now, with the HERO State there is the city of Gardena with many eligible properties in these census tracts.
Gardena's eligible census tracts extend from the Hermosillo and Moneta neighborhoods in the south up through the Pacific Square and Strawberry Park neighborhoods and on up to the Hollypark neighborhood in north Gardena.
If you're interested in more info on how you can qualify for this program, please feel free to contact me at 805.5278554 or donne4loans@earthlink.net regarding eligibility requirements, available census tracts or if you just have a question. I would love to be able to assist you with finding the most affordable loan option available to you in purchasing your first home here in Los Angeles County.
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