City of Lompoc Homebuyer Assistance Program

City of Lompoc Homebuyer Assistance Program is a deferred second loan for homebuyers in Lompoc, California. Lompoc Housing Trust Fund program. Loan repayment in 30 years or upon resale/refinance. No prepayment penalties. Up to $65,000 deferred down-payment loan PLUS up to $7,500 closing-cost grant for first-time homebuyers within Lompoc city limits. Funding comes from City of Lompoc Housing Trust Fund.

City of Lompoc Homebuyer Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by sale, refinance, or end of 30-year term. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Lompoc Homebuyer Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through Required - HUD-approved. Sourced via Homebuyer Wallet (CA260113). Must be first-time, low- to moderate-income homebuyer (up to 120% area moderate income). Property must be owner-occupied SFR within Lompoc city limits, on permanent foundation, with individual deed.

City of Lompoc Homebuyer Assistance Program limits household income to 120% of the area median income, which varies by county and household size. Up to 120% of area moderate income (Santa Barbara County). The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Lompoc Homebuyer Assistance Program can be used for Single-family.

City of Lompoc Homebuyer Assistance Program serves homebuyers purchasing in Lompoc, California.

Applications for City of Lompoc Homebuyer Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.