Down Payment Help From Surf City

If you currently live or work in Huntington Beach and would like to become a home owner, the city has a new program that may help you get there.

The city council just voted to scrap their controversial "foreclosure purchase" program in favor of a new initiative that provides down payment assistance for low-to-moderate income families.

The program provides over $1,000,000 to be loaned to qualified home buyers, with a maximum loan amount of $100,000 per buyer. The loans are "interest free", but call for a portion of any future profit from appreciation in the value of the home to be shared with the city. This "equity increase sharing" is phased out over time. If the buyer stays in the home for 30 years only the original loan principle would be due.

There are several qualification requirements, including residency and income limits, but for the right family this could be a real boost.

The program will be administered by the Affordable Housing Clearinghouse, which also administers several other programs.

Interested in what's available in Surf City? Click here to search for homes for sale in Huntington Beach.