First Time Homebuyer Program

Program Features

• Assists First Time Home Buyers to purchase an entry level home, such as a condominium or town home, in the City of Glendale.
• Increases "buying power" through a 2nd mortgage loan up to $75,000 (based upon need.)
• This is a 0% loan, with no monthly payments.
• The maximum purchase price is determined individually for each buyer.
• First Time Buyer will pay only 28% - 35% of their monthly income for housing costs.
• The loan is forgiven after 45 years. The home owner may pay back the loan any time before that if they wish. The loan must be repaid if the home is sold or transferred. Loan repayment includes the original amount and a percentage of the increased value of the home, if there is one. (Many sales costs, the cost of capital improvements and all down payment and principal repayments are subtracted from the increased value before the amount of profit to be shared with the City is determined.)

Program Requirements

• Maximum Moderate Income limits apply.
• Assists First Time Home Buyers who have not owned a home in the last 3 years.
• Borrowers need to live in the home (until the loan is paid off or forgiven.)
• A minimum 5% (of the purchase price) down payment is needed. A minimum 3% needs to be from the buyer’s own funds and a minimum 2% may be a gift or grant.
• The borrower needs to qualify for and obtain a 1st mortgage loan through Washington Mutual Bank.
• A home buyer education certificate from an approved agency is required. Call the number above to sign up for classes.

Please review Summary of First Time Home Buyer Program Eligibility Requirements for full program details.

Please click here to get additional information about the First Time Homebuyer Class.