Are you—or someone you know—thinking about buying a first home in Long Beach? If so, then you may want to be aware of a grant program to assist first-time homebuyers here in Long Beach. 

The City of Long Beach program provides grants of up to $25,000 to help eligible buyers cover their down payment and closing costs. This initiative is part of the Long Beach Recovery Act, aimed at supporting residents and communities affected by the COVID-19 pandemic.

The grant can be used for down payment assistance, non-recurring closing costs (loan, title, and escrow fees), or interest rate buy-downs (loan points or fees.) 

Because this is a grant rather than a loans, buyers who qualify for the program don’t need to repay the funds. 

Who Is Eligible?

To qualify, applicants must:

• Be a first-time homebuyer (haven’t owned a primary residence in the past 3 years)
  
  
• Be a first-generation homebuyer (parents never owned a home during your lifetime, or lost one to foreclosure or short sale, or applicant was in foster care)
  
  
• Be a current Long Beach resident
  
  
• Have gross household income under 200% of the LA County Area Median Income (up to $213,200 for a family of 4)
  
  
• Be pre-approved for a 30-year fixed mortgage loan
  
  
• Have less than $100,000 in liquid assets after closing
  
  

Eligible homes must be a single-family home, condo, or townhouse within the Long Beach city limits. It can not be used to purchase a mobile home or a multi-family property. There must be an escrow period of at least 30 years, and the buyer is required to keep the home as a primary residence for at least five years and buy the home with the help of a licensed Realtor. 

Applications for the program will close on July 1, 2025 and qualified applicants will have until September 1, 2025 to open escrow on a home. The funds are limited and will be awarded on a first-come, first-served basis to qualified residents. Getting pre-approved and gathering documentation early is key. 

Applicants must submit proof of income and assets, a mortgage preapproval, verification of Long Beach residency, documentation to confirm first-generation homebuyer status, and a certificate of completion for an 8-hour HUD-approved Homebuyer Education Course (which can be completed online.) 

It’s important to note: being approved for the program does not guarantee a grant. You’ll only receive funds once you open escrow on a qualifying home, and funds must still be available at that time.

If you’d like more information on the program or buying a home in Long Beach, contact our team today to get started.