First-Time Homebuyer Program
•! THIS PROGRAM IS CURRENTLY NOT AVAILABLE !•
What is the silent second program?
The City of Baldwin Park offers a Housing Assistance program to low income first time homebuyers. If you are thinking of purchasing a home in the City of Baldwin Park, consider the Silent Second Program. It provides a loan that funds the difference between the purchase price of the home and the first mortgage. The homebuyer is required to put a 1.5% down payment.
Please contact the City for the most recent maximum purchase.
How does the Silent Second work?
The Silent Second or "gap financing" program assists homebuyers in purchasing their home by filling in the affordability gap. The gap is defined as a difference between the purchase price of the home and the first mortgage plus a 1.5% down payment. Baldwin Park's program will provide a maximum second mortgage loan of $70,000.
Where do the funds come from?
The funds for the Silent Second Program are Federal funds and State funds, more specifically, HOME Investment Partnership Program (HOME).
How can I apply?
Applications can be picked up at City Hall or downloaded. Please take the application and guidelines to a lender of your choice to get pre-approved. After you receive a prequalification, have the lender contact the City to begin your loan process.
Senior Housing Specialist, Ext. 354
Housing Specialist, Ext. 555