The signs are plentiful, but the buy-unobtainable, at least for many trying to break into the housing market across Southern California for the very first time.
Joshua Thompson is in the market, but as a renter in Ontario, he thought buying in his community was out of reach, until he heard about a new program being offered by the city.
“Something like this could totally change the game for me,” Thompson said.
A game changer, as Ontario is offering up free cash in its “Keys to Community” Program.
Helen McAlary is the executive director of Community Life and Culture. She said the pilot program is offering up to $160,000 for a combination of downpayment assistance, fixing up the inside and beautifying the outside. But unlike other first-time home buyer programs, if you stay, you don’t have to pay it back.
“The program is for everybody but specifically targeting those first-time homebuyers trying to get over the hump and make that first home purchase,” McAlary said. “If they own the home through a period of 20 years, then that loan becomes forgivable.”
Matt Herrera is one of the first loan officers to be approved by the city to help facilitate funding. He said programs like this allow buyers to look at a higher price point, despite the interest rates.
“Buying a home for the first time, it’s not always the most glitz and glamour home, so being able to get your first home and make it your own is really nice,” Herrera said. “You can go in there, use the full amount to put the 20% down, have no mortgage insurance, which lowers your payment and have a good rate.”
Future buyers are being asked to fill out an interest form. There are some requirements buyers have to meet, which include living or working in the city of Ontario. Those who grew up in the city and are looking to move back home are also eligible. There are also income restrictions, which are no more than $87,000 for single buyers and $124 for a family of four.
The program operates on a first-approved, first-funded basis. Thompson was one of the first to apply.
“I would love a single-family home with a yard and that’s my goal in the long term, but for my budget, a condo is more realistic,” Thompson said.
Either way, he’s ready to call his community “home,” assuming he can get a little help getting the key to his future.