First-Time Homebuyer Program
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.
However, please note that the maximum price for a home is $394,000. For a condominium it is $394,000.
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