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Homeownership Assistance
Program
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The City of Burbank has a Homeownership Assistance Program where qualified buyers are eligible to receive low-interest down payment assistance loans to purchase single-family homes, townhomes or condominiums through a Mortgage Assistance Program (MAP). Under the MAP, low-interest second mortgage loans are offered up to $35,000. The loan has a 30-year term, and the maximum purchase price is $250,000. Monthly payments are deferred for the first 5 years and amortized at 5% for the remaining 25 years. The buyer must provide 3% of the purchase price plus closing costs. The buyer must be an owner-occupant and cannot have an ownership interest in property at the time of application.
Three lenders have been approved to administer the MAP. Potential buyers will receive a preliminary application and information on program requirements. Once initial eligibility is determined, your applications will be forwarded to a selected lender to process. The selected lender will also provide the first mortgage loan. Funds are available on a first-come, first-serve basis and income limits apply.
Burbank Homeownership Program
(818) 525-3730
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