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LOMPOC, CA, January 30, 2026 – The City of Lompoc is now accepting applications from qualified mortgage lenders interested in becoming Approved Lenders for the city’s First-Time Homebuyer Program. This initiative supports eligible residents seeking to purchase their first home within city limits, and the city is opening five (5) lender slots through a competitive rank-and-review process.
Application Process for Lenders:
- The lender application is available on the city’s official website: http://www.cityoflompoc.com
- Completed applications must be submitted by email only to: c_ovalle@ci.lompoc.ca.us
- All applications must be received no later than Friday, February 20, 2025
- Late submissions will not be considered.
About the City’s First-Time Homebuyer Program
The program provides financial assistance to qualifying first-time homebuyers through a deferred-payment loan structured to make homeownership more attainable.
Key program features include:
- Loan Amount: Up to 18% of the home’s purchase price, not to exceed $153,000
- Interest Rate: Fixed 3%
- Term: 30 years
- Payment Terms: No monthly payments; repayment is deferred until the earliest of:
- Refinance of the first mortgage
- Sale of the property
- Transfer of title
- Default
- 30-year maturity date
- Eligible Properties: Owner-occupied single-family homes located within city limits
- Income Requirement: Borrower income must be 120% at or below the area median income
The loan program will open once the approved lenders are selected and have completed training.
Responsibilities of Approved Lenders
Lenders selected for the program will play a vital role in helping residents access affordable homeownership opportunities. Approved Lenders will be responsible for:
- Qualifying potential borrowers for a first mortgage
- Conducting a preliminary income review to ensure applicants meet the program’s guidelines and income threshold
- Assisting borrowers in completing and submitting the city loan application and all required documentation
Selection Process
The City of Lompoc will evaluate all lender applications through a structured rank-and-review process to fill the five available Approved Lender positions. Selection will be based on experience, capacity, and demonstrated commitment to serving low- and moderate-income homebuyers.
For more information or to access the application, please visit the city’s website at http://www.cityoflompoc.com/government/departments/economic-community-development/community-development-division
Questions may be directed to c_ovalle@ci.lompoc.ca.us.
The City of Lompoc looks forward to partnering with lenders dedicated to expanding homeownership opportunities for local families.
