LOS ANGELES COUNTY PROGRAMS

THE HOMEOWNERSHIP PROGRAM (HOP)

The Home Ownership Program (HOP) provides assistance to low-income, first-time homebuyers in purchasing a home.

• Zero-percent interest with no monthly payments.
• Loans up to $60,000 or 25% of the purchase price in designated target areas.
• Loans up to $50,000 or 20% of the purchase price in non-target areas.
• CDC reserves the right of shared equity.
• Single-family homes: a maximum purchase price of $ 474,050.
• Attached or detached condominium units, or town homes: a maximum purchase price of $ 389,500.
• Home must be owner-occupied for the life of the loan, which is 20-years.
• Borrower must have a minimum of 1% of the down payment.
• First time homebuyers.
• Borrower must complete an 8-hour educational course in homeownership from an approved HUD Educator.
• Borrowers must use a participating lender to qualify for a HOP loan.
• Eligible locations are the unincorporated areas of LA County & participating cities.

Income must not exceed:

• 1 person household: $38,800
• 2 person household: $44,350
• 3 person household: $49,900
• 4 person household: $55,450

 

AMERICAN DREAM DOWNPAYMENT INITIATIVE (ADDI)

The American Dream Downpayment Initiative (ADDI) provides assistance to low-income, first-time homebuyers in purchasing a home.

• Loan amount up to $10,000 or 6% of the purchase price, whichever is greater.
• Same requirements as HOP.
• Families who are eligible for HOP are automatically considered for the ADDI program.

For HOP information to be mailed to you, call (323) 890-7281 or visit the LACDC website www.lacdc.org

SOUTHERN CALIFORNIA FINANCE AGENCY (SCHFA)

Southern California Housing Finance Agency (SCHFA) provides moderate-income, first-time homebuyers in purchasing a home.

• Offers 30-year fixed, 40-year fixed, and 40-year fixed with 10-year Interest Only 1 st mortgage
• Below-market interest rates.
• Loan amount up to 4% of the purchase price as a gift to be used for down payment and/or closing costs.
• First-time homebuyer (unless buying in an IRS designated census tract)
• Borrowers must use a participating lender to qualify for a SCHFA loan.
• Eligible properties in Los Angeles and Orange County
• Los Angeles County , Income must not exceed:

• 1 or 2 person(s) household: $88,800
• 3+ person(s) household: $103,132

• Orange County , Income must not exceed:

- 1 or 2 person(s) household: $103,920

- 3+ person(s) household: $121,240

• Property must meet maximum sales price

RESALE

Non-Targeted : $571,278 Targeted : $ 698,229

NEW CONSTRUCTION

Non-Targeted : $ 591,272 Targeted : $722,665

For SCHFA information to be mailed to you, call (323) 890-7281, e-mail info@lacdc.org or visit the LACDC website at www.lacdc.org

ASSISTANCE PROGRAMS FOR OTHER CITIES IN LA COUNTY

The following links include other Cities in Los Angeles County that may be able to assist you with a home purchase. If you are interested in additional information, please contact one of CFRC's financial counselors at 323-233-1900.