Loans from the California Housing Finance Agency (CalHFA)

• 5.5 % - 5.725% 30-year, fixed rate loans
• 6.250% 35-year fixed rate loan, 5 years of interest-only payments
• 6.125% 40-year fixed rate loan
• Get a no-monthly-payment “CHDAP” loan to cover your closing costs.
• Teacher “Extra Credit”, Hi-Cap, Hi-RAP, CHDAP and WISH Programs Available

Extra Help from city of Los Angeles Housing Department

• Up to $90,000 HUD HOME Program loans for low-income buyers.  No payment due until the home is sold, until then it’s like a grant or gift.
• Low-income buyers can also get HUD “ADDI” money, up to 6% of the home price.
• Up to $75,000 Purchase Assistance loans for moderate-income buyers.  No payments due until the home is sold, until then it’s like a grant of gift.
• Does the house you want to buy need some repairs?  The City will also lend up to $30,000 to make improvements!  No payments due until you sell the home!

The “HOP” Program Helps Low-Income Buyers in Los AngelesCounty

• Up to $80,000 HOME Program loan for low-income buyers.  No Payment due until the home is sold, until then it’s like a grant or gift!

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Here’s How it Works:

 Sample $300,000 Purchase Price

You make a 1% down Payment            $    3,000 down payment 

Get a CalHFA 1^st Mtge                        $179,000 1^st Mtge @ 5.875 int. only payment $876.00 per month 

Get a City or County 2^nd Mortgage       $118,000 Purchase Asst. Loan & ADDI – No monthly payment 

You Just Pay $876.00 per month plus taxes & insurance.

The borrower must be a first time homebuyer. Qualification of a first time homebuyer is if the borrower did not owned a home or had title on a property for the last 3 years.

The home must be owner-occupied.

The loan is secured by a second Trust Deed and Promissory Note.

Borrower must invest a minimum of 1% of the down payment, not including closing costs.

All properties built prior to 1978 are required to have a visual and lead base paint inspection and must pass the inspection prior to loan approval.

Borrower must complete an 8-hour homebuyer education seminar from an approved HUD counseling agency.

CDC reserves the right of shared equity and the First Right of Refusal.

Household income cannot exceed 80% of the median income for Los Angeles County.

The maximum purchase price allowed for existing or new homes are:

Single Family Homes $493,000
Condominiums/Townhomes $394,250

Income Limits   -  Eligible Areas