LA First Time Home Buyers
First Time Home Buyer Progams Los Angeles
As of the new year RNLA (Restore Neighborhoods Los Angeles) just added 199 more homes to their list of completely remodeled homes offering Los Angeles first time home buyers move-in ready homes! LA first time buyers are able to purchase newly renovated or remodeled homes that Los Angeles Housing Dept has purchased from lenders after foreclosure. Like most first time home buyer programs, a buyer must not currently have any current ownership interest in a property for the last 3 years, nor any mortgage obligations at the time of offer is made on a home. *WHILE FUNDS LAST!
Requirements:
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Completion of an 8 hr homebuyer education class from a Los Angeles housing dept approved course provider.
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Obtain an eligible mortgage loan from an LAHD lender. (We have one ready to take your application!)
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Obtain the purchase assistance financing from LAHD (outside financing will not be eligible for RNLA homes).
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Occupy the home as your primary residence even if the home is two units, both units must be occupied by borrower and their extended family FIND OUT IF YOU QUALIFY FOR RNLA OR DOWN-PAYMENT ASSISTANCE!
FHA
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Federally insured loan that is widely accepted throughout all of Los Angeles, San Bernadino and Riverside Counties;
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3.5% miminum down payment
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620 and higher FICO score
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Can be used towards condo, single family home, duplex, triplex and 4 units purchases
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Owner-occupied borrowers; non-occupant co-borrowers allowed REQUEST A PRE-QUALIFICATION TODAY!
CALHFA FHA
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Federally insured FHA loan
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Used only in federally designated targeted areas;
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30-year, fixed rate.
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Low down payment (usually either 1% down payment of the sales price of the home or $1,000 required, whichever is greater with a silent second amount often used towards down-payment or closing cost assistance.
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Owner-occupied borrowers
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Veterans may be waived from first time buyer rule
CHDAP
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Low Down-payment (usually either 1% down payment of the sales price of the home or $1,000 required, whichever is greater with a silent second amount often used towards down-payment or closing costs
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single family/one unit residences only (includes approved condos)
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HUD approved home buying education counseling course
THESE ARE JUST A FEW OF THE MANY PROGRAMS OFFERED! We work with only experienced first-time home buyer lenders who understand the many intricacies of these sometimes complicated loans. Call us today at 310-508-4354
