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Los Angeles First Time Home Buyer Programs List 2018

LA 1st time home buyer programs 2018

  • Listed are the 2018 first time home buyer programs that our lenders are working with in CALIFORNIA.  2018 FIRST-TIME HOME BUYER DOWN-PAYMENT ASSISTANCE FUNDS ARE GENERALLY FIRST COME-FIRST SERVED AND ARE NOT GUARANTEED. Please check with your local lender prior to pre-approval to see if funds are still available and for guideline, income limit and debt ratio changes, or call us at 310-508-4354 and we will put you in touch with one.

    REQUEST A PRE-QUALIFICATION TODAY! 

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    PROGRAMS AVAILABLE THROUGHOUT ALL OF CALIFORNIA

    FHA - 1st and 2nd time home buyer program in 2018  2nd time home buyer
     Allows buyer to with a 3.5% down payment
     No restrictions on the areas borrowers can purchase (California)
     Maximum purchase limits depending on county
     No home-buyer class required
     Primary residence 
     Higher income allowed 
    CalHFA 1st Loan (Conventional & FHA options available)
    Bond loan that can assist with an extra money down payment or closing costs.
     No restrictions on the areas borrowers can purchase (California only).
    Allows buyer to come in with a 1% down payment on the 1st loan.


    CalHFA MYHOME
    2nd position loan that can be used for down payment or closing costs.
     3.5% of the purchase price.
     Silent Loan (no payments are made during the first 30 years).
     No restrictions on the areas borrowers can purchase (California only).
    Allows buyer to come in with a 1% down payment on the 1st loan.

    CalHFA ZIP
    2nd or 3rd position loan that can be used for down payment or closing costs.
     3% to 4% of the purchase price.
     No restrictions on the areas borrowers can purchase (California only).
     Allows buyer to come in with a 1% down payment on the 1st loan.

    CalHFA School Program
    (Replaces the Extra Credit Teachers Program)
    Only one applicant needs to currently be employed in California K-12 public school, Charter school, county/continuation school or its district.
    4% of the purchase price or appraised value, whichever is less.
     Silent Loan (no payments are made during the first 30 years).
     No restrictions on the areas borrowers can purchase (California only).

    CalHFA EEM Grant
    Program is to be used with an FHA Energy Efficient Mortgage.
     4% of the loan amount that can be used above what the maximum allowed for a regular EEM Mortgage.
     Grant Program, funds do not have to be paid back.
     No restrictions on the areas borrowers can purchase (California only).


    GSFA Platinum
    Loan program that combines with a 3% to 5% grant (does not have to be paid back).
     No restrictions on the areas borrowers can purchase (California Only).
     This can be structured both as FHA or Conventional.

    GSFA Platinum MCC
    Dollar for dollar tax credit on the interest paid on the home.
     Helps buyers qualify for a higher purchase price.


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    PROGRAMS AVAILABLE SPECIFIC TO CITIES WITHIN LOS ANGELES COUNTY


    City of Claremont Inclusionary Program
    Covers the difference between the purchase price and affordable price of the home.
     Borrower must contribute 5% of the purchase price; a portion may be from a gift.
     For Moderate Income households, money is forgiven if living in the home for 45 years.

    City of Compton (Currently on hold until June 1, 2018.  Making Changes) 
     Up to $150,000 in down payment assistance for Low Income Families, $100,000 for Moderate Income. 
     Silent Loan for low and moderate income families.
     Available for any home within the City of Compton. 
     Funds can also be used for closing costs.
    City of Los Angeles LIPA
    Up to $90,000 in down payment assistance for Low Income Families.
     Silent Loan for low income families.
     Available for any home within the incorporated City of Los Angeles.
     Funds can also be used for closing costs.

    City of Los Angeles MIPA 2
    Up to $75,000 in down payment assistance for Moderate to Low Income Families.
     Silent Loan for moderate income families.
     Available for any home within the incorporated City of Los Angeles.
     Funds can also be used for closing costs.

    City of Los Angeles Super MIPA 1
    Up to $35,000 in down payment assistance for Higher moderate to Low Income Families.
     Silent Loan for above moderate income families (but there is still a limit).
     Available for any home within the incorporated City of Los Angeles.
     Funds can also be used for closing costs.
    City of Los Angeles RNLA (Limited Inventory of homes)
    Up to $60,000 in down payment assistance for Low or Moderate Income Families.
     Available only for home offered by RNLA.
     Funds can also be used for closing costs.

    County of Los Angeles HOP (LIMITED FUNDS - The next reservation date is February 22nd)
    Up to $60,000 in assistance.
     Eligible for certain cities and all of the unincorporated areas of Los Angeles County.
     Silent Loan for low income borrowers.
    Buyer only required to come in with 1% down in most cases.

    County of Los Angeles MCC
    Dollar for dollar tax credit on the interest paid on the home.
     Helps buyers qualify for a higher purchase price.

    Montebello Housing Development Corporation
    Up to $55,000 for down payment assistance.
     Can be used anywhere within LA County Areas.

    WISH
    Up to $15,000 for down payment of closing costs.
     Grant that is forgiven after 5 years.
     It is a 3 to 1 matching program borrower needs to contribute $5,000 to receive $15,000.
     ALSO AVAILABLE FOR Orange County

    PROGRAMS AVAILABLE SPECIFIC TO CITIES WITHIN RIVERSIDE COUNTY

    County of Riverside
    2 programs with the county (one is for foreclosed homes and the other regular sales).
    The money is forgiven after the affordability period, restrictions apply. 
    No down payment requirement, clients usually come in with 1% total.
    County of Riverside MCC
    Dollar for dollar tax credit on the interest paid on the home.
    Helps buyers qualify for a higher purchase price.


    NHSIE Neighborhood Lift   
    Up to $7,500 Grant that can be used for additional down payment.
     Home must be located in Riverside or San Bernardino County.
     For Moderate or Low income families.
     ALSO AVAILABLE FOR San Diego County 

    NPHS Opportunity Down Payment Loan assistance in 2018
     Up to $10,000 loan that can be used for additional down payment.
     Home must be located in Riverside, San Bernardino, or East Los Angeles County.  For Low-income families.
     5 year deferred, then start making payments at 25 year term with 3% interest
    WISH (Currently only for LA and Orange Counties)
    Up to $15,000 for down payment of closing costs.
    Grant that is forgiven after 5 years.
    It is a 3 to 1 matching program borrower needs to contribute $5,000 to receive $15,000.

    PROGRAMS AVAILABLE SPECIFIC TO CITIES WITHIN SAN BERNARDINO COUNTY

    NHSIE Neighborhood Lift 
     Up to $7,500 Grant that can be used for additional down payment.
     Home must be located in Riverside or San Bernardino County. 
     For Moderate or Low income families. 
     ALSO AVAILABLE FOR San Diego County 

    NPHS Opportunity Down Payment Loan Program
     Up to $10,000 loan that can be used for additional down payment.
     Home must be located in Riverside, San Bernardino, or East Los Angeles County.
     For Low-income families.
     5 year deferred, then start making payments at 25 year term with 3% interest. 

    WISH
     Up to $15,000 for down payment of closing costs.
     Grant that is forgiven after 5 years.
     It is a 3 to 1 matching program borrower needs to contribute $5,000 to receive $15,000.

    GET QUALIFIED

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