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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