Los Angeles First Time Home Buyer Programs List 2024

LA 1st time home buyer programs 2024

[Requirements, criteria, program availability subject to change without notice.]
Listed are the 2024 first time home buyer programs that many lenders are working with in CALIFORNIA.  2024 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. NOTE:  Section 8 subsidized programs may or may not apply. Please check with your lender.

REQUEST A PRE-QUALIFICATION TODAY! 

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PROGRAMS AVAILABLE THROUGHOUT ALL OF CALIFORNIA

FHA - 1st and 2nd time home buyer program in 2024  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) - Please check for updates on CalHFA website: https://www.calhfa.ca.gov/
    • Guest houses, granny units and in-law quarters are eligible for financing under certain conditions.
    • No borrower minimum contribution required.
    • Borrowers who own or have owned rental properties may be a first-time homebuyer if they can document that they have not occupied any of the rental properties as their principal residence at any time within the past three years.
    • Borrowers utilizing HUD 184 programs, 203(h) programs, or borrowers previous primary residence affected by natural disasters in California do not have to be first-time homebuyers. Refer to handbook for additional requirements.
    • Manual underwriting permitted with FHA loans (except 203(h).
    • Manufactured homes permitted with FHA loans.
    • 2-1 temporary buydowns are permitted as per FHA, VA, USDA and master servicer guidelines
    • No purchase price limit
    • 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. 
    • meet income limits https://www.calhfa.ca.gov/homeownership/limits/income/income.pdf

    May not be combined with CalPlus program.
    May be combined with CalHFA MyHome Assistance program.
    May be combined with Non-CalHFA subordinate financing.
    May be combined with a Mortgage Credit Certificate (MCC). The MCC credit may not be used for credit qualifying purposes.

    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) 
    • 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 Inglewood (Currently on hold) 
    • Up to $350,000
    • Silent Second Loan
    • Available only for homes, condos and townhouses within the city of Inglewood
    • Funds can also be used for closing costs
    • 0 interest loan
    • No mortgage insurance on silent second
    City of Los Angeles LIPA program 2024
    • Up to $161,000 in down payment assistance for Low Income Families (can be used for down-payment, closing and acquisition costs).
    • Silent Loan for low income families.
    • Available for any qualifying home within the incorporated City of Los Angeles.
    • Funds can also be used for closing costs. 
    • city inspection required
      TRIGGER EVENTS FOR REPAYMENT:
      • Sale of the home
      • Transfer of title
      • Payoff of 1st mortgage
      • Refinance (Refinancing of first mortgage is allowed under certain conditions)
      • Change of occupancy
    City of Los Angeles MIPA program 2024
    • Up to $115,000 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.

    TRIGGER REPAYMENT EVENTS

      • Sale of the home
      • Change of occupancy
      • Payoff of 1st mortgage
      • Transfer of title
      • Refinance (Refinancing of first mortgage is allowed under certain conditions)
    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)
    • 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 (may be out of funds - please check back for pending reinstatement of funds)
    • 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 2024
    • 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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    Home buyer favorite
    Requirements and criteria subject to change without notice.

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