![]() ![]() In order to apply for the program, you must apply with one of the LAHD Participating Lenders. Please contact one of our Participating Lender English / Participating Lender Spanish to get pre-qualified for a first mortgage and City loan or call (213) 808-8800 for more information. Homebuyer Down Payment (1% of Purchase Price): Grant sizes range from 500 to 50,000, and buyers can use them for mortgage closing costs, mortgage rate reductions, and down payments on a home. The Low Income Purchase Assistance loan provides the difference between the purchase price plus closing costs (up to 5% of the sales price) and the amount of the buyer’s first mortgage loan, down payment and other funding sources. Down Payment Assistance Programs (DPA) Many state and local governments offer first-come, first-served cash grants to first-time buyers to help with home affordability. We provide purchase assistance up to a maximum of $140,000. Any required corrections or repairs on the property should be done at the cost of the owner or homebuyer and must be completed before the application for financial assistance is submitted. All properties must pass the City inspection. We also conduct a Lead Based Paint Visual Assessment on the property to identify deteriorated paint in the homes. These grants are intended to help families and individuals who qualify as first-time homebuyers, earning between just over 80 up to 140 of the area median income (AMI) based on the purchase property location. Properties cannot be tenant occupied, unless the tenant is the prospective homebuyerĪpproved short sales/pays, foreclosed and REO properties and regular salesĪll properties are inspected by the City to ensure they meet all applicable state and local housing standards and code requirements. Properties must be located in Los Angeles One unit properties, i.e. single family residences including townhomes and condominiums Refinancing of first mortgage is allowed under certain conditions Repayment is due on sale, title transfer, first mortgage repayment, or in 30 years ![]() For an example of Shared Appreciation, click here ![]() Loans have a Shared Appreciation component in which the City will share a certain percentage of the appreciation in the value of the property. We provide a loan of up to $140,000 for down payment, closing costs, and acquisition. If eligible, applicants who apply for this program may also be required to apply for the Mortgage Credit Certificate Program (MCC) Homebuyers must occupy the home as their principal residence Some homebuyers may be required to contribute more than 1% toward the down payment Applicants must attend an 8-hour, in-person Homebuyer Education Class given by one of our approved providersĪpplicants must contribute a minimum of 1% of the home price from their own funds as down payment. ![]()
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