Partial List of 1st Time Home Buyer Programs
[by Jason Ian Hector, CA Real Estate Broker 10/16/15] Below are some of the programs in Los Angeles County. Availability of program and funding not guaranteed and is subject to program guidelines and location of property being purchased.
California Association of Realtors (CAR) has a great new tool to help home buyers bridge down payment gap called the California Resource Directory at http://mortgage.car.org.
- SRAR GRANT Program--The Southland Regional Association of REALTORS (SRAR) grant program funds are currently not available and go very quickly when the funds do become available. The SFV valley board program guidelines change but is typically aimed at first-time homebuyers who purchase a home in the San Fernando Valley or Santa Clarita Valleys and do not exceed certain income limitations. The grant is typically paid to qualified applicants after the close of escrow until funds are depleated. Repayment of the grant is not required.
- Wells Fargo Neighborhood Lift Program--Los Angeles. Information on the Neighborhood LIFT program can be obtained from a Wells Fargo Home Mortgage loan officer.
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FHA (Federal Housing Administration) Loans offer a first mortgage with 3½-5.0% down payment required and up to 6% in seller paid closing costs or repairs. Not all properties are eligible for FHA you need to use the FHA Approved Condo Search.
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CalHFA Down Payment Program can make owning your first home more affordable.
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LAHD (Los Angeles Housing Department) LIPA (Low Income Purchase Assistance) for First Time Homebuyers within the City of Los Angeles, the program is through the HCIDLA (Housing and Community Investment Department Los Angeles).
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Los Angeles Housing Department NSP (Neighborhood Stabalization Program) provides funding for first time home buyers up to $50,000 for rehab repairs to buy bank-owned properties within specific “Priority” areas.
