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LA COUNTY ANNOUNCES NEW LOAN PROGRAM TO HELP MODERATE-INCOME BUYERS PURCHASE THEIR FIRST HOME




The LACDA’s HOP80 and HOP120 Home Ownership Programs provide a second mortgage loan for first-time homebuyers with assistance of up to $85,000, or 20% of the purchase price, whichever is less.


The loans accrue 0% interest with deferred repayment and shared equity. When the home is sold, there is a transfer of title, or the home is no longer owner-occupied, the homebuyer repays the loan, plus a share of the appreciation.


To qualify, a homebuyer must be income eligible, not have owned a home in the last three years, and the home must be owner-occupied.


Eligibility

- The applicants must be income eligible.

- The applicants must be first-time homebuyers: no ownership in real estate in the past three years.

- Homebuyers must occupy the home as their principal residence.

- Applicants must invest a minimum of 1% of the down payment, not including closing costs, of their own funds.

- All applicants must complete an eight-hour homebuyer education seminar from an approved U.S. Department of Housing and Urban Development (HUD) counseling agency.

Applicants must complete an eight-hour first-time homebuyer education seminar and obtain a Certificate of Completion from a HUD-approved facilitator. The LACDA must receive a copy of the certificate before the close of escrow. For a list of HUD-approved facilitators, please go to https://hud4.my.site.com/housingcounseling/s/?language=en_US   - Property cannot be occupied by tenants.


Find a home within an eligible area

- The maximum purchase price allowed for an existing or new home is $700,000 for HOP80 and $850,000 for HOP120 and includes Single-Family Homes, Condominiums, and Townhomes.

- All properties built before 1978 are required to pass the inspection before approval.

- The property is in the unincorporated area of Los Angeles County or in one of the HOP Participating Cities.


See unincorporated areas/cities in Los Angeles County by clicking the link: https://auditor.lacounty.gov/incorporated-areas-cities/ Other participating cities are:

Agoura Hills

Hermosa Beach

San Fernando

Arcadia

Hidden Hills

San Gabriel

Avalon

Irwindale

San Marino

Azusa

La Cañada Flintridge

Santa Fe Springs

Bell

La Habra Heights

Sierra Madre

Bell Gardens

La Mirada

Signal Hill

Beverly Hills

La Puente

South El Monte

Calabasas

La Verne

South Pasadena

Claremont

Lawndale

Temple City

Commerce

Lomita

Walnut

Covina

Malibu

West Hollywood

Cudahy

Manhattan Beach

Westlake Village

Culver City

Maywood

Hawaiian Gardens

Diamond Bar

Monrovia


Duarte

Rancho Palos Verdes


El Segundo

Rolling Hills Estates



To start the process of getting pre-qualified, contact one of the participating lenders:

 Lender list is here:


Participating_Lender_List
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