Homebuyer Assistance Programs

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Call us at 562-881-9811 to see which programs you can take advantage of!

USC Neighborhood Homeownership Program

Program Description

The USC Neighborhood Homeownership Program provides eligible employees with monthly payments totaling $50,000 or 20% of the homes purchase price (whichever is less) over a seven-year period. The stipend will be evenly allocated. To receive this benefit, an eligible employee must purchase and occupy a single-family residence within the defined University Park or Health Sciences communities. Qualifying properties may include single-family homes, townhomes or condominiums that are the sole and primary residence of the borrower. Duplexes or any property that has more than one dwelling unit cannot be purchased through this program. The first payment will be made after approval of the NHP application and receipt of the final escrow settlement statement. Payments will continue monthly, subject to confirmation that the recipient:

• Remains an eligible USC employee
• Continues to own and occupy the home
• Remains in good standing with the primary lender

City of Downey Programs

First-time Homebuyer’s Program

The City of Downey has teamed up with the housing non-profit organization Neighborhood Housing Services (NHS), to offer a $60,000 down payment assistance loan to qualifying families in the community. The program allows for two (2) $30,000 loans to be combined, a City loan and a matching loan from NHS, to provide the borrower with a total $60,000 loan at 3% simple interest. The City’s interest will begin to be forgiven after the 20th year at a 1/10th rate per year; at the 30th year, the City’s original loan amount and any interest will be forgiven in its totality. If the homebuyer sells, transfers/changes title, refinances and cashes-out, and/or no longer utilizes the property as their primary residence before the 30th year, the original City loan amount, plus applicable interest, will be due and payable. NHS’ principal loan amount and interest will be due and payable at the 30th year.

Compton First Time Homebuyer Program

The First Time Homebuyer Program (FTHB) will not be accepting applications at this time. In accordance to “New State and Federal Law Regulations”, the City of Compton is reviewing and modifying this program to conform with the new guidelines. The target date to have the new program guidelines completed is June 1, 2018.

CalHFA offers a variety of loan programs to help you purchase a home in California.

L.A. County Programs

Mortgage Credit Certificate Program

The Mortgage Credit Certificate offers qualified first-time homebuyers a 15% federal income tax credit.
Benefits:
1. The homebuyer receives a federal tax credit each year.
2. The homebuyer’s federal income taxes are reduced.
3. The homebuyer’s buying power is increased.

Guidelines for Homebuyer:
1.  Must not have owned a home the previous three years.
2. Must meet income and purchase prices restrictions.
3. Must use the home as their primary residence. The MCC program is administered by the Los Angeles County Community Development Commission. Additional information on eligibility and availability by calling (562) 881-9811

Southern California Financing Authority

This program offers qualified first-time homebuyers the opportunity to obtain a mortgage loan at decreased market rates.

Maximum Income Limits:
Qualifying 1 to 2 person households must have an income that does not exceed $102,480;
Qualifying 3 or more person households must have an income that does not exceed $119,560.

For more information call the Los Angeles County Community Development Commission at (562) 881-9811