Homebuyer Assistance Programs
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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
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.
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.
Loan Programs – Down Payment & Closing Cost
FIRST MORTGAGE PROGRAMS
CalHFA Conventional Loan Program
The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.
CalPLUS Conventional Loan Program
The CalPLUS Conventional program is a conventional first mortgage with a slightly higher fixed interest rate than our standard conventional program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.
Government Insured Loans
CalHFA FHA Loan Program
The CalHFA FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.
CalPLUS FHA Loan Program
The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher fixed interest rate than our standard FHA program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.
Cal-EEM + Grant Program
The Cal-EEM + Grant program combines an FHA-insured Energy Efficient Mortgage first mortgage loan with an additional Cal-EEM Grant, making energy efficient improvements even easier. The interest rate on the Cal-EEM is fixed throughout the 30-year term.
CalHFA VA Loan Program
The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.
DOWN PAYMENT ASSISTANCE PROGRAMS
The money you put “down” or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. That’s why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA’s subordinate loans are “silent seconds”, meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.
My Home Assistance Program
Offers a deferred-payment junior loan of an amount up to the lesser of three and half percent (3.5%) of the purchase price or appraised value to assist with down payment and/or closing costs.
School Teacher and Employee Assistance Program (School Program)
This program is for teachers, administrators, school district employees and staff members working for any California K-12 public school, which includes Charter schools and county/continuation schools. Applicants must also be first-time homebuyers. School Program junior loans are up to 4% of the purchase price, and can only be combined with an eligible CalHFA first mortgage loan. School Program subordinate loans can only be used for down payment assistance and/or closing costs. Review the sections below to find out more about the School Program.
L.A. County Programs
Mortgage Credit Certificate Program
The Mortgage Credit Certificate offers qualified first-time homebuyers a 15% federal income tax credit.
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, including a list of authorized MCC lenders, can be obtained at http://www.lacdc.org/ or by calling (323) 890-7432 or (323)890-7248.
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 (323) 890-7249, or visit their website at http://www.lacdc.org/
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