AffordableHousingblog.com - affordable housing programs for all of Los Angeles County

Affordable Housing Programs for all of Los Angeles County


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Downpayment Assistance Programs
 Pillar of The Community Programs
Veteran & CalVet programs
Programs for people with Disabilities

If you are a first time home buyer in Los Angeles or any of the surrounding cities in Los Angeles County, you have come to the right source. We help first time buyers find the most affordable solutions for buying their first home. We specialize in finding city and government funds to help you buy a home. We have sources for helping with the Downpayment of a home and for closing costs. In Los Angeles and it's many suburbs, cities have funds available right now. We will introduce you to government sponsored programs like The County of Los Angeles Home Ownership Program (HOP). There are also City sponsored programs such as The Azusa Downpayment Assistance Program (DPAP), and the The City of Baldwin Park first time buyer program. The LA County Community Development Commission offers The American Dream Downpayment Initiative (ADDI), and The Mortgage Credit Certificate Program (MCC). The California Housing Finance  Agency (CALHFA) offers low interest rate programs, closing cost assistance and/or downpayment assistance, and special programs for Teachers. The Extra Credit Teacher Program (ECTP) offers below market interest rates, downpayment and/or closing cost assistance. There are even special programs for Pillars of the Community like Firefighters, Police, Teachers, and so on.These programs can put you in a better position to buy a home in the Los Angeles Area.

                                                              City of Azusa (DPAP)

 

Below you will find summary information about
Down Payment Assistance Programs, Grants,
Silent Seconds and more. Click on the program
that interests you and you will be linked to
more detailed Information, or simply call
our office and we will be assist you. To better
serve you call between the hours of
9:00 a.m. to 5:00 p.m. M-F 
 
(626) 334-9300

DPAP Eligibility form (click here)

Not all applicants will qualify. Call for program details and requirements. 

Government Sponsored Programs
Federal, State, County
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Community Development Commission (CDC)
County of Los Angeles

  • (HOP) Home Ownership Programs receive up to $90,000 or 25% of the purchase price whichever is least. or up to $80,000 or 20% of the purchase price whichever is least.Depending on where the home is located.
  • (ADDI) American Dream Downpayment Initiative downpayment, closing costs, and rehabilitation assistance$10,000 or six percent of the purchase price up to $10,000 
  • (SCHFA) Southern California Home Finance Authority        makes purchasing a home more affordable for qualifying homebuyers by offering below market interest 30-year fixed rate, 40-year fixed rate, and a 40-year fixed rate loan with 10 years interest only payments.
  • (MCC) Mortgage Credit Certificate Program The MCC Program offers the first time homebuyer a federal income tax credit. This credit reduces the amount of federal taxes the holder of the certificate would pay. The credit is subtracted dollar-for-dollar from your federal income taxes. The qualified buyer is awarded a tax credit of up to 15%.

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California Housing Finance Agency (CalHFA)
County of Los Angeles

CalHFA Homeownership Programs

 

 These are below market rate loans offered to low and moderate income homebuyers in California. Silent second programs are also available for downpayment assitance and for closing costs. There are special programs for teachers through the Extra Credit Teacher Program (ECTP). Thes are first time buyer programs with strict income and other guidelines. Call our office for details, and visit our affiliated site at http://affordablehousingblog.com to learn more program detail.

FIRST MORTGAGE LOAN PROGRAMS

CalHFA Conventional Loans

  • interest only PLUSSM
    This conventional mortgage loan offers up to 100% financing and allows borrowers to pay only the interest for the first five years of a 35-year term. After that, borrowers pay principal and interest at the same low, fixed interest rate for the remaining 30 years.
  • 40-Year Fixed Mortgage
    This conventional mortgage loan offers up to 100% financing with a 40-year term and a below market, fixed interest rate.

Government Insured/Guaranteed Loans

DOWN PAYMENT ASSISTANCE LOAN PROGRAMS

  • Affordable Housing Partnership Program (AHPP)
    A joint effort by CalHFA and cities, counties, redevelopment agencies and housing authorities whereby a deferred payment subordinate loan from a locality is utilized by the first-time homebuyer to assist them with down payment and/or closing costs.
  • Extra Credit Teacher Home Purchase Program (ECTP)
    A below market interest rate CalHFA first loan, together with a forgivable interest CalHFA junior loan to assist eligible teachers, administrators, staff members and classified employees to purchase their first home.

OTHER PARTNERSHIPS AND PROGRAM OPTIONS

  • Builder-Lock (BLOCK) Program
    Builders/Developers may purchase forward commitments for permanent mortgage financing for CalHFA-eligible borrowers tied to their construction/marketing program at single family new-home developments anywhere in the state
  • HomeChoice Program Information A statewide program designed to assist low-and-moderate-income borrowers who are disabled, or have family members with disabilities living with them, in purchasing their first home.

CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans.

 

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            Teachers Programs (ECTP)
                       County of Los Angeles


Extra Credit Teacher Home Purchase Program (ECTP)
A below market interest rate CalHFA first loan, together with a forgivable interest CalHFA junior loan to assist eligible teachers, administrators, staff members and classified employees to purchase their first home.

 

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Veterans Administration Loans (VA)
Federal

 

 

A VA loan is a mortgage loan in the United States guaranteed by the Veterans Administration. The VA does not make loans , but uses qualified lenders such as oue=rs to make and issue these loans.

The VA loan was designed to offer long-term financing to American veterans or their surviving spouses (provided they do not remarry).

The VA loan allows veterans 100% financing without private mortgage insurance or 20% second mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. In a refinance, veterans may borrow up to 90% of reasonable value, where allowed by state laws.

As of January 1st, 2006, the maximum VA loan amount with no down payment is $417,000 and can be as high as $625,500 in certain high cost areas. VA also allows the seller to pay all of the veteran's closing cost as long as the cost do not exceed 6% of the sales price of the home.

Benefits of a VA Loan

  • Borrow up to $417,000
  • Requires no down payment
  • Government Limits the amount of closing costs and origination fees lenders can charge, as well as appraisal fees
  • The borrower doesn't have to pay the cost of private mortgage insurance
  • Streamlined refinance loans can be closed in 7 to 10 days
  • Protection built into ARM products that caps the annual allowable rate increase

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Programs for Disabled People
County of Los Angeles

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California Veterans Loans (Cal Vet)
County of Los Angeles


This site is currently Under Construction
please check back for updates.



David Toyama
Broker
(626) 334-9300
(323) 259-1771
www.homenloan.com

City Sponsored Programs
Los Angeles County  -  Local Government
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Downpayment Assistance Program (DPAP)
City of Azusa

  • (DPAP) Down Payment Assistance Program. This program will provide a low to moderate income home buyer up to  $120,000 as a silent second.
  • Pillars of the community . Members of the community such as Teachers, Fire Fighters, Police Officers, Nurses and othe qualified professionals can get up to $140,000 as a silent second
  • Eligibility - If you would like to apply for The City of Azusa DPAP program, please follow the link below. You may submit your information via e-mail or fax the attached form to (626) 334-9898 Attention to Adriana Toyama. One of our counsultants will be contacting you shortly.

DPAP Eligibility form
 (click here)

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First Time Homebuyer Program
City of Baldwin Park 

Silent Second Program
The City of Baldwin Park offers a Housing Assistance program to low-moderate income first time homebuyers. If you are thinking of purchasing a home in the City of Baldwin Park, consider the Silent Second Program. It provides a loan that funds the difference between the purchase price of the home and the first mortgage. The homebuyer is required to put a 1.5% down payment.

However, please note that the maximum price for a home is $422,750. For a condominium it is $362,790.

The amount of assistance can be as much as $140,000 for eligible applicants.

For an application or more information (Click Here)

Los Angeles Housing Department(LAHD)
City of Los Angeles

  • Low Income Purchase Assistance Program Up to $90,000 for purchase assistance, down payment and closing costs. Or up to $115,000 for purchase assistance for rehabilitation  and ADDI funds for purchase assistance equal to six percent (6%) of purchase price or $10,000 whichever is greater. Follow the above link for more details.
  • The City of Los Angeles Housing Department (LAHD) offers purchase assistance financing to eligible first-time, low income homebuyers seeking to purchase a home in the City of Los
    Angeles.  LAHD provides assistance in the form of a deferred loan for purchase assistance (down payment and closing costs) and rehabilitation funds (if the property requires repairs). 
  • LAHD also provides additional loan funds through the American Dream Down Payment Initiative Program (ADDI).  All low income applicants are automatically considered for ADDI
    loan funds when applying under the Low Income Purchase Assistance Program.  LAHD also strives to utilize other sources of funds to assist applicants in achieving home ownership.

    Under Construction!
    This site is currently Under Construction
    please check back for updates.

    Thank You for visiting this site. We are in the process of building a website to help people with disabilities purchase homes. We will service all disabled people with a special section for disabled veterans. Our commitment is to seek out all possible finacial assitance, both governemet and private to assist in the cost of retrofitting homes, downpayment assistance, and closing cost assitance. For more information on these and other programs contact our disibility specialist.
    Denise Barnes 
    818-468-8671
     
    Sincerely,
    David S. Toyama
    President
    David Steven Realtors Inc

    In the meanwhile visit our sister sites at 

  • homenloan.com, 

  • loanZdirect.com, 

  • adahomematch.com,

  • communitypillars.com,

  • losangelesREOsales.com,

  • losangelesrealty.blogspot.com

 

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