How To Get Started

• Program Details

  First-Time Homebuyer Requirement
  A first-time homebuyer is a person(s) who has not owned and occupied their own home in the last three years unless you are buying a home in an IRS Designated Targeted Area Census Tract. If you have owned a home and sold the home more than three years ago, you are considered a first time homebuyer. 

  Eligible Areas in Los Angeles County
  All unincorporated areas and incorporated cities in Los Angeles County, except the City of Los Angeles areas.  
  
  Eligible Areas in Orange County
  All unincorporated areas and incorporated cities in Orange County.

• Interest Rates and Loan Terms

  Loan Types FHA, VA, USDA/RD, Conventional Credit Score and Debt-to-Income Ratio Borrowers must have a minimum FICO credit score of 640 and a maximum 45 debt-to-income (DTI) ratio. Down Payment and Closing Cost Assistance The program provides up to 4% of the first loan amount for down payment and closing cost assistance in the form of a Non Re-payable Grant. This program may be used with the LACDA's Home Ownership Program (HOP) and the Mortgage Credit Certificate Program (MCC), however, the most restrictive program guidelines apply. Interest Rates  Effective 10/24/18 (Subject to Change Without Notice)
  Type of Loan	Terms		Interest Rate		Origination Fee		Discount Points
  FHA, VA, USDA/RD	30-Year Fixed Rate		6.0%		1.0%		None
  Conventional	30-Year Fixed Rate		6.25%		1.0%		None

   

  
  
  

  
  
  

• Income and Purchase Price Limits

  MAXIMUM LOAN AMOUNT - $953,100
  
  Maximum Income Limits (Effective 5/22/18)
  Los Angeles County
  
  

  Type of Construction		One of Two Person Household		Three or More Person Household
  New and Existing		Up to $116,280		Up to $135,660

  
  
  
  
  

  
  Maximum Income Limits
  Orange County

  Type of Construction		One of Two Person Household		Three or More Person Household
  New and Existing		Up to $131,160		Up to $153,020

   

   

   

  Maximum Purchase Price Limits
  Los Angeles and Orange County

  Non-Targeted Areas Existing Homes		Non-Targeted Areas New Homes		Targeted Areas Existing Homes		Targeted Area New Homes
  $625,764		$625,764		$764,823		$764,823

   

   

   

• IRS Designated Targeted Area Census Tracts

  To find out the census tract of the property go to www.ffiec.gov/geocode/default.aspx.

  *When purchasing in an IRS Designated Targeted Area Census Tract, you do not have to meet the first-time homebuyer requirement.

  Los Angeles County 

  Alhambra
  4803.04

  Athens/Westmont Area
  6002.01, 6003.03, 6003.04

  Bell
  5336.02, 5338.05, 5338.06, 5341.02

  Bell Gardens
  5342.01, 5342.02, 5342.03

  Compton
  5416.04, 5416.05, 5421.05, 5425.02, 5426.01

  Cudahy
  5343.02, 5344.05, 5344.06

  East Antelope Valley
  9800.08, 9800.14, 9800.15

  East Los Angeles
  5306.02, 5308.01, 5311.01, 5312.01, 5312.02,5313.02, 
  5315.02, 5315.03, 5315.04, 5316.02, 5316.04, 5317.02,
  5319.01

  El Monte
  4328.01, 4328.02, 4331.02, 4333.05, 4334.01, 4334.02,
  4338.01, 4339.01

  Firestone Area
  5351.01, 5351.02, 5353, 5354

  Florence Area
  5328, 5329, 5350.02

  Glendale
  3018.02, 3023.02, 3024.01, 3025.03, 3025.04,
  3025.05

  Hawthorne
  6016, 6025.05, 6025.06, 6030.05, 6037.04

  Huntington Park
  5326.05, 5326.06, 5330.01, 5331.03, 5331.04, 5331.05, 5331.07,
  5332.03, 5335.03

  Inglewood
  6011, 6015.02, 6017, 6019

  Lancaster
  9006.02, 9006.07, 9007.01, 9007.04, 9008.04, 9008.06

  Long Beach
  5702.03, 5703.04, 5704.03, 5706.03, 5716, 5717.03, 5730.02,
  5730.04, 5732.01, 5732.02, 5733, 5751.02, 5752.01, 5753, 5754.01,
  5754.02, 5758.01, 5758.02, 5758.03, 5763.02, 5764.01, 5764.02,
  5764.03, 5765.01, 5765.02, 5765.03, 5769.03

  Los Angeles/VA Center Sawtelle Area
  7011

  Lynwood
  5402.02, 5405.02

  Maywood
  5337.01, 5338.03

  Monterey Park
  4817.11

  Palmdale
  9101.01, 9104.02, 9104.03, 9105.01, 9105.02, 9105.04, 9106.02

  Paramount
  5535.03, 5538.01

  Pasadena
  4622.01, 4623.01

  Pomona
  4023.04, 4025.01, 4025.02, 4027.02, 4028.01, 4045.04,
  4087.24, 4088

  Rosemead
  4825.03

  San Fernando
  3202.01

  Santa Clarita
  9200.11, 9203.36

  South Gate
  5355.01, 5355.03, 5356.03, 5356.06, 5357.02, 5360

  Walnut Park
  5348.04

  Willowbrook
  5406, 5415
  
  ORANGE COUNTY

  Santa Ana

  744.03, 744.05, 744.06, 749.02, 750.02, 750.03, 750.04, 891.04

• Homebuyer Education Requirement

  All borrowers will be required to complete a homebuyer education course.  We will accept homebuyer education counseling certificates on-line, in-person, or by telephone. The certificate must be dated within 12 months prior to the close of escrow. Your lender will assist you with selecting an approved counseling agency. 

  Here are some examples of providers: 

  Freddie Mac Homebuyer Counseling Counselors/Administrators Search
  
  HUD-Approved Housing Counselors  
  
  NeighborWorks America
  

     

• Participating Lenders

  SCHFA Lender List
   
  

• How To Get Started

  If you are ready to buy a home, and think you are qualified for the program, please contact one of the  participating lenders listed above who will determine if you are eligible based on program criteria.
  
  After you have been pre-qualified by one of the participating lenders, you may begin to shop for a home.  

• Governance

  Public Notices
  
  Public Notice Meeting Agenda November 30, 2017

• Need Additional Help?

  Contact Information
  
  

  Maurice Lewis, Program Manager
  Phone:     (626) 427-9160
  Email:      funding@hlgroup.eu.org