First Home Mortgage Program
For almost 25 years, The Southern California Financing Authority (SCHFA) has helped thousands of individuals and families fulfill their dreams of owning a home. The program makes buying a home more affordable for qualifying homebuyers by offering a competitive 30-year fixed rate loan and a grant for down payment and closing costs assistance. Homebuyers must work directly with a participating lender. For more information on program details, please visit the SCHFA website.
Home Ownership Program (HOP)
HOP loans are available in the unincorporated areas of Los Angeles County and cities participating in the Community Development Block Grant (CDBG) Urban County Program. HOP loan provides $60,000 for all first-time buyers to assist with down payment and closing costs.
This program will provide a 2nd Trust Deed loan at 0% interest with all payments deferred until sale, transfer, refinancing, no longer owner-occupied, or full repayment of the first mortgage. For more information, please visit the HOP website.
Mortgage Credit Certificate Program (MCC)
The MCC Program offers the first-time homebuyer a federal income tax credit. This tax credit reduces the federal taxes the holder of the certificate pays. It can also help the first-time homebuyer qualify for a loan by allowing a lender to reduce the housing expense ratio by tax savings.
The qualified homebuyer who is awarded an MCC may take an annual credit against their federal income taxes paid on the homebuyer's mortgage. The credit is subtracted dollar-for-dollar from his or her federal income taxes. The qualified buyer is awarded a tax credit of up to 15% with the remaining 85% taken as a deduction from the income in the usual manner. For more information, please visit the MCC website.
Los Angeles County Housing Resource Center
The Los Angeles County Housing Resource Center was created to help people list and find affordable, special-needs, accessible, and emergency housing within the County of Los Angeles. This web-based service, supported by a toll-free call center, provides information for the general public as well as for housing professionals seeking vital resources for their clients. You can learn more by visiting their website.