Qualified borrowers will receive down payment and/or closing cost assistance in the purchase of their first home, thanks to a new program announced Monday, Feb. 26, by the Los Angeles County Development Authority (LACDA).
The Home Ownership Program, HOP120, will assist moderate-income homebuyers earning 120% of the Area Median Income for Los Angeles County. HOP120 provides a second mortgage loan for first-time homebuyers with assistance up to $85,000, or 20% of the purchase price, whichever is less. The loan provides down payment and/or closing cost assistance and is secured with a Deed of Trust and Promissory Note. The loans are 0% interest loans with deferred payment.
Eligible properties include single-family homes, townhomes, and condominiums with a maximum purchase price of $850,000. Repayment is required when the home is sold, there is a transfer of title, or the home is no longer owner-occupied. Eligible properties must be in unincorporated Los Angeles County or participating cities.
To apply for the Program, applicants must use an LACDA-approved participating lender who will submit the application on their behalf. Interested homebuyers are encouraged to visit www.lacda.org, and click on Home Ownership at the top of the page for additional details such as the lists of participating cities and lenders.
“HOP120 expands homeownership opportunities to families who are positioned to purchase a home but held back by the upfront costs such as down payments and closing costs. The LACDA aims to remove some of those barriers and help Los Angeles County residents invest in their future and plant roots for their family,” said LACDA Executive Director, Emilio Salas.
For more information on HOP120, email HOP@lacda.org or call 626-586-1853.
[Information via news release from the Los Angeles County Development Authority.]
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Magnetlady says
This is designed for ”Illegals” to purchase a Home!! This has already been floated on the News.. They’ll give them the down payment +costs, then when the home sells, they’ll TAKE 20% of the equity.. The Average home in the AV is somewhere between $350,000 & $800,000” dollars.. I think there will be a lot of FORCLOSURES with that program.. There won’t be enough money after that to purchase another home at today’s housing rates.
The Valentines says
Why don’t they give us a break? They already tried this same thing a few years back and it almost bankrupted the entire US banking system.
Tim Scott says
You clearly do not understand the causes of the financial crisis.
Xylony says
Tell us more timmy
Tim Scott says
Tell you more? Okay. You’re a clown.
Rick M says
Careful X he’s an expert.
Jayden Hernandez says
My friends have it easier. They traffic meth. They buy dozens of houses to clean money with rent.