Pasadena Homeownership Opportunities Program Hop
California First Time Buyer Grants. Palmdale Mortgage Assistance Program (MAP) $10,000 (661) 267-5126: Pasadena Homeownership Opportunities Program (HOP). WISH Program Mortgage Assistance Programs. City of Pasadena - Homeownership Program. New Opportunities for Homeownership.
Homeownership Opportunities Program In Montgomery County
Southern California Home Financing Authority (SCHFA) is a joint powers authority between Los Angeles and Orange Counties formed in June 1988 to create first-time homebuyer programs for low- to moderate-income households. For more than 25 years, SCHFA has helped thousands of individuals and families fulfill their dreams of owning a home. This program makes buying a home more affordable for qualifying homebuyers by offering a competitive 30-year fixed rate loan and a grant for downpayment and closing costs assistance. The program is administered by the Los Angeles County Community Development Commission (CDC) and the Public Finance Division of the County of Orange. SCHFA does not lend money directly to homebuyers. Homebuyers must work directly with a participating lender.
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. 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 CDC's Home Ownership Program (HOP) and the Mortgage Credit Certificate Program (MCC), however the most restrictive program guidelines apply.
Interest Rates Effective 2/5/18 (Subject to Change Without Notice) Type of Loan Terms Interest Rate Origination Fee Discount Points FHA, VA, USDA/RD 30-Year Fixed Rate 5.50% 1.0% None Conventional 30-Year Fixed Rate 5.50% 1.0% None. MAXIMUM LOAN AMOUNT - $424,100 Maximum Income Limits (Effective 6/30/2017) Los Angeles County Type of Construction One of Two Person Household Three or More Person Household New and Existing Up to $108,120 Up to $126,140 Maximum Income Limits Orange County Type of Construction One of Two Person Household Three or More Person Household New and Existing Up to $125,160 Up to $146,020 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 $585,713 $585,713 $715,872 $715,872. To find out the census tract of the property go to.When purchasing in an IRS Designated Targeted Area Census Tract, you do not have to meet the first-time homebuyer requirement.
HOP is financed with HOME funds provided through the U.S. Department of Housing and Urban Development (HUD) and is subject to the applicable federal regulations.
Homeownership Opportunities Program
HOP is designed to meet the needs of low-income families. 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. 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 Second Trust Deed Maximum Loan Amount is $60,000, or 20% of the purchase price, whichever is the lesser. The borrower must be a first-time homebuyer (a person with no ownership interest in, or who has not held 'title' to, a principal residence during the three-year period preceding the purchase of the property). The home must be owner-occupied. The loan is secured by a second Trust Deed and Promissory Note.
Borrower must invest a minimum of 1% of the down payment, not including closing costs of their OWN funds. Borrower must complete an 8-hour homebuyer education seminar from an approved HUD counseling agency. The maximum purchase price allowed for existing or new homes is $405,000 for Single-Family Homes, Condominiums and Town homes. All properties built before 1978 are required to have a Visual Lead-Based Paint Inspection and must pass the inspection before loan approval. To make sure the property is in the Unincorporated area of Los Angeles County or in one of the HOP Participating Cities. The eligible areas are Los Angeles County unincorporated areas and participating cities listed below: Participating Cities 1.