Home Ownership Program (HOP)
Home Ownership Program (lacda.org)
- Provides a second mortgage loan for first-time homebuyers with an assistance amount of up to $85,000, or 20% of the purchase prices, whichever is less.
- Secured with a Deed of Trust and Promissory Note.
- Offers 0% interest loans with a deferred payment. Repayment is required when the home is sold, there is a transfer of title, or the home is no longer owner-occupied.
- Must not have owned a home in the last three years and the home must be owner-occupied.
California Mortgage Credit Certificates (MCC)
Mortgage Credit Certificate Program (lacda.org)
- Offers qualified first-time homebuyers a Federal income tax credit.
- Can reduce potential Federal income tax liability.
- Enables qualified first-time homebuyers to convert a portion of their annual mortgage interest into a tax credit on their tax returns.
- Could potentially award a tax credit of up to 20% of the annual interest paid on the mortgage loan.
California Homebuyer’s Down Payment Assistance Program (CHDAP)
Downpayment Assistance Program | MyHome Assistance Program (ca.gov)
- Provides a deffered-payment junior loan, up to three percent of the purchase price, or apprised value, whichever is less, to be used for their down payment and/or closing costs.
- The loan is for 3% of the home purchase price.
Southern California Home Financing Authority (SCHFA)
Southern California Home Financing Authority (lacda.org)
- 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.
- Provides down payment and closing cost assistance in the form of a gift equal to 4% of the first loan amount.
Greenline Home Program (NHS LA County)
Greenline Home Program (nhslacounty.org)
- Provides grants for down payment or closing cost assistance towards the purchase of a home.
- For first-time homebuyers in Los Angeles County with low to moderate income.
