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First Time Home Buyer Programs Los Angeles – The Los Angeles Housing Department (LAHD) provides programs to help low- and moderate-income first-time homebuyers purchase homes in the City of Los Angeles. These programs are designed to help first-time homebuyers with down payments, closing costs and other expenses to help qualified homebuyers realize their dream of home ownership in the city.
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First Time Home Buyer Programs Los Angeles
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You may have seen videos on TikTok that promise something that sounds too good to be true: free money from the state of California to help you buy your first home. The good news is that this program actually exists! The bad news is that he’s out of money.
Two weeks ago, the California Housing Finance Agency launched the California Dream for Everyone loan program, which offers up to 20% of the purchase price of a home or condominium to qualified first-time buyers. Assistance is only available to families whose income is below the CalHFA income threshold, which is $180,000 in Los Angeles County and $235,000 in Orange County.
State lawmakers appropriated $500 million for the program as part of the 2022-23 budget. But with the impending budget deficit, Gov. Gavin Newsom proposed a 40% cut, so when CalHFA launched the program late last month, it was allocated just $300 million and expected to help about 2,300 homebuyers.
On Friday, CalHFA’s website announced that all funds were “reserved.” If you’re not willing to take on debt, you’re out of luck—at least for now.
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According to Kathy Phillips, director of communications for CalHFA, more funding will be made available for the program at times. “However, we cannot say whether this will happen in the coming months with additional allocations [from the state budget] that will be used to assist additional families when payments on the original loan are repaid,” Phillips said.
He emphasized: “The program is designed to recycle [loan money]; However, it will not start until this loan is repaid.”
To receive notifications when the program resumes, sign up for CalHFA updates on the agency’s website.
The loan, which can be used for a down payment and closing costs, is structured as a second mortgage, meaning it is not paid off every month. Moreover, it does not accrue interest like a regular loan. Instead, when the mortgage is refinanced or the home is resold, the borrower pays back the original loan amount plus 20% of the increase in home value.
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If the home sells for the same amount it was purchased for or less, the buyer does not have to pay the additional 20%.
With this type of loan, the effective interest rate is equal to the average annual increase in the value of the home. In California, the long-term rate is about 5%, but the increase varies widely from year to year, according to CalHFA.
“For example, in 2008, property values fell by 35%,” the agency said. “In contrast, property values increased by almost 40% between 2020 and 2021.”
There is a limit to the amount of compensation payable. No matter how much the house price increases, the borrower has to pay a maximum of 2.5 times the original loan amount.
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To qualify for a loan, borrowers must take a homebuyer education and counseling course (CalHFA’s website has online and in-person options) and a free online course designed specifically for general loan evaluation.
Another unusual feature is that the program is designed to refill itself. Loans are “revolving,” meaning that when the borrower repays the loan, the money can be refinanced to a new borrower.
This article is written by a team of journalists from The Times. Our mission is to be an integral part of the lives of Southern Californians by publishing information that solves problems, answers questions and helps guide decision making. We serve audiences in and around Los Angeles, including existing Times subscribers and diverse communities whose needs have previously been underserved by our coverage.
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Karen Garcia is a reporter for the Fast Break Desk, breaking news team at the Los Angeles Times. Previously, he was a reporter at the Service Journalism Group focusing on service journalism. His previous work includes reporting for the San Luis Obispo New Times and KCBX Central Coast Public Radio. Ruben Caginalp Author Ruben Caginalp Author Ruben Caginalp Arrow Right Home Lend Contributor Ruben Caginalp is a contributing writer on the Home Lending team. A graduate of Fordham University, he began his professional career in January 2022, where he currently focuses on the housing, real estate and mortgage markets. Connect with Ruben Caginalp on LinkedIn Email via Linkedin Ruben Caginalp Contact Ruben Caginalp by email
Edited by Troy Segal. Edited by Troy Segal. Arrow Right Senior Home Lending Editor Troy Segal is the magazine’s senior editor. He edits articles on home ownership as well as articles on the ins and outs of mortgages and home equity loans. Connect with Troy Segal on Twitter Connect with Troy Segal on Twitter Email Troy Segal via email
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