LOS ANGELES — The Los Angeles County Development Authority or LACDA Feb. 26 announced its new Home Ownership Program, HOP120. The loans will assist moderate-income homebuyers earning 120% of the Area Median Income for Los Angeles County in the purchase of their first home.
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. 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.
Eligible properties include single-family homes, townhomes, and condominiums with a maximum purchase price of $850,000.
The LACDA is now accepting. 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.
Details: For more information on HOP120, contact 626-586-1853; HOP@lacda.org