2009A Single Family Bond
| PROGRAM FUNDS | $25,000,000 |
| ELIGIBLE AREAS | All of Los Angeles County (excluding the City of Los Angeles) and all of Orange County. |
| ELIGIBILITY CRITERIA | - First-time Homebuyers - Borrower(s) & Spouses, occupant or non-occupant - Must be able to permanently reside in the U.S. - Principal residence - Borrower(s) must occupy property within 60 days of closing - IRS filed returns for past 3 yrs – all borrower(s) & spouses |
| ELIGIBLE LOAN TYPES | FHA, VA, USDA-RD |
| AVAILABLE DOWN PAYMENT ASSISTANCE | Assistance payment equal to 3% (non-repayable) of the note amount to apply toward down payment or closing costs. Cash back is not allowed. |
| INCOME LIMIT CRITERIA | Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older.Los Angeles County: - 1-2 Persons = $102,480 - 3+ Persons = $119,580Orange County: - 1-2 Persons = $110,760 - 3+ Persons = $129,220 |
| HOME ACQUISITION LIMITS | - Non Target = $665,088 - New or Existing Target = $812,885 |
| HOME BUYER EDUCATION | Not Applicable |
| FICO SCORE REQUIREMENT | Mid score must be 620 or higher |
| CO-SIGNERS | Cosigners are permitted for FHA loans under very specific conditions. Co-signers cannot be named on the Warranty Deed. |
| LOAN TIME LINE REQUIREMENTS | - Reservation to UW Cert: 45 days - Reservation to Close and Delivery: 85 days - Reservation to Loan Purchase: 115 days. |
| LENDER PARTICIPATION | View list of Participating Lenders. |
| FORMS AND DOCUMENTATION | View Forms and Documentation. |
| OTHER | For additional information, please See Program Guidelines. |
Current Rates
- 3.25% – 1% Origination Fee, No Discount Points applicable
- Term: 30 Year Fixed Rate
DPA
- 3% Downpayment and closing assistance
- Assisted rate includes 3% of Final Loan Amount
Program Updates
- Information coming soon!
Lender F.A.Q.
I am a lender and I have questions. Who can I contact?
If you have any questions, please refer to the Compliance Contact Directory.
Homebuyer F.A.Q.
I would like to learn more about the program, who do I contact?
For more information about the Program, please contact the Community Development Commission of the County of Los Angeles – 2 Coral Circle, Monterey Park, CA 91755 or call (323) 890-7249.
Please check back soon for System Training updates.
Please check back soon for Flex Training updates.
