HOME OWNERSHIP PROGRAMS (HOP)

The Home Ownership Program (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.  HOP has been designed to meet the needs of low-income families with the necessary down payment assistance.  This program will provide a 2nd Trust Deed loan at 0% interest with all payments deferred until sale, transfer, refinancing, or full repayment of the first mortgage.

HOP loans are only available in the unincorporated areas of Los Angeles County and cities participating in the Community Development Block Grant (CDBG) Urban County Program. If purchased in the unincorporated areas within our designated census tract area, the borrower will receive $70,000 or 25% of the purchase price, whichever is least. If purchased in the participating cities, the borrower will receive $60,000 or 20% of the purchase price,  whichever is least.

The County’s HOP program is available for existing and new construction properties. At this time all funds have been committed until further notice.

You can order the HOP brochure by calling our recorded information line at (323) 890-7281, leave your name and address and the brochure will be mailed to you.

ELIGIBILITY REQUIREMENTS

Eligibility requirements are the same for  HOP and ADDI Programs:

·         The borrower must be a first time homebuyer. Qualification of a first time homebuyer is if the borrower did not owned a home or had title on a property for the last 3 years.

·         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.

·         All properties built prior to 1978 are required to have a visual and lead base paint inspection and must pass the inspection prior to loan approval.

·         Borrower must complete an 8-hour homebuyer education seminar from an approved HUD counseling agency.

·         CDC reserves the right of shared equity and the First Right of Refusal.

·         Household income cannot exceed 80% of the median income for Los Angeles County.

·         The maximum purchase price allowed for existing or new homes are:                                           

     Single Family Homes $474,050; Condominiums/Townhomes $389,500

Useful Links:

Down Payment Assistance
Eligibility Requirements
Subordination Requirements
Participating Lenders
Payoff Requirements
Homebuyer Education Seminars
HOP Participating Cities
HOP Unincorporated Designated Census Tracts
Mortgage Credit Certificates
First-Time Homebuyers
Housing Preservation