FREQUENTLY ASKED QUESTIONS ON THE HERO / HERO STATE PROGRAMS
All HERO and HERO STATE funds have been exhausted.
Both programs have been terminated.
ONLY FORECLOSED, ABANDONED OR VACANT PROPERTIES IN
DESIGNATED CENSUS TRACTS ARE ELIGIBLE
PROPERTIES MUST BE PURCHASED AT A DISCOUNT OF 1%
FROM THE CURRENT MARKET APPRAISED VALUE
Q: How do I get into the program?
A: First, you need to receive one of the informational brochures by calling (323) 890-7281.
Q: I already reviewed the program highlights, what do I do now?
A: Call one of the approved participating lenders to be pre-qualified to purchase a foreclosed home. You need to tell them you want to use the L. A. County HERO / HERO STATE Program for assistance.
Q: Ok, I've been pre-qualified, now what?
A: Now you can go look for a foreclosed or abandoned home to buy, which is located in the listed census tracts. After the seller successfully accepts your offer and escrow is opened, contact the lender to begin your loan application. They need to immediately send a package to us for reservation of funds for your purchase and to begin the process of the HERO / HERO STATE loan. The lenders have our forms and applications for the program. As one of the conditions of approval, you must attend an 8-hour first-time homebuyer education seminar by a U.S. Department of Housing and Urban Development (HUD) approved counseling agency before closing escrow. At the end of the seminar you will receive a certificate to show us you have satisfied this needed condition. We offer free seminars once a month at California State University, Los Angeles located at 5151 State University Drive, Los Angeles, CA 90032- Golden Eagle Building - Ballroom 1. Call the automated registration phone line at (323) 890-7190 to reserve a seat.
Q: How long does the approval process take?
A: Once the package is provided and reviewed, funds are set aside. We then ask for the Visual Lead Based Paint Inspection. All properties built prior to 1978 need an inspection. After we receive a clearance report, the lender is notified and then sends the underwriting package to us. We are usually able to complete the package within a 45-day escrow period. The faster your lender sends all needed documentation to us, the faster we can approve the loan.
Please use the following link to view the designated census tracts and eligible areas for the HERO /HERO STATE program. The maps will identify the specific census tracts in the participating cities and unincorporated areas detailing street views.
HERO Census Tract Maps | HERO STATE Census Tract Maps and Eligible Areas
Note: Options for viewing maps in PDF format.
1. Click to decrease (-) the magnification of the entire map.
2. Click to increase (+) the magnification of the entire map.
3. Type a zoom percentage, or click the menu and choose a preset magnification.
