SOUTHERN CALIFORNIA
HOME FINANCING AUTHORITY
Single-Family Mortgage Revenue Bond Program
For First-Time Homebuyers
2009 Series A Program
FUNDS HAVE BEEN EXHAUSTED FOR NON-TARGETED AREAS.
FUNDS ARE STILL AVAILABLE FOR IRS DESIGNATED TARGETED AREA CENSUS TRACTS
About Us
Program Details
Interest Rates/Loan Terms
Income and Purchase Price Limits, Updated 06/01/2010
IRS Designated Targeted Area Census Tracts
How To Get Started
Participating Lenders
ABOUT US
Southern California Home Financing Authority (SCHFA) is a joint powers authority between Los Angeles and Orange Counties formed in June 1988 to issue tax-exempt mortgage revenue bonds for low- and moderate-income First-Time Homebuyers. To date, SCHFA has helped thousands of individuals and families fulfill their dreams of owning their own home through its First-Time Homebuyer Program. This program makes purchasing a home more affordable for qualifying homebuyers by offering below-market interest 30-year fixed rate loans.
The program is administered by the Los Angeles County Community Development Commission (CDC) and the Public Finance Division of the County of Orange. SCHFA does not lend money directly to homebuyers. Homebuyers must work directly with a participating lender.
PROGRAM DETAILS
First-Time Homebuyer Requirement
A first-time homebuyer is defined as a person(s) who has not had an ownership interest in their primary residence during the previous three years unless you are buying a home in an IRS Designated Targeted Area Census Tract.
Eligible Areas in Los Angeles County
All unincorporated areas and incorporated cities in Los Angeles County except the City of Los Angeles areas.Click here for Participating Cities
Eligible Areas in Orange County
All unincorporated areas and incorporated cities in the County of Orange.
Property Types
Single-Family Residences, Condominiums, Townhomes and Planned Unit Developments.
INTEREST RATES/LOAN TERMS
INTEREST RATES
(Subject to Change Without Notice)
Effective 02/02/2010
|
Terms
|
Interest
Rate
|
Origination Fee
|
Discount
Points
|
30-Year Fixed Rate (Purchase only)
(Without down payment and closing cost assistance)
|
4.70%
|
1.0%
|
None
|
30-Year Fixed Rate (Purchase only)
(With down payment and closing cost assistance)*
|
5.125%
|
1.0%
|
None
|
30-Year Fixed Rate (Refinance only)
(Without down payment and closing cost assistance) |
4.70%
|
1.0%
|
None
|
LOAN TYPES
FHA,VA
DOWN PAYMENT AND CLOSING COST ASSISTANCE*
The program provides down payment and closing cost assistance in the form of a gift equal to 3.0% of the first loan amount.
REFINANCE OF EXISTING ADJUSTABLE RATE MORTGAGE LOANS
Homeowners with an existing adjustable rate first mortgage loan made between 2002 through 2007 may be eligible to refinance their loan to a 30-year fixed rate loan at 4.70%. Some restrictions apply.
INCOME AND PURCHASE PRICE LIMITS
Maximum Income Limits- Los Angeles County
Type of
Construction
|
One or Two
Person Households
|
Three or More
Person Households
|
New and Existing
|
Up to $99,360
|
Up to $99,951
|
Maximum Income Limits- Orange County
Type of
Construction
|
One or Two
Person Households
|
Three or More
Person Households
|
New and Existing
|
Up to $111,480
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Up to $130,060
|
Maximum Purchase Price For Limits Los Angeles and Orange County
Non-Targeted Areas
Existing Homes
|
Non-Targeted Areas
New Homes
|
Targeted Areas
Existing Homes
|
Targeted Area
New Homes
|
$637,645
|
$637,645
|
$729,750
|
$729,750
|
IRS DESIGNATED TARGETED AREA CENSUS TRACTS
What is an IRS Designated Targeted Area?
Areas that are “targeted” by the Federal Government were identified in the 2000 Census as areas in California where 70 percent of the families who live there earn an income that is 80 percent or less than the statewide median income. You do not have to be a First-Time Homebuyer if you purchase a home in an IRS Designated Target Area Census Tract.
Click on this link below if you have an address and would like to find out if the subject property is located in a Targeted Area.
http://www.ffiec.gov/Geocode/default.aspx
Los Angeles County IRS Designated Targeted Area Census Tract List
City
|
IRS Designated Targeted Area Census Tracts
|
Bell
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5336.01, 5338.01
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Bell Gardens
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5339.01, 5339.02, 5340.01, 5341.02, 5342.01
|
Compton
|
5144.00, 5414.00, 5415, 5416.03, 5416.04, 5416.05, 5416.06, 5426.01, 5426.02
|
Cudahy
|
5343.01, 5344.04, 5344.05, 5344.06
|
El Monte
|
4328.01, 4328.02, 4333.01, 4334.02, 4344.02, 4335.02, 4339.01
|
Glendale
|
3022.01, 3025.01
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Hawthorne
|
6021.05, 6025.01, 6025.02, 6025.03
|
Huntington Park
|
5326.05, 5326.06, 5331.03, 5331.04, 5331.05, 5331.07, 5332.01, 5335.01, 5335.03
|
Inglewood/Lennox
|
6006.02, 6011.00, 6012.11, 6015.01, 6016.00, 6017.00, 6018.02. 6019.00
|
Lancaster
|
9006.02, 9007.04, 9008.06
|
Long Beach
|
5702.03, 5703.04, 5706.03, 5716.00, 5725.00, 5728.00, 5729.00, 5730.01, 5730.02, 5732.01, 5732.02, 5733.00, 5751.01, 5751.02, 5751.03, 5752.01, 5752.02, 5753.00, 5754.01, 5754.02, 5755.00, 5758.01, 5758.02, 5758.03, 5759.01, 5759.02, 5760.00, 5762.00, 5763.00, 5764.01, 5764.02, 5764.03, 5765.01, 5765.02, 5765.03, 5769.01, 5769.02
|
Los Angeles
|
5309.01, 5311.01, 5312.01, 5312.02, 5313.01, 5316.02, 5317.02, 5318.00, 5327.00, 5328.00, 5329.00, 5330.00. 5350.00. 5351.01, 5352.00, 5353.00, 5406.00, 5407.00, 6001.00, 6002.01, 6002.02, 6003.01
|
Lynwood
|
5400.00, 5402.02, 5404.00, 5405.02
|
Maywood
|
5333.00, 5334.01, 5334.03, 5337.02
|
Monterey Park
|
4817.14, 4823.03, 4823.04
|
Palmdale
|
9104.02, 9104.03, 9105.01, 9105.02
|
Pasadena
|
4620.00
|
Pomona
|
4023.02, 4025.01, 4027.02, 4028.01, 4028.02, 4088
|
Santa Fe Springs
|
5041.02
|
South Gate
|
5355.01, 5355.03, 5356.05, 5356.06
|
Orange County IRS Designated Targeted Area Census Tract List
City
|
IRS Designated Targeted Area Census Tracts
|
Santa Ana
|
744.03, 744.05, 744.06, 749.02, 750.02, 750.03, 750.04, 891.04
|
HOW TO GET STARTED
- If you are ready to purchase a home and think you are qualified for the program, please contact one of the Participating Lenders listed below for additional information
- The lender will determine your eligibility based on program criteria.
- After you have been pre-qualified you may begin to shop for a home.
- Funds may be reserved for you if you have been pre-qualified and have a properly executed purchase contract (subject to available funds).
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
(323) 890-7249
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