ELIGIBILITY REQUIREMENTS



Eligibility requirements are the same for the HOP and DPA Programs:

The borrower must be a first-time homebuyer with no ownership interest in or who have not held 'title' to a principal residence during the three-year period preceding the purchase of the property.

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 Lead Based Paint Inspection and must pass the inspection before 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 County Median Income for Los Angeles County.

Effective April 15, 2010, the maximum purchase price allowed for existing or new homes are:

Single-Family Homes and Condominiums/Townhomes $362,790

HOP Participating Cities
Income Limits
Down Payment Assistance
Participating Lenders
Homebuyer Education Seminars
Home Ownership Programs
First-Time Homebuyers
Housing Preservation