SCHFA

SOUTHERN CALIFORNIA
HOME FINANCING AUTHORITY


FIRST HOME MORTGAGE PROGRAM
For First-Time Homebuyers

2013
 

   
FUNDS ARE AVAILABLE 

ABOUT US    

Southern California Home Financing Authority (SCHFA) is a joint powers authority between Los Angeles and Orange Counties formed in June 1988 to create first-time homebuyer programs for low- to moderate-income households.

For more than 25 years, SCHFA has helped thousands of individuals and families fulfill their dreams of owning a home.  This program makes buying a home more affordable for qualifying homebuyers by offering a competitive 30-year fixed rate loan and a grant for downpayment and closing costs assistance.

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 a person(s) who has not had an ownership interest in their primary residence during the previous three years unless 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.  

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 Daily Without Notice)  
(Effective 10/16/2014)
                                   

Terms

Interest
Rate

Origination Fee

Discount
Points

30-Year Fixed Rate

4.25%

1.0%

None

Loan Types
FHA,VA

Credit Score and Debt-to-Income Ratio
Borrowers must have a minimum FICO credit score of 640 and a maximum 45 debt-to-income (DTI) ratio.

Down Payment and Closing Cost Assistance

The program provides down payment and closing cost assistance in the form of a gift equal to 4.0% of the first loan amount.

The program may be used with the CDC's Home Ownership Program (HOP) and the Mortgage Credit Certificate Program (MCC) offered by both counties.

Maximum Loan Amount - $417,000

PRICE LIMITS INCOME AND PURCHASE LIMITS                                                                                                                                                                                                                (Effective 6/10/2014)

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 $115,920


Maximum Income Limits - Orange County

Type of
Construction

One or Two
Person Households

Three or More
Person Households

 New and Existing

 Up to $109,800

 Up to $128,100


Maximum Purchase Price Limits For Los Angeles and Orange County                                                                                                                                                          

Non-Targeted  Areas
Existing Homes

Non-Targeted Areas
New Homes

Targeted  Areas
Existing Homes

Targeted Area
New Homes

 $611,901

 $611,901

 $747,880

 $747,880


IRS DESIGNATED TARGETED AREA CENSUS TRACTS                                                                                                                                                                                                    (Effective 4/1/2014)                                                                                                                                                                                               

What is an IRS Designated Targeted Area?

The Federal Government indentified “targeted” areas 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.

To find out the census tract of the property go to www.ffiec.gov/geocode/default.aspx and enter the address.   

Los Angeles County IRS Designated Targeted Area Census Tract List 
   

City

IRS Designated Targeted Area Census Tracts


Alhambra

4803.04

Athens/Westont Area 
6002.01  6003.03  6003.04

Bell

5336.02  5338.05  5338.06  5341.02 

Bell Gardens

5342.01  5342.02  5342.03 

Compton


5416.04  5416.05  5421.05  5425.02  5426.01 

Cudahy

5343.02  5344.05  5344.06 

East Antelope Valley 

9800.08  9800.14  9800.15 

East Los Angeles  5306.02  5308.01  5311.01  5312.01  5312.02  5313.02  5315.02  5315.03  5315.04  5316.02  5316.04  5317.02  5319.01 
El Monte  4328.01  4328.02  4331.02  4333.05  4334.01  4334.02  4338.01  4339.01 

Firestone Area 

5351.01  5351.02  5353  5354


Florence Area 

5328  5329  5350.02

Glendale

3018.02  3023.02  3024.01  3055.04  3025.05 

Hawthorne

6016 6025.05  6025.06  6030.05  6037.04 

Huntington Park

5326.05  5326.06  5330.01  5331.03  5331.04  5331.05  5331.07  5332.03  5335.03 

Inglewood 

6011  6015.02  6017  6019 

Lancaster

9006.02  9006.07  9007.01  9007.04  9008.04  9008.06 

Long Beach   

5702.03  5703.04  5704.03  5706.03  5716 5717.03  5730.02  5730.04  5732.01  5732.02 5733  5751.02  5752.01  5753  5754.01  5702.02  5758.01  5758.01  5758.02  5758.03  5763.02  5764.01  5764.02  5764.03  5765.01  5765.02  5765.03  5769.03

Los Angeles/VA Center
Sawtelle Area 

7011 

Lynwood

5402.02  5405.02 

Maywood

5337.01  5338.03 

Monterey Park

4817.11 

Palmdale

9101.01  9104.02  9104.03  9105.01  9105.02  9105.04  9106.02  


Paramount


5535.03  5538.01 

Pasadena

4622.01  4623.01 

Pomona

4023.04  4025.01  4025.02  4027.02  4028.01  4045.04  4087.04  4088 


Rosemead


4825.03 

San Fernando

3202.01 

Santa Clarita


9200.11  9203.36 

South Gate

5355.01  5355.03  5356.03  5356.06  5357.02  5360 


Walnut Park 

5348.04


Willowbrook Area


5406  5415 

Orange County IRS Designated Targeted Area Census Tract List  
 

City

IRS Designated Targeted Area Census Tracts

Anaheim 117.14  875.04
Irvine 626.26

Placentia

117.20

Santa Ana 744.03  744.05  745.01  748.05  750.02  750.03
Seal Beach 995.09

Homebuyer Education Requirement 

All borrowers will be required to complete a homebuyer education course.  We will accept homebuyer education counseling certificates on-line, in-person, or by telephone.  The certificate must be dated within 12 months prior to the close of escrow. Your lender will assist you with selecting a counseling agency. 

Here are some examples of providers: 

Freddie Mac Homebuyer Counseling Counselors/Administrators Search  
http://www.freddiemac.com/sell/factsheets/pdf/home_possible_education_requirements_748.pdf   

HUD-Approved Housing Counselors  
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=CA 

NeighborWorks America
http://www.nw.org/network/Utilities/NWOlookup.asp   

PARTICIPATING LENDERS

Academy Mortgage
Downey
Downey

Sam Chauhan
Raul Camaligan

(877) 320-9929
(562) 319-1720
     
American Financial Network    
Downey
Alex Ascencio
(562) 231-4900
     
Broadview Mortgage    

Cerritos
Cerritos
Cerritos
Camarillo
Carlsbad
Long Beach
Mission Viejo
Orange
Simi Valley
Tustin
Upland

Linda Meyers
SueTroxcil
Jorge Hernandez
Kelly and Steven Carrigan
Carol Craven
Rick Kent
Chebel Mina
Wesley Oliver
Cheryl Hamilton
Julie Miller
Tim Harrison

(562) 677-1230
(562) 677-1230
(562) 677-1230
(805) 389-0282
(760) 438-9725
(562) 394-0378
(949) 306-3522
(714) 627-4342
(805) 577-9105
(714) 541-6604
(909) 920-5260           

           
Crossline Capital

Lake Forest
Lake Forest
Lake Forest

Brad Noubakht
Gabriella Haro
Claudia Sandez
(877) 319-8345
(877) 319-8345
(877) 319-8345
 
Essex Mortgage
Orange Jeremy Blay (888) 892-4070
     
Evergreen Home Loans      
Torrance Michelle Coolidge-Tondu (424) 209-1280
     

Golden Empire Mortgage Progressive Loan Funding


Alhambra
Seal Beach                  SealBeach                        Seal Beach

Chris Haun
Lucia Najera                      Tiffany Hines                    
Carrie Beyer

(626) 289-7525          (562) 592-7500          (562) 592-7500       
(562) 592-7500
              

     
Guild Mortgage    

Brea
Cerritos
Covina
Covina
Huntington Beach
Tustin
Walnut 

Laura Patterson
Knute Swensen 
Abby Bonilla
James Cook
Knute Swensen
John Belles
Herm Mason

(714) 671-9047
(562)888-6088
(626) 339-4126 ext. 218
(626) 339-4126 ext. 208
(714) 622-5000
(714) 227-0679
(909) 595-5172 

     
Loan Depot
DBA I Mortgage
       

Long Beach
Long Beach
Long Beach
Long Beach
Long Beach
Long Beach
Cerritos
Cerritos
Cerritos
Cerritos
Cerritos
  
Corona
Newport Beach

Newport Beach
Downey

Gregg Mullery
Hugo Gonzalez
Terry Wilkins
Isabel Arellano
Jenny Van
Curt Nix
Lisa Flores-Estrella
Armando Gonzales
George Rubio
Monica Meza
Joanne Mullins
Judy Marburer  
John Reed 
Gary Acha
Grace Gomez

  

(562) 257-5000
(562) 257-5017
(562) 257-5004
(562) 257-5028
(562) 257-5005
(562) 257-5006
(562) 924-9725
(562) 924-9710
(562) 924-9703
(562) 924-9720
(562) 924-9735

(951) 753-6267 
(949) 705-0555
(949) 705-0603 
(562) 381-1011
 

     
New American Funding    
Los Angeles
Tustin
Anaheim
Melinda Harleaux
Sherrie Koehler
Frederick Rivera 
(310) 880-6651
(800) 450-2010 ext. 7321
(800) 450-2010 ext. 7034
     
Primary Residential Lending
 

Diamond Bar
Diamond Bar

Marilou Bernardo
Tina Zamora
(800) 259-0090
(800) 259-0900
     
Prospect Mortgage    

Sherman Oaks

Linda Chacanaca 

(805) 520-2900

           
Universal American Mortgage    

Aliso Viejo
Irvine

Dana Bracco
Brett Smith

(949) 349-8500
(949) 892-2422

HOW TO GET STARTED   

If you are ready to buy a home, and think you are qualified for the program, please contact one of the  participating lenders  above. 

The lender will determine your eligibility based on program criteria.  

After you have been pre-qualified by your lender you may begin to shop for a home.  

 FOR MORE INFORMATION ABOUT THE PROGRAM, PLEASE CONTACT THE
COMMUNITY DEVELOPMENT COMMISSION
OF THE COUNTY OF LOS ANGELES
700 West Main Street, Alhambra, CA 91801
(626) 262-4512




Community Development Commission/Housing Authority
of the County of Los Angeles

700 West Main Street, Alhambra, CA 91801
Phone: (626) 262-4511 TDD: (626) 943-3898 Web:  www.lacdc.org  
www.hacola.org
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