Home buyer Assistance Programs (Updated 1/26/2015)
This page contains information on homebuyer assistance programs and affordable homeownership opportunities.
Homeownership Opportunities Program (HOP)
This program has been suspended due to lack of funding. Please check back for updates.
Program contact: James Wong, Senior Project Manger, (626) 744-8316 or email firstname.lastname@example.org.
BEGIN FIRST-TIME HOME BUYER LOAN PROGRAM
Building Equity and Growth In Neighborhoods (“BEGIN”) is a homebuyer loan assistance program administered by the City Housing Dept. and funded by the State Department of Housing and Community Development. Click on this link to see the program guidelines. BEGIN program funds are currently unavailable.
Mortgage Credit Certificate (MCC) Program
This program provides first-time homebuyers with a federal income tax credit which increases their ability to qualify for a mortgage. The amount of the tax credit is equal to 10% or 15% of the homebuyer’s annual mortgage interest paid. The credit is taken annually as a dollar-for-dollar credit against the homeowner’s federal income tax liability. The annual tax credit is 15% for homes purchased within an MCC Target Area and 10% for homes purchased outside the Target Area. The program income limit is $83,160 for a household of 1-2 persons, and $97,020 for a household of 3 or more persons. Other criteria and restrictions apply. MCC applications are available only from lenders participating in the program. This program is administered by the Los Angeles County Community Development Commission.
To request MCC information, including a list of participating lenders and Target Area map contact the County of Los Angeles at (323) 890-7034 or visit their First-Time Homebuyers Programs web page
OTHER HOME BUYER RESOURCES
Although not sponsored or administered by the City of Pasadena, the following homebuyer assistance programs are included here as additional resources.
California Housing Finance Agency (CHFA)
CalHFA was created by the California Legislature in 1975 to provide below-market interest rate financing for the development of affordable housing. Through its Single Family Programs, CalHFA offers several loan products to assist qualified first-time homebuyers. These include low down-payment loans, Veterans Administration loans, and adjustable rate mortgages. Loans are originated through participating lenders.
CalHFA’s “Keep Your Home California” Program is designed to assist low and moderate income Homebuyers retain their homes if they have suffered a financial hardship such as unemployment, have experienced a change in household circumstance such as death, illness or disability, or are at risk of default. For more information contact CalHFA at http://www.keepyourhomecalifornia.com
For more information please contact CalHFA at (800) 789-CHFA, or visit their web site at www.calhfa.ca.gov/
HUD FHA RESOURCE CENTER
This is a federal clearinghouse for information on homebuyer assistance programs provided by the United States Department of Housing and Urban Development (HUD). The programs offered by HUD include FHA-insured mortgages and the Emergency Homeowners Loan Program.
For more information please contact the HUD Home Ownership Center at (888) 827-5605 or visit HUD’s web site at www.hud.gov
The Federal National Mortgage Association (Fannie Mae) is a federally chartered corporation with the mission of “providing products and services that increase the availability and affordability of housing for low-, moderate- and middle-income Americans.” Fannie Mae fulfills its mission by “creating an efficient and reliable secondary market in which residential mortgage loans are bought and sold.”
Freddie Mac – HomeSteps Program
The Federal Home Loan Mortgage Corporation (Freddie Mac) is another corporation chartered by the federal government to aid in the flow of funds from investors to mortgage lenders in support of affordable housing. The latest homebuyer initiative by Freddie Mac is the HomeSteps Program.
For more information the HomeSteps Program on the HomeSteps Program and other financial products offered by Freddie Mac, call (800) 972-7555 or visit their web site at www.homesteps.com
Consumer Credit Counseling Service Center
The Consumer Credit Counseling Service Center of Los Angeles (CCCS) is a non-profit community service established in 1966 “dedicated to helping people in L.A. County help themselves prevent and solve personal money management difficulties through professional programs of consumer credit education, debt counseling and reduction. The agency offers free six-hour workshops (HUD approved) to educate homebuyers regarding pre-purchase decisions and default prevention. Housing counselors also assist homeowners facing default and/or foreclosure.
For more information contact CCCS at (800) 750-2227 or visit their web site at ClearPointCCS.org