Local Loan Programs - Southern California

SOUTHERN CALIFORNIA HOME FINANCING AUTHORITY (SCHFA)
Phone (Los Angeles County): 323-890-7249
Phone (Orange County): 714-834-3014
Website: www.lacdc.org

Single Family Mortgage Revenue Bond Program

SCHFA is a joint powers authority between Los Angeles and Orange counties that issues tax-exempt mortgage revenue bonds for low- and moderate-income first-time home buyers. The program offers below-market interest, 30-year fixed-rate (6.395%), 40-year fixed-rate (6.625%), and 40-year fixed-rate loans with 10 years of interest-only payments (6.75%). The program is administered by the County of Los Angeles Community Development Commission and the Public Finance Division of the County of Orange. Eligible areas are all unincorporated areas and incorporated cities within Los Angeles and Orange counties, except the City of Los Angeles. The home buyer will receive a gift of 4% of the loan amount to be applied toward the down payment, non-recurring closing costs, and/or prepaid items.


LOS ANGELES
Phone: 866-557-7368
Website: www.lacity.org/LAHD

Mortgage Revenue Bond Program (In Partnership with CalFHA)
Eligibility: Low and moderate income
Type: Loan
Loan term: 30 years
Interest: 6.25% (low-income); 6.625% (moderate-income)

CalHome Program
Eligibility: Low income
Type: Deferred loan
Maximum loan: $90,000
Loan term: 30 years or due upon sale of the property, change of ownership, or first mortgage repayment.
Interest: 0%

Moderate Income Purchase Assistance Program
Eligibility: Moderate income
Type: Deferred, shared appreciation loan
Maximum loan: $75,000 (depending on the buyer's income bracket)
Loan term: 30 years or due upon sale of the property, change of ownership, or first mortgage repayment.
Interest: 0%


SAN DIEGO
Phone: 619-578-7490
Website: www.sdhc.net

CalHome Mortgage Assistance Program / Shared Appreciation Program
Eligibility: Low income
Type: Deferred, shared appreciation loan
Maximum loan: 25% of the purchase price or $70,187, whichever is less
Loan term: 30 years or due upon sale of the property, change of use, unapproved refinance, or change of ownership, whichever occurs first.
Interest: 0%

Down Payment / Closing Cost Assistance Grant
Eligibility: Moderate income (81 to 100% of AMI)
Type: Recoverable grant
Maximum loan: $10,000 or 4% of the purchase price, whichever is less
Loan term: Within first six years, due when property is sold or refinanced. After six years, the grant is forgiven.
Interest: 5% (if property is sold or refinanced within the first six years).