Home Buying Programs in Los Angeles, California

Buying a home can feel scary for some, but our team at Omni Fund LA is here to help you all along the way in the home buying process.

LA is more than just luxury homes, there are plenty of homes for sale with various home prices, such as single family homes.

There are a few different homeownership programs available in Los Angeles that can make buying a home a breeze.

Home Ownership Program (HOP)

The HOP helps provide financing to low-income families looking to purchase an existing home in Los Angeles County.

This loan provides a second mortgage loan for first-time home buyers with an assistant amount of $85,000 or 20%, whichever is less. The loan also provides down payment and/or closing cost.

The program offers a 0% interest rate with a deferred payment. To qualify, the homebuyer must not have owned a home in the last three years and the home must be owner-occupied.

Mortgage Credit Certificate (MCC)

The MCC program offers qualified first-time homebuyers a federal income tax credit, which can reduce potential federal income tax liability. This creates additional net spendable income for qualified first-time homebuyers to possibly use toward their monthly mortgage payment.

This program enables qualified first-time homebuyers to convert some of their annual mortgage interest into a direct dollar-for-dollar tax credit on their U.S. individual income tax returns.

Affordable Home Ownership Programs (AHOP)

AHOP provides first-time homebuyer down payment assistance to low- and moderate-income households who are unable to purchase a new home.

The homebuyer must meet specific criteria established by the lender providing the first mortgage loan, as well as underwriting for the Los Angeles County Development Authority (LACDA).

The LACDA provides the financial assistance in the form of a secondary mortgage, with payments deferred until sale, transfer, or refinancing.

All of these home buying and loan programs have varying qualifications for the recipients including income limits, so eligibility is different for everyone.