Another blow has been dealt to first-time homebuyers wishing to take advantage of government-back subsidized loan programs. The County of Los Angeles' Homeownership Program (HOP), American Dream Down Payment Initiative (ADDI) and S-HOP programs are now out of funds for an unspecified amount of time. Buyers who have already approved loans from these aforementioned programs are likely to be put on a waiting list or have their loan carried out in the pipeline to closing. Others, such as those getting pre approvals, will be stuck until the County replenishes it's funds - hopefully, around March/April of this year. But until then, all we can do is wait...
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