Subsidy Programs Update

Programs & Status

LAHD Low Income, Mod 120, Mod 150 - January 2009*

LACDC HOP - November 2008*

LACDC ADDI - July 2008*

LAHD ADDI - Available

LAHD MCC - Available

CalHFA (ExtraCredit Teacher, CHDAP, CHAP, HiCAP, etc.) programs - Available

*Reflect anticipated dates that are not guaranteed.

I already know what some of you are thinking. There's no way on earth I'm going to wait till November or January of next year to see if these programs will be available. For others, this is just part of a delayed waiting game that reflects the current real estate market and state of economy.

If you were counting on down payment assistance the question you should ask yourself is, will the lack of sufficient down payment assistance programs prevent my purchase or delay my purchase? If prices for your area are predicted to continue to fall, then it wouldn't exactly be advisable to buy now anyway, because you would missing out on potential savings.Your decision on whether to purchase now or later will depend on well you understand this market - specifically, your local market. If you're confused about the When you should buy, look at my list of the How should by first...

News Wire: Even Teachers Need Extra Credit

Special Home Buying Reaches Nearly 1,800 Teachers

from LAWatts.com

Nearly 1,800 teachers, administrators, classified employees, and other staff members who serve in California’s high priority schools (API Ranks 1-5) have taken advantage of the Extra Credit Teacher Program (ECTP), a special first-time home buying program administered by the California Housing Finance Agency.

The program was designed to bring quality teachers to the students who need them the most, and at the end of the day, enables them to go to the place they need the most—their own home.


Since the Extra Credit Teacher Program was launched in July 2001, the California Housing Finance Agency has financed more than $461 million in first mortgage loans and provided more than $19 million in down payment assistance through the program. These dollars add up to 1,790 educators who are now first-time homeowners, thanks to CalHFA and the ECTP.


This statewide financial program combines deferred down payment assistance, up to $15,000, with a 30-, 35- or 40-year first mortgage loan at a low interest rate. Interest on the down payment assistance loan is forgiven if the borrower remains employed at a high priority school for three years, and no payments are required on the second loan until the home is either sold, refinanced or paid in full.


Information: www.calhfa.ca. gov or (877) 9-CalHFA (877-922-5432).

link to article: http://www.lawattstimes.com/articles/2007/12/19/education/education1.txt



Want more information about CalHFA ECTP and other programs for first-time homebuyers? Call (323) 834.1434 or visit http://www.latmap.com