Discovering the Path to Your First Home in LA County: Unlocking Special Programs

First-time homebuyer or not, if you’ve been out of the homeownership game for a while, Los Angeles County has got your back. With several programs geared towards potential homeowners, there’s more to the home-buying process than meets the eye. Let’s unravel the latest offerings and how they could pave your path to a new home.

The Magic of LACDA for First-Time Homebuyers

It’s not just about the title “first-time homebuyer” anymore. If you have yet to own a home in the past three years, you might still qualify. Programs like the Los Angeles County Development Authority (LACDA) First-Time Homebuyer Program are here to bridge the gap.

What’s in LACDA’s Toolbelt for Potential Homeowners?

  1. Home Ownership Program (HOP): This program, albeit limited, provides loans from qualified HOP lenders. But there’s a catch: you must adhere to the income restrictions, like a family of four’s income not surpassing $83,500.
  1. Mortgage Income Tax Credit: A boon for homeowners, this credit can offset your income tax by up to 20% of the interest paid on your mortgage. Imagine the savings over the lifespan of a 30-year mortgage!
  1. The First Home Mortgage Program: Extending its offerings to LA and Orange Counties, this initiative provides competitive 30-year mortgages via qualified lenders. Regardless of your loan type – USDA, VA, FHA, or Conventional – you could also receive up to 4% of the total loan amount as a grant, ideal for down payments and closing costs.

Are There Strings Attached to LACDA’s Programs?

Well, a couple. Aimed at moderate-income earners, there are earning caps. For instance, to benefit from the First Home Mortgage Program in LA County, couples can’t have an income exceeding $125,280 annually. The threshold hikes up to $142,440 for the Orange County version.

Los Angeles and Orange County are keen on bolstering homeownership, illustrating the evolving definition of “first-time” homebuyers. The real nugget of wisdom? Even if you’ve trodden the path of homeownership before, you’re not alone in your next journey. Engage with seasoned real estate and mortgage experts to unlock doors you might have never considered.

Are you dreaming of owning a home in LA County? Dive deeper into your possibilities. Reach out to us at California Platinum Loans, and let us be the guide to your homeownership dreams.


2023 Mortgage Rate Trends: Expert Predictions on 30-Year Fixed & ARM Rates and What Does It Mean for Your Home Loan?


Each year, various finance industries, real estate professional associations, and government-backed organizations like Freddie Mac predict mortgage interest rate trends. These predictions sometimes differ, and there’s no guarantee that they will be accurate. However, February is the time of the year when these mortgage rate predictions tend to solidify, and different experts weigh in. Current forecasts on mortgage rates vary between 5% and 7% for 2023, depending on the expert source. When interest rates go down, the housing market tends to heat up, so if you’re in the market to buy a home or refinance in 2023, it’s a good idea to keep an eye on trends in mortgage rates.

Encouraging Mortgage Rate Forecasts

Some mortgage rate predictions show an encouraging trend of lower or steady mortgage interest rates for 2023

First, Compass, Inc.’s Regional President Neda Navab predicts that mortgage rates are at or near their peak as of the beginning of 2023 and could be around 5% by the end of the year, thanks to the slowdown in inflation and lower U.S. Treasury bond yields that impact mortgage rates.

Another prediction from the Mortgage Bankers Association (MBA) says that “long-term rates have already peaked.” The MBA says that mortgage rates will end the year at a precise 5.2%. The MBA comprises of industry leaders, direct experts, and the leading power players originating the loans, making their predictions carry a lot of weight.

Less Optimistic Mortgage Rate Forecasts

Freddie Mac, one of the two government-sponsored home mortgage enterprises, and Fannie Mae predict that the average 30-year mortgage rate will be 6.6% at the beginning of 2023 and end the year at about 6.2%, an entire point higher than the Mortgage Banking Association.

An economist with, Jiayi Xu, predicts that ongoing inflation will keep mortgage rates in the 6% to 7% range in 2023. 

The National Association of Realtors (NAR)’s senior economist Nadia Evangelou says that mortgage rates could end 2023 at slightly under 6% as long as inflation continues to slow down.

Adjustable rate mortgages (ARMS) offer lower interest rates than fixed-rate mortgages. Working with an experienced broker like California Platinum Realty and Loans can provide you with more choices in a mortgage that can fit your financial goals and objectives, along with delivering a home purchase loan or a refinance. Contact California Platinum Loans to discuss your options in home mortgages today.

Discover the First-Time Homebuyer Program in LA: Your Guide to Los Angeles Homeownership Today


Does Los Angeles have a first-time homebuyer program? Yes, and there are two of them. The City of Los Angeles Housing and Community Investment Department (HCIDLA) offers a program to help first-time home buyers, and so does the County of Los Angeles through the Los Angeles County Development Authority (LACDA).

One important thing to remember about most first-time homebuyer programs: it’s not always the case that an applicant has never bought or owned a home before. You must not have owned a home during the last three years to qualify for the programs. And you need to live in the house that you buy.

What Do the Different LA First-Time Home Buyer Programs Provide?

The City of Los Angeles provides the LIPA (Low Income Purchase Assistance) program, which can provide up to $140,000 for purchase assistance. LIPA funding can cover down payments and closing costs. The program can help with single-family home purchase prices up to $973,750 and condo or townhome purchases of $593,750. The LIPA program is available for home purchases within the incorporated City of Los Angeles. 

The County of Los Angeles Home Ownership Program (HOP) is a second mortgage loan for first-time homebuyers that can provide up to $85,000 or 20% of the home purchase price, whichever is less. It is a zero-interest loan with deferred payment.

Who Is Eligible For First-Time Homebuyer Programs?

The first-time homebuyer programs are intended to assist low- to moderate-income home buyers. Los Angeles County’s program eligibility limits are 80% of the County median income, which is $95,300 for a family of four. The City of Los Angeles LIPA program is also capped at 80% of the County’s median income. Still, the City also has a moderate-income first-time homebuyer program which will go up to 150% of the median income.

You can’t own any other real estate to be eligible for these programs. The programs are intended for people who are buying a home to live in.

You must also meet minimum credit score requirements, with a FICO score of at least 660.

Using a First-Time Homebuyer Program to Buy a Home in LA County or the City of Los Angeles

California Platinum Loans is an experienced, caring, and responsive mortgage broker who can assist you in accessing first-time homebuyer programs to help you buy the home you need and want. You can combine first-time homebuyer programs with a home loan that fits your needs. Contact California Platinum Loans today to get started making your home ownership dreams a reality.