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?
- 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.
- 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!
- 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.