The LACDA’s HOP80 and HOP120 Home Ownership Programs provide a second mortgage loan for first-time homebuyers.  HOP80 offers assistance up to $100,000, or 20% of the purchase price, whichever is less. HOP120 offers assistance up to $85,000, or 20% of the purchase price, whichever is less.  The loan provides down payment and/or closing assistance and is secured with a Deed of Trust and Promissory Note.

The loans accrue 0% interest with deferred repayment and shared equity. When the home is sold, there is a transfer of title, or the home is no longer owner-occupied, the homebuyer repays the loan, plus a share of the appreciation..
To qualify, a homebuyer must be income eligible, not have owned a home in the last three years, and the home must be owner-occupied.

If you are a first-time homebuyer interested in applying for a HOP80 or HOP120 loan, contact a HOP participating lender to get pre-qualified.

Only a HOP participating lender can submit a HOP application on your behalf.

HOP applications will be accepted on a first-come, first-served basis..


HOP80 Flyers:    English    Spanish    Chinese           HOP120 Flyers:    English    Spanish    Chinese

                           

Confirm Your Eligibility

- The applicants must be income eligible.

- The applicants must be first-time homebuyers: no ownership interest in real estate at any time in the past three years.

- Homebuyers must occupy the home as their principal residence.

- The loan is secured by a second Trust Deed and Promissory Note.

- Applicants must invest a minimum of 1% of the down payment, not including closing costs, of their own funds.  Applicants' total contribution into escrow, including initial deposit, gift funds, and closing funds, cannot exceed $150,000 for HOP80 and $200,000 for HOP120.

- All applicants must complete an eight-hour homebuyer education seminar from an approved U.S. Department of Housing and Urban Development (HUD) counseling agency.

- Property cannot be occupied by tenants, unless it is a Tenant-Purchaser.

 

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