The City of Los Angeles Can Help You Buy a Home
The City of Los Angeles Housing Department is pleased to announce the allocation of $10 million for the Neighborhood Stabilization (NSP) Walk-In Homebuyer Program. This program will provide purchase assistance and rehabilitation loans to eligible buyers of foreclosed properties within targeted areas of the City.
The NSP Walk-In Homebuyer Program provides purchase assistance loans of up to $75,000 for low-income homebuyers and $50,000 for moderate-income homebuyers. In addition, the Housing Department will inspect the property to determine if repairs are required to bring the property up to habitability and local property standards. If repairs are needed, the City will provide an additional $75,000 to rehabilitate the property.
To be eligible you must:
§ Not own other residential property
§ Meet income requirements – for low-income loan, your annual income must be less than $63,450 for a family of four; for moderate-income loan, your annual income must be less than $95,150 for a family of four
§ Obtain a qualified first mortgage loan from a Housing Department participating lender
§ Receive eight hours of homebuyer education from a HUD-certified homebuyer education provider
Eligible properties consist of foreclosed upon single family detached homes, town homes, or condominium units located in NSP targeted neighborhoods in Los Angeles.
For full program description and requirements, including maps of eligible neighborhoods, please visit LAHD’s NSP website or call (213) 808-8800