The Home ownership Program is designed to help low income families who are first time home buyers in designated areas of Los Angeles County
HOP Program made easy/ Frequently asked questions:
- Is is a Grant: No it is a loan at 0% interest with all payments deferred until the sale, transfer, refinancing or no longer occupied.
- Who is Eligible: First time home buyers ( defined as anyone who has not owned a home in the last 3 years)
- Does it need to be re-payed: Yes, see above terms
- What properties qualify: Certain participating cities up to a sale price of $375,000 – contact me for details on which cities qualify.
- Are there income limits: Yes, please contact Colleen Craig for more information.
- How much is the loan: $60,000
- Do I have to put any of my own money down: Yes, you need to put a minimum of 1% down, not including closing costs
The Home ownership program (HOP) is financed with HOME funds provided through the U.S. Department of Housing and Urban Development (HUD) and is subject to the applicable federal regulations.
Funds are limited, so contact Colleen Craig to see if it is still available.