Click MAP below to ENLARGE — Details on the HOP Program
HOP LA County – 2/23/2012
5/18/12 Funds for 5 deals available $25,000 for non-target + 10,000 DAP = 35,000 $35,000 for TARGET + 10,000 DAP = 45,000
Down Payment Assistance Program (DPA) ANNOUNCING! – EFFECTIVE FEBRUARY 23, 2012
Funds for the HOP & DPA programs will be released on a first-come, first-serve basis on Thursday. February 23, 2012. Only Twenty-Five (25) reservations will be accepted.
Only approved HOP Participating Lenders can submit the HOP reservation package at 9:00 a.m. via email to silvia.delgadillo@lacdc.org. Reservations submitted prior to this designated time wl1l not be accepted.
Each email submission must include the following completed and executed HOP forms: • HOP-1 Affordability Housing Cost Worksheet • HOP-2 Initial Reservation Request and Exhibit “A” • HOP-2A Visual Lead-Based Paint Inspection Sheet • HOP-3 Application Affidavit with notarized Income Determination; and • A fully executed Purchase Agreement
Upon receipt of a confirmation of email submission, seven (7) days will be allowed to submit a complete (entire) HOP reservation package. If the required documents are not submitted within the time frame, the original emailed submission will be cancelled. If after reviewing the reservation package and more documents are required, seven (7) additional working days will be allowed to complete the package in its entirety. All HOP/DPA program guidelines must be met.
HOP/DPA Program Guidelines: 1) The maximum HOP loan amount in Target areas is $35,000 or 25% of the purchase price, whichever is the lesser 2) The maximum HOP loan amount in Non-Target areas is $25,000 or 20% of the purchase price, whichever is the lesser 3) The maximum DPA loan amount is $10,000 or 6% of the purchase, whichever is the lesser 4) Eligible Properties: single family homes and condominiums, approved short sales, regular sales, foreclosed and REO properties 5) All recommended repairs stated in Home Inspection Report and/or Appraisal Report must be completed PRIOR TO CLOSE OF ESCROW
Only approved HOP Participating Lenders can submit all required documents to the Community Development Commission. Mortgage brokers are required to fund the loan directly through one of the approved HOP Participating Lenders.
INCOME LIMITS Home Ownership Program (HOP), & Down Payment Assistance Program (DPA) Effective December 1, 2011
MAXIMUM PROGRAM INCOME LIMITS 80% County MedIan Income
1- $47,250 2- $54,000 3- $60,750 4- $67,450 5- $72,850 6- $78,250 7- $83,650 8- $89,050
The maximum purchase price for single family homes and condominiums is $362,790
For more information, please call (323) 890-7034 (323) 890-7432 or (323) 838-5082
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