If you are a first-time homebuyer interested in purchasing a home in Pasadena, the following programs, sponsored by the Pasadena Community Development Commission, are available to you:

Home ownership Opportunities Program (HOP)

Mortgage Credit Certificate (MCC) Program

Homeownership Opportunities Program (HOP)

This program is being modified.  Please check back for updates.

For more information contact Aldra Allison, Project Manager at (626) 744-8314 or email aallison@cityofpasadena.net.

Mortgage Credit Certificate (MCC) Program

This program provides first-time homebuyers with a federal income tax credit which increases their ability to qualify for a mortgage. The amount of the tax credit is equal to 10% or 15% of the homebuyer’s annual mortgage interest paid. The credit is taken annually as a dollar-for-dollar credit against the homeowner's federal income tax liability. The annual tax credit is 15% for homes purchased within an MCC Target Area and 10% for homes purchased outside the Target Area. The program income limit is $83,160 for a household of 1-2 persons, and $97,020 for a household of 3 or more persons. Other criteria and restrictions apply. MCC applications are available only from lenders participating in the program. This program is administered by the Los Angeles County Community Development Commission.

To request MCC information, including a list of participating lenders and Target Area map contact the County of Los Angeles at (323) 890-7034 or visit their First-Time Homebuyers Programs web page

Other Homebuyer Resources

Although not sponsored or administered by the City of Pasadena's Community Development Commission, the following homebuyer assistance programs are included here as additional resources.

California Housing Finance Agency (CHFA)

CalHFA was created by the California Legislature in 1975 to provide below-market interest rate financing for the development of affordable housing. Through its Single Family Programs, CalHFA offers several loan products to assist qualified first-time homebuyers. These include low down-payment loans, Veterans Administration loans, and adjustable rate mortgages. Loans are originated through participating lenders.

For more information please contact CalHFA at (800) 789-CHFA, or visit their web site at http://www.calhfa.ca.gov/ 

HUD Home Ownership Center (CalHFA)

This is a federal clearinghouse for information on homebuyer assistance programs provided by the United States Department of Housing and Urban Development (HUD). The programs offered by HUD include FHA-insured mortgages, HUD Homes, Officer Next Door, Teacher Next Door.

For more information please contact the HUD Home Ownership Center at (888) 827-5605 or visit HUD's web site at www.hud.gov

Fannie Mae

The Federal National Mortgage Association (Fannie Mae) is a federally chartered corporation with the mission of "providing products and services that increase the availability and affordability of housing for low-, moderate- and middle-income Americans." Fannie Mae fulfills its mission by "creating an efficient and reliable secondary market in which residential mortgage loans are bought and sold." Loan programs underwritten by Fannie Mae include Community Home Buyer Program, Flexible 97, and HomeChoice.

For more information on these programs, contact Fannie Mae at (800) 7-FANNIE or visit their web site at www.fanniemae.com and www.homepath.com

Freddie Mac - HomeSteps Program

The Federal Home Loan Mortgage Corporation (Freddie Mac) is another corporation chartered by the federal government to aid in the flow of funds from investors to mortgage lenders in support of affordable housing. The latest homebuyer initiative by Freddie Mac is the HomeSteps Program.

For more information the HomeSteps Program on the HomeSteps Program and other financial products offered by Freddie Mac, call (800) 972-7555 or visit their web site at www.homesteps.com

Consumer Credit Counseling Service Center

The Consumer Credit Counseling Service Center of Los Angeles (CCCS) is a non-profit community service established in 1966 "dedicated to helping people in L.A. County help themselves prevent and solve personal money management difficulties through professional programs of consumer credit education, debt counseling and reduction. The agency offers free six-hour workshops (HUD approved) to educate homebuyers regarding pre-purchase decisions and default prevention. Housing counselors also assist homeowners facing default and/or foreclosure.

For more information contact CCCS at (800) 750-2227 or visit their web site at www.cccsla.org