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Homebuyer
Assistance Programs
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:
Click on the links below for more
details:
Home
ownership Opportunities Program (HOP)
Mortgage
Credit Certificate (MCC) Program
Other
Homebuyer Resources/Links
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Homeownership Opportunities
Program (HOP) |
This
program provides down payment assistance up to
$200,000 in the form
of a second trust deed loan with a 45-year term.
Prospective applicants must be
first-time homebuyers and qualify as Lower or Moderate Income:
|
#Persons In Family |
Lower Income |
Moderate Income |
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1 |
$42,450 |
$50,300 |
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2 |
$48,500 |
$57,400 |
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3 |
$54,600 |
$64,600 |
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4 |
$60,650 |
$71,800 |
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5 |
$65,500 |
$77,500 |
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6 |
$70,350 |
$83,300 |
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7 |
$75,200 |
$89,000 |
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8 |
$80,050 |
$94,800 |
A minimum 3% down payment is required.
Purchase prices may not exceed $425,000. Monthly payments on the HOP
loan are amortized over the 45-year term but in certain circumstances
payments during the first 5 years of the loan term may be waived. Upon
resale of the home or refinancing, the borrower is required to repay the
outstanding amount owned on the HOP loan plus a potentially substantial
share of the property's appreciation in value. Homes purchased with HOP
loan assistance must be owner-occupied. Other criteria and restrictions
apply. In addition, interested HOP loan applicants must complete an
approved NeighborWorks 12-hour homebuyer education program and be
recommended for assistance by Pasadena Neighborhood Housing Services (PNHS);
please contact PNHS at (626) 794-7191. The Program is undergoing
modifications which are expected to be in place by July 2008.
For more information contact Aldra Allison, Project Manager at (626)
744-8314 or email
aallison@cityofpasadena.net.
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Mortgage Credit
Certificate (MCC) Program
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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
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Other Homebuyer Resources
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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.
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| 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) |
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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
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| Fannie
Mae |
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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
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| Freddie
Mac - HomeSteps Program |
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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
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| Consumer
Credit Counseling Service Center |
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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
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