SCHFA Competitive-Rate Mortgages for First Time Homeowners in Los Angeles and Orange County

SCHFA Competitive-Rate Mortgages for First Time Homeowners in Los Angeles and Orange Counties
If you’re searching for your first home in Southern California, 2013 could be your lucky year.

SCHFA Down Payment and Closing Cost Assistance Grant

Starting in mid-January, the Southern California Home Financing Authority (SCHFA) will be offering competitive-rate, 30 year mortgage loans to qualified first time homeowners. These loans will include a Down Payment and Closing Costs Assistance Grant of up to 4% of the initial principal balance of the mortgage loan. This Down Payment Grant does not have to be repaid.

The 2013 First Time Mortgage Program has been funded with a revolving balance of $25,000,000.

SCHFA Program Eligibility Requirements

  • Must live in Orange or Los Angeles County (Los Angeles city residents are not eligible)
  • Cannot have owned a home in the past three years
  • Must have a minimum FICO score of 640
  • Must have a maximum debt-to-income ratio of 45
  • Must have total income under the maximum qualifying income (to be determined)
  • Must meet the maximum home purchase (to be determined)
  • Must participate in a homeowner education program
  • Must use a participating lender

Mortgage rates are anticipated to be slightly above market rate—as of February 20, 2013 the anticipated rate was 3.875%. This rate will change periodically to stay competitive with the market. Eligible mortgages include FHA, VA, or USDA‐RD, all 30‐year and fixed rate. Participating lenders must be approved by the SCHFA.

Showing properties 1 - 3 of 478. See more Homes for Sale In Long Beach CA, Rossmoor, Seal Beach and Signal Hill.
(all data current as of 3/29/2013)

  1. 3 beds, 2 full, 1 part baths
    Home size: 2,866 sq ft
    Lot size: 2,866 sqft
  2. 2 beds, 1 full bath
    Home size: 718 sq ft
    Lot size: 1,100 sqft
  3. 3 beds, 2 full baths
    Home size: 1,550 sq ft
    Lot size: 6,033 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Be sure to take advantage of this terrific program and let me help you find the perfect home loan in Los Angeles or Orange Counties—call 562-257-5008 or get in touch with me today!


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Date last updated: 3/29/13 2:10 PM PDT

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