SOUTHERN CALIFORNIA
HOME FINANCING AUTHORITY
Single-Family Mortgage Revenue Bond Program
For First-Time Homebuyers
2007 Series A Program
As of January 2, 2009 Funds Are No Longer Available
About Us
Program Details
Interest Rates/Loan Terms
Income and Purchase Price Limits
IRS Designated Targeted Area Census Tracts
How To Get Started
Participating Lenders
ABOUT US
Southern California Home Financing Authority (SCHFA) is a joint powers authority between Los Angeles and Orange Counties formed in June 1988 to issue tax-exempt mortgage revenue bonds for low- and moderate-income First-Time Homebuyers. To date, SCHFA has helped thousands of individuals and families fulfill their dreams of owning their own home through its First-Time Homebuyer Program. This program makes purchasing a home more affordable for qualifying homebuyers by offering below-market interest 30-year fixed rate, 40-year fixed rate, and a 40-year fixed rate loan with 10 years interest only payments.
The program is administered by the Los Angeles County Community Development Commission (CDC) and the Public Finance Division of the County of Orange. SCHFA does not lend money directly to homebuyers. Homebuyers must work directly with a participating lender.
PROGRAM DETAILS
First-Time Homebuyer Requirement
A first-time homebuyer is defined as a person(s) who has not had an ownership interest in their primary residence during the previous three years unless you are buying a home in an IRS Designated Targeted Area Census Tract.
Eligible Areas in Los Angeles County
All unincorporated areas and incorporated cities in Los Angeles County except the City of Los Angeles areas.
Eligible Areas in Orange County
All unincorporated areas and incorporated cities in the County of Orange.
Property Types
Single-Family Residences, Condominiums, Townhomes and Planned Unit Developments.
INTEREST RATES/LOAN TERMS
INTEREST RATES (Subject to Change Without Notice)
Effective 12/03/2007
Terms
|
Interest
Rate
|
Origination
Fee
|
Discount
Points
|
30 Year Fixed Rate
|
6.375%
|
1%
|
0
|
40 Year Fixed Rate
|
6.625%
|
1%
|
0
|
40 Year Fixed Rate with 10 Years Interest Only
|
6.750%
|
1%
|
0
|
LOAN TYPES
FHA,VA, Conventional
DOWN PAYMENT AND CLOSING COST ASSISTANCE
The homebuyer will receive a gift of 4.0% of the loan amount to be applied toward the down payment, non-recurring closing costs and/or prepaid items.
INCOME AND PURCHASE PRICE LIMITS
Maximum Income Limits Los Angeles County
Type of
Construction
|
One or Two
Person Households
|
Three or More
Person Households
|
New and Existing
|
Up to $88,800
|
Up to $103,132
|
Maximum Income Limits Orange County
Type of
Construction
|
One or Two
Person Households
|
Three or More
Person Households
|
New and Existing
|
Up to $103,920
|
Up to $121,240
|
Maximum Purchase Price Limits Los Angeles and Orange County
Non-Targeted Areas
Existing Homes
|
Non-Targeted
Areas
New Homes
|
Targeted Areas
Existing Homes
|
Targeted Area
New Homes
|
$571,278
|
$591,272
|
$698,229
|
$722,665
|
IRS DESIGNATED TARGETED AREA CENSUS TRACTS
What is an IRS Designated Targeted Area?
Areas that are “targeted” by the Federal Government were identified in the 2000 Census as areas in California where 70 percent of the families who live there earn an income that is 80 percent or less than the statewide median income. You do not have to be a First-Time Homebuyer if you purchase a home in an IRS Designated Target Area Census Tract.
Click on this link below if you have an address and would like to find out if the subject property is located in a Targeted Area.
http://www.ffiec.gov/Geocode/default.aspx
Los Angeles County IRS Designated Targeted Area Census Tract List
City
|
IRS Designated Targeted Area Census Tracts
|
Bell
|
5336.01, 5338.01
|
Bell Gardens
|
5339.01, 5339.02, 5340.01, 5341.02, 5342.01
|
Compton
|
5144.00, 5414.00, 5415, 5416.03, 5416.04, 5416.05, 5416.06, 5426.01, 5426.02
|
Cudahy
|
5343.01, 5344.04, 5344.05, 5344.06
|
El Monte
|
4328.01, 4328.02, 4333.01, 4334.02, 4344.02, 4335.02, 4339.01
|
Glendale
|
3022.01, 3025.01
|
Hawthorne
|
6021.05, 6025.01, 6025.02, 6025.03
|
Huntington Park
|
5326.05, 5326.06, 5331.03, 5331.04, 5331.05, 5331.07, 5332.01, 5335.01, 5335.03
|
Inglewood/Lennox
|
6006.02, 6011.00, 6012.11, 6015.01, 6016.00, 6017.00, 6018.02. 6019.00
|
Lancaster
|
9006.02, 9007.04, 9008.06
|
Long Beach
|
5702.03, 5703.04, 5706.03, 5716.00, 5725.00, 5728.00, 5729.00, 5730.01, 5730.02, 5732.01, 5732.02, 5733.00, 5751.01, 5751.02, 5751.03, 5752.01, 5752.02, 5753.00, 5754.01, 5754.02, 5755.00, 5758.01, 5758.02, 5758.03, 5759.01, 5759.02, 5760.00, 5762.00, 5763.00, 5764.01, 5764.02, 5764.03, 5765.01, 5765.02, 5765.03, 5769.01, 5769.02
|
Los Angeles
|
5309.01, 5311.01, 5312.01, 5312.02, 5313.01, 5316.02, 5317.02, 5318.00, 5327.00, 5328.00, 5329.00, 5330.00. 5350.00. 5351.01, 5352.00, 5353.00, 5406.00, 5407.00, 6001.00, 6002.01, 6002.02, 6003.01
|
Lynwood
|
5400.00, 5402.02, 5404.00, 5405.02
|
Maywood
|
5333.00, 5334.01, 5334.03, 5337.02
|
Monterey Park
|
4817.14, 4823.03, 4823.04
|
Palmdale
|
9104.02, 9104.03, 9105.01, 9105.02
|
Pasadena
|
4620.00
|
Pomona
|
4023.02, 4025.01, 4027.02, 4028.01, 4028.02, 4088
|
Santa Fe Springs
|
5041.02
|
South Gate
|
5355.01, 5355.03, 5356.05, 5356.06
|
Orange County IRS Designated Targeted Area Census Tract List
City
|
IRS Designated Targeted Area Census Tracts
|
Santa Ana
|
744.03, 744.05, 744.06, 749.02, 750.02, 750.03, 750.04, 891.04
|
HOW TO GET STARTED
If you are ready to purchase a home and think you are qualified for the program, please contact one of the Participating Lenders listed below for additional information. The lender will determine your eligibility based on program criteria. After you have been pre-qualified you may begin to shop for a home. Funds may be reserved for you if you have been pre-qualified and have a properly executed purchase contract (subject to available funds).
PARTICIPATING LENDERS
Broadview Mortgage
Cerritos (562) 467-6908
ChaseHomeFinance
Alhambra (626) 300-1714
Culver City (310) 815-5120
Cypress (866) 436-7583
Countrywide Home Loans
Burbank (818) 843-6212
Carlsbad (760) 268-4340
Fountain Valley (714) 593-4338
Gardena (310) 630-2600
Industry (626) 581-2700
Lancaster (661) 951-8100
La Mesa (866) 375-3394
Long Beach (562) 982-1000
Long Beach (562) 354-7137
Los Angeles (323) 296-4800
Mission Viejo (949) 707-2232
Montebello (888) 726-9104
Norwalk (562) 864-1326
Orange (714) 685-6100
Pasadena (626) 405-9443
San Marcos (760) 891-1700
Thousand Oaks (805) 381-6400
Torrance (310) 370-4633
Westlake Village (818) 874-1801
DHI Mortgage
Pleasanton (925) 737-1080
First Horizon Home Loans
Tustin (714) 838-6677
GMAC Mortgage Corporation
Corona (951) 735-9134
El Segundo (800) 405-4622 or (310) 414-0683
Irvine (949) 450-8902
Encino (818) 783-7800
Los Angeles (213) 933-4622
Santa Clarita (661) 260-2211
Golden Empire Mortgage (GEM)
Huntington Beach (714) 375-1800
Los Angeles (818) 981-9200
Pomona (909) 598-7800
Metrocities Mortgage
Lancaster (661) 942-0206
Rowland Heights (626) 935-8001
Sherman Oaks (800) 464-2484 or (818) 981-0606
The Mortgage House
Woodland Hills (800) 645-1301 or (818) 227-0922
Provident Bank Mortgage
Diamond Bar (909) 396-7788
Glendora (626) 963-8456
Torrance (310) 373-9470
Republic Mortgage
Pomona (909) 329-6700
FOR MORE INFORMATION ABOUT THE PROGRAM
PLEASE CONTACT THE
COMMUNITY DEVELOPMENT COMMISSION
OF THE COUNTY OF LOS ANGELES
2 CORAL CIRCLE MONTEREY PARK, CA 91755
(323) 890-7249
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