First Home Mortgage Program

-  Funds Are Available
-  Now Offering a Freddie MAC HFA Advantage Loan Product

 

First Home Mortgage Program

Southern California Home Financing Authority (SCHFA) is a joint powers authority between Los Angeles and Orange Counties formed in June 1988 to create first-time homebuyer programs for low- to moderate-income households.

For more than 25 years, SCHFA has helped thousands of individuals and families fulfill their dreams of owning a home.  This program makes buying a home more affordable for qualifying homebuyers by offering a competitive 30-year fixed rate loan and a grant for downpayment and closing costs assistance.

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.

 

How To Get Started

  • Program Details

    First-Time Homebuyer Requirement
    A first-time homebuyer is a person(s) who has not owned and occupied their own home in the last three years unless you are buying a home in an IRS Designated Targeted Area Census Tract. If you have owned a home and sold the home more than three years ago, you are considered a first time homebuyer. 

    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 Orange County.

  • Interest Rates and Loan Terms

    Loan Types
    FHA,VA, USDA/RD, Conventional

    Credit Score and Debt-to-Income Ratio
    Borrowers must have a minimum FICO credit score of 640 and a maximum 45 debt-to-income (DTI) ratio.

    Down Payment and Closing Cost Assistance
    The program provides up to 4% of the first loan amount for  down payment and closing cost assistance in the form of a Non Re-payable Grant.

    This program may be used with the CDC's Home Ownership Program (HOP) and the Mortgage Credit Certificate Program (MCC), however the most restrictive program guidelines apply.

    Interest Rates 
    Effective 9/8/2017 (Subject to Change Without Notice)                
    Type of Loan Terms    Interest Rate   Origination Fee    Discount Points 
     FHA, VA, USDA/RD

    30-Year
    Fixed Rate 

      4.50%    1.0%    None 
    Conventional

      30-Year
    Fixed Rate

      4.875%   1.0%   None

     





  • Income and Purchase Price Limits

    MAXIMUM LOAN AMOUNT - $424,100

    Maximum Income Limits (Effective 6/15/2016)
    Los Angeles County

    Type of Construction    One of Two Person Household    Three or More Person Household   
               
    New and Existing    Up to $108,120   Up to $126,140  






    Maximum Income Limits
    Orange County

    Type of Construction One of Two Person Household Three or More Person Household
               
    New and Existing    Up to $125,160   Up to $146,020   

     

     

     

    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 
                 
    $585,713    $585,713    $715,872    $715,872 

     

     

     

  • IRS Designated Targeted Area Census Tracts

    To find out the census tract of the property go to www.ffiec.gov/geocode/default.aspx.

    *When purchasing in an IRS Designated Targeted Area Census Tract, you do not have to meet the first-time homebuyer requirement.

    Los Angeles County 

    Alhambra
    4803.04

    Athens/Westmont Area
    6002.01, 6003.03, 6003.04

    Bell
    5336.02, 5338.05, 5338.06, 5341.02

    Bell Gardens
    5342.01, 5342.02, 5342.03

    Compton
    5416.04, 5416.05, 5421.05, 5425.02, 5426.01

    Cudahy
    5343.02, 5344.05, 5344.06

    East Antelope Valley
    9800.08, 9800.14, 9800.15

    East Los Angeles
    5306.02, 5308.01, 5311.01, 5312.01, 5312.02,5313.02, 
    5315.02, 5315.03, 5315.04, 5316.02, 5316.04, 5317.02,
    5319.01

    El Monte
    4328.01, 4328.02, 4331.02, 4333.05, 4334.01, 4334.02,
    4338.01, 4339.01

    Firestone Area
    5351.01, 5351.02, 5353, 5354

    Florence Area
    5328, 5329, 5350.02

    Glendale
    3018.02, 3023.02, 3024.01, 3025.03, 3025.04,
    3025.05

    Hawthorne
    6016, 6025.05, 6025.06, 6030.05, 6037.04

    Huntington Park
    5326.05, 5326.06, 5330.01, 5331.03, 5331.04, 5331.05, 5331.07,
    5332.03, 5335.03

    Inglewood
    6011, 6015.02, 6017, 6019

    Lancaster
    9006.02, 9006.07, 9007.01, 9007.04, 9008.04, 9008.06

    Long Beach
    5702.03, 5703.04, 5704.03, 5706.03, 5716, 5717.03, 5730.02,
    5730.04, 5732.01, 5732.02, 5733, 5751.02, 5752.01, 5753, 5754.01,
    5754.02, 5758.01, 5758.02, 5758.03, 5763.02, 5764.01, 5764.02,
    5764.03, 5765.01, 5765.02, 5765.03, 5769.03

    Los Angeles/VA Center Sawtelle Area
    7011

    Lynwood
    5402.02, 5405.02

    Maywood
    5337.01, 5338.03

    Monterey Park
    4817.11

    Palmdale
    9101.01, 9104.02, 9104.03, 9105.01, 9105.02, 9105.04, 9106.02

    Paramount
    5535.03, 5538.01

    Pasadena
    4622.01, 4623.01

    Pomona
    4023.04, 4025.01, 4025.02, 4027.02, 4028.01, 4045.04,
    4087.24, 4088

    Rosemead
    4825.03

    San Fernando
    3202.01

    Santa Clarita
    9200.11, 9203.36

    South Gate
    5355.01, 5355.03, 5356.03, 5356.06, 5357.02, 5360

    Walnut Park
    5348.04

    Willowbrook
    5406, 5415

    ORANGE COUNTY

    Santa Ana

    744.03, 744.05, 744.06, 749.02, 750.02, 750.03, 750.04, 891.04

  • Homebuyer Education Requirement

    All borrowers will be required to complete a homebuyer education course.  We will accept homebuyer education counseling certificates on-line, in-person, or by telephone. The certificate must be dated within 12 months prior to the close of escrow. Your lender will assist you with selecting an approved counseling agency. 

    Here are some examples of providers: 

    Freddie Mac Homebuyer Counseling Counselors/Administrators Search

    HUD-Approved Housing Counselors  

    NeighborWorks America

       

  • Participating Lenders

  • How To Get Started

    If you are ready to buy a home, and think you are qualified for the program, please contact one of the  participating lenders listed above who will determine if you are eligible based on program criteria.

    After you have been pre-qualified by one of the participating lenders, you may begin to shop for a home.  

  • Governance

  • Need Additional Help?

    Contact Information

    Jewel Warren-Reed, Program Manager
    Phone:     (626) 586-1830
    Email:      Jewel.Warren-Reed@lacdc.org