Down Payment Assistance and First Time Home Buyer Programs

1. 2009 Federal Tax Credit (IRS Form 5405)- The tax credit does not have to be repaid. The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000. The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.  Income limitations apply.
2. CA State Tax Credit- As of 7/3/09, the state of CA is no longer accepting new applications.
3. FHA (Federal Housing Administration) Loans – Offers a first mortgage with 3½ % down payment required and up to 6% in seller paid closing costs or repairs.
4. CalHFA Cal30-The Cal30 Conventional loan offers up to 95% financing. This first mortgage loan may also be combined with CalHFA junior loan programs for down payment and closing cost assistance to make owning your first home more affordable. Cal30 Income Limits apply.
5. California Homebuyer's Downpayment Assistance Program (CHDAP)
   Offers a deferred-payment junior loan of an amount up to the lesser of three percent (3%) of the purchase price or appraised value.
6. American Dream Down Payment Initiative (ADDI) - 6% Down Payment Assistance for Low Income First Time Homebuyers within the City of Los Angeles. 
7. City of Los Angeles Housing Department’s Mortgage Credit Certificate(MCC) – Allows an eligible homebuyer to claim an annual federal income tax credit and is applied to a portion of the total mortgage interest paid every year for the duration of the first mortgage loan.
8. LA Housing Dept-NSP program—Provides funding for first time home buyers up to $50,000 for rehab repairs to buy bank-owned properties within specific “Priority” areas.