First Time Homebuyers, Housing, Housing Programs|

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We offer a purchase assistance program for first-time, moderate income homebuyers to help them finance their first home.

Financial Assistance for Moderate Income Homebuyers

Who’s eligible

  • First-time homebuyers who have not had an ownership interest in any real property at any time
    during the last three years

  • U.S. Citizens, lawful permanent residents, or other qualified aliens

  • Homebuyers must have a middle FICO score of at least 660.

  • Applicants whose total household income of all of the adults, 18 years of age or older who will be living in
    the home, is at or below the income limits shown on the table below
2022 Maximum Annual Income Limits
Household Size 1 2 3 4 5 6 7 8
Mod 120 (81% – 120% AMI) $66,751 – $100,050 $76,25 – $114,350 $85,801 – $128,650 $95,301 – $142,900 $102,951 – $154,350 $110,551 – $165,800 $118,201- $177,200 $125,801- $188,650
Mod 150 (121% – 150% AMI) SB2 Funds $100,051 – $101,550 $114,351 – $116,050 $128,651 – $130,550 $142,901 – $145,050 $154,351- $156,700 $165,801 – $168,300 $177,201  – $179,900 $188,651 – $191,500

2022 Maximum Annual Income Limits

Household SizeMod 120 (81% – 120% AMI)

Mod 150 (121% – 150% AMI)
SB2 Funds

1$66,751 – $100,050$100,051 – $101,550
2$76,251 – $114,350$114,351 – $116,050
3$85,801 – $128,650$128,651 – $130,550
4$95,301 – $142,900$142,901 – $145,050
5$102,951 – $154,350$154,351 – $156,700
6$110,551 – $165,800$165,801 – $168,300
7$118,201 – $177,200$177,201 – $179,900
8$125,801 – $188,650$188,651 – $191,500

* For larger household sizes, please contact LAHD.

Other Program Requirements

  • Applicants must attend an 8-hour, in-person Homebuyer Education Class given by one of our approved providers

  • Applicants must contribute a minimum of 1% of the home price from their own funds as down payment. Some homebuyers may be required to contribute more than 1% toward the down payment

  • Homebuyers must occupy the home as their principal residence

Loan Amount

We provide a loan of up to $115,000 for down payment, closing costs, and acquisition.  Up to $115,000 will be available for homebuyers earning between 81-120% Area Median Income (AMI) and up to $90,000 will be available for homebuyers earning between 121%-150% AMI.

Loan terms

  • Deferred, requiring no monthly payments

  • Loans have a Shared Appreciation component in which the City will share a certain percentage of the appreciation in the value of the property. For an example of Shared Appreciation, click here

  • Repayment is due on sale, title transfer, first mortgage repayment, or in 30 years

  • Refinancing of first mortgage is allowed under certain conditions

Eligible properties

  • One unit properties, i.e. single family residences including townhomes and condominiums

  • Properties must be located in Los Angeles

  • No maximum purchase price limits

  • Properties cannot be occupied by tenants

  • Approved short sales/pays, foreclosed and REO properties and regular sales

  • MIPA Program borrowers are required to purchase their own consumer home
    property inspection report.

Example of how this program works?

We provide purchase assistance up to a maximum of $115,000.  The Low Income Purchase Assistance loan provides the difference between the purchase price plus closing costs (up to 5% of the sales price) and the amount of the buyer’s first mortgage loan, down payment and other funding sources.

Example-MIPA 120
Purchase Price of Home$600,000
Buyer’s Closing Costs:$15,500
TOTAL FUNDS NEEDED:$615,500
Funds Available: 
First Mortgage Amount (for which buyer qualifies)$494,500
Homebuyer Down Payment (1% of purchase price)$6,000
City Purchase Assistance Loan$115,000
TOTAL FUNDS AVAILABLE:  $615,500
Total City loan in the above example is $115,000.

How to apply

Please contact one of our Participating Lenders English / Participating Lenders Spanish to get pre-qualified for a first mortgage and City loan or call (213) 808-8800 for more information. In order to apply for the program, you must apply with one of the LAHD Participating Lenders.

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