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I hear it all the time.  How can a young person buy in today’s market?  How indeed?

Here is a list of available programs for buyers and not all are just for first timers.

Here is an edited (for our area) list of programs available to help first time buyers.

  1. California Housing Finance Agency (CalHFA): Provides financing for first time buyers who fall under specific income ranges. (877) 922-5432, www.calhfa.ca.gov
  2. Los Angeles Housing Department: Offers assistance with down payments, closing costs and property rehab, (213) 808-8800, www.lacity.org/lahd
  3. Extra Credit Teacher Home Purchase Program: Provides a reduced interest rate on some CalHFA mortgages to qualify teachers. (877)922-5432, www.calhfa.org/home buyer/programs/ectp.htm
  4. LA County community Development Commission: Provides first mortgages, silent seconds and more. (323)890-7281, www.lacdc.org
  5. Pasadena Neighborhood Housing Services: Provides financial assistance and counseling. (626) 794-7191, www.pasadenanhs.org
  6. Association of Community Organizations for Reform (ACORN): In partnership with Bank of America, provides 100% financing for mortgage loans up to $500,000 for qualified borrowers. (213) 748-1345, www.acornhousing.org
  7. Fannie Mae’s MyCommunity Mortgage: Offers a range of options, including extra flexibility with non traditional credit histories and income sources. (800) 732-6643, www.fanniemae.com/homebyers/findamortgage/mortgages/mycommunity.jhtml
  8. Countrywide Bank’s Express Grant: Provides closing cost assistance of up to $2,000 to eligible low to moderate income Countrywide borrowers or those purchasing in low to moderate priced communities. (888) 564-7268
  9. Korean Churches for Community Development: The Los Angeles non-profit offers home buying classes and counseling for government down payment and other assistance programs. (213) 985-1500, www.kccd3300.org