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Hello residents of the San Fernando Valley! Today I want to chat with you about an incredible opportunity that is changing the housing landscape in our area: the Low Income Rental Owner Incentive Program, or LIPA, for its acronym in English. This program is a true gem for those seeking affordable housing solutions and for homeowners who want to make a difference.
The City of Los Angeles LIPA Program is back!
Are you dreaming of your own home but worried about upfront costs? He Low Income Home Purchase Assistance Program (LIPA) 2024, offered by the Housing and Community Investment Department of Los Angeles (HCIDLA), could be your big opportunity.
Key Details of the LIPA Program:
- Economic assistance: Up to $161,000 available to assist with down payment and closing costs.
- Purchase Price Limits: Now increased to a maximum of $1,081,100 for single-family homes and $679,250 for condominiums and townhomes.
- Location: Only properties within the incorporated city of Los Angeles.
Important: Funds are allocated on a first-come, first-served basis and requirements can change, so it's crucial to act quickly. Interested? Call 7473054628 for more information.
Requirements for Applicants:
- Being a First Time Buyer: You must not have been the owner or possessor of real estate in the last 3 years.
- FICO score: A minimum of 660 is required.
- Buyer Education: You must attend an 8-hour homebuyer education course.
- Main Residence: You must occupy the property as your primary residence.
- Household Income: Income limits apply for all adults over the age of 18 who will live in the home.
- Minimum Down Payment: The buyer must provide at least 1% of the initial payment.
Eligible Properties:
- They must be located in the City of Los Angeles.
- Includes regular sales, foreclosed and foreclosed properties.
- Single-family residences only, including townhomes and condominiums.
- They must not be occupied by tenants.
Inspection and Property Requirements:
- All properties will be inspected by HCIDLA to verify they meet housing quality standards and local and state code requirements.
- A visual evaluation for lead-based paint will be performed.
- Properties must pass HCIDLA inspection to be considered eligible. Any identified repairs must be made at the owner's or purchaser's expense prior to application.
Act Now!
Do not miss this opportunity. For more details or to start your application, call 747-305-4628 today.
