Home Buyer Programs Available Including Down Payment Assistance, Federal Tax Credit, and Low Down Payment First Mortgages for First Time Buyers

1. American Dream Down Payment Initiative (ADDI) - 6% Down Payment Assistance for Low Income First Time Homebuyers within the City of Los Angeles.
2. City of Los Angeles Housing Department’s Mortgage Credit Certificate Program (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.
3. Neighborhood Stabilization Program – Up to $75,000 for low income and $50,000 for moderate income when purchasing foreclosure or foreclosed properties located within the NSP Priority Area.
4. 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.
5. 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.

Please Search for Homes and feel free to contact me at 818-357-9658. Jason