Great News! The Low Income Purchase Assistance Program (LIPA) is back and available to help low-income individuals and families purchase their first home in one of the many targetted neighborhoods in the East San Fernando Valley (as many other areas).
LIPA provides up to $75,000 in down payment assistance. This assistance is in the form of a deferred repayment ("silent") loan that requires no monthly payments for 30 years. The LIPA loan is combined with a conventional first mortgage and your small down payment to dramatically boost your home buying power.
Key Program Features
- Low down payment - just one percent (1%) of the home purchase price.
- Up to $75,000 in down payment assistance.
- The LIPA loan carries 0% interest charges and requires no monthly payment for 30 years.
- Available to low-income households (see chart below for income limits).
- Single-family homes, condominiums and town homes are eligible, no special property condition or discount requirements. However, the property may not have been most recently acquired by the seller through a foreclosure process (no REOs).
- Easy qualifying.
- Normal escrow closing periods are possible (approximatley 45 days).
- Must be a first-time home buyer (not have owned a home in three years).
Income Eligibility
Household Size & Income Limits
| 1 |
2 |
3 |
4 |
5 |
6 |
| $44,400 |
$50,750 |
$57,100 |
$63,450 |
$68,550 |
$73,600 |
Eligible Areas
The LIPA program is available in neighborhoods through the City of Los Angeles including many communities of the East San Fernando Valley. For a completete list LIPA areas, maps and an address verification service, please follow the link below:
http://lahd.lacity.org/nsp/
If you need help finding a qualified home, please complete the application on the "Help Finding Your Home" link on this and one of our program specialist will contact you.
