Homebuyer Information
EHOP
sells completely rehabilitated and new townhomes to low and moderate income
families. If you are an interested homebuyer, please read the requirements
and program descriptions below to see if you qualify to purchase an
EHOP home.
Homebuyer Rquirements:
- Must be a first time homebuyer. This means you have not claimed a deduction for mortgage interest or taxes on real property claimed as a principal residence within the past three years, unless you have been displaced by public action, or other qualified exception.
- Must intend to live in the home for at least three years.
- Household income must be at or below 120 percent of the area median income (AMI) adjusted for household size (see chart below). Some homes may be restricted to families at or below 80 percent AMI. See chart below of properties for sale for the income limit on each property.
- Must complete an 8 or 12 hour homebuyer education course from a HUD-approved homebuyer counseling agency. Certificate of completion is required.
Household Size |
2008 Income Levels |
||||
80% AMI |
100% AMI |
115% AMI |
120% AMI |
150% AMI
|
|
1 |
$42,450 | $53,063 | $61,022 | $63,675 | $79,594 |
2 |
$48,500 | $60,625 | $69,719 | $72,750 | $90,938 |
3 |
$54,600 | $68,250 | $78,488 | $81,900 | $102,375 |
4 |
$ 60,650 | $75,813 | $87,184 | $90,975 | $113,719 |
5 |
$65,500 | $81,875 | $94,156 | $98,250 | $122,813 |
6 |
$70,350 | $87,938 | $101,128 | $105,525 | $131,906 |
7 |
$75,200 | $94,000 | $108,100 | $112,800 | $141,000 |
8 |
$80,050 | $100,063 | $115,072 | $120,075 | $150,094 |
Financing: First Mortgages
Enterprise
Home Ownership Partners has a list of first mortgage lenders who are
familiar with the EHOP program and have affordable mortgage products
available for low and moderate income families.
Second Mortgages: New!
The City of Los Angeles has made soft-second loans of up to $90,000 (additional funds may also be available from American Dream Downpayment Initiative for qualified buyers) available for purchasers of EHOP homes. These loans have 0 percent interest and require no monthly payments. The loan must be repaid when the property is sold, refinanced, or the homebuyer moves from the home. Households must be at or below 80 percent of the area median income (AMI) (see chart above) to receive a soft-second loan.
Your first mortgage lender will help you apply for a soft-second loan from the City. Your first mortgage lender must also be approved by LAHD to submit an application on your behalf. You can find a list of approved lenders by looking online at www.cityofla.org/lahd (click on "Home Buyers") or by calling (213) 808-8925.
Properties:
All of Enterprise Home Ownership Partners' homes will either be new
or substantially rehabilitated, thereby reducing the risk of expensive
home repairs for homeowners. The completed homes will be energy efficient
and will have 3 bedrooms and 2 baths whenever possible to meet the
needs of larger families. Homes will be available for purchase in
the following areas: East Los Angeles, South Los Angeles, Central
Los Angeles and the San Fernando Valley.
Steps to Buying an EHOP Home:
- Complete a homebuyer education course through a HUD-approved counseling agency.
- Become approved or pre-approved for a first mortgage.
- Locate an EHOP property you are interested in purchasing and contact the listing agent.
