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Housing Programs for First-Time Homebuyers
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The following housing programs are available to eligible to first-time homebuyers to assist in the purchase of a home in Hawaiian Gardens. These programs are NOT administered by City of Hawaiian Gardens, but are available to you by participating lenders. Check the links below to see if you qualify and to see the list of participating lenders for each specific program.

Home Ownership (HOP)

  • First-Time Homebuyer
  • HUD/County HOME funds
  • Down Payment Assistance
  • $50,000 or 20% of the purchase price, whichever is the lesser
  • 2nd trust deed at 0%, deferred until sale, transfer, or refinancing
  • Income limits; less than 80% of County median income
  • 4-person family; less than $67,450

Mortgage Credit Certificate Program (MCC)

  • First-Time Homebuyer
  • Credit against Federal income tax owed
  • Example of how the tax credit amount will be determined as follows:
  • $200,000 x 4.0% = $7,936 (estimated first year’s mortgage interest)
  • 15% (tax credit rate) x $7,936 = $1,109 (yearly tax credit amount)
  • $1,109 / 12 months = $92.41 (monthly funds available for a larger 1st mortgage)
  • $7,936 – $1,109 = $6,827 (interest paid which still qualifies as an itemized deduction)

Southern California Home Financing Authority First Home Mortgage Program (SCHFA)

  • First-Time Homebuyer
  • $25 million available now
  • Down Payment and Closing Cost Assistance
  • Gift equal to 4.0% of the first loan amount
  • Works with FHA/VA loans
  • FHA = 3½% down, VA = zero down
  • Home Buyer down payment = 0 to 3%
  • 30-year fixed rate, 3.875%
  • FICO score 645 +
  • Must live in home for 2 years