HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY – LAWNDALE

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Mortgage and Lending with Los Angeles & Ventura Counties in CA

First Time Buyers Can Receive up to $75,000 in Down Payment Assistance for Eligible Homes in Lawndale 

LAWNDALE, CA - As one of the last cities to be annexed as part of the South Bay of Los Angeles County, Lawndale is also the smallest city in the South Bay. 

With only approximately 30,000 residents, Lawndale has always maintained a small town feel to it (as compared to its more populous neighboring cities). 

Lawndale is a "young professionals" town with a median age of 29yrs and more than half the residents working in professional occupations (managerial/professional/sales).  This makes Lawndale a great place for young people and families just starting out. 

With more than half of Lawndale's population falling in the low-medium income level (25k-50k for singles & 50k-75k for families), this makes Lawndale's residents eligible for assistance in purchasing their first home.

 

One of the best things about Lawndale though is that first time buyers can receive up to $75,000 in down payment assistance to purchase eligible properties through the HERO State program.  Payments for these "silent seconds" are deferred until the home is sold, refinanced, title transferred or no longer owner occupied.  So how does one qualify for this assistance?  Well, here are some of the basic eligibility requirements: 

  • Applicants must be first time buyers - no previous homeownership in the last three yrs.
  • Only purchased foreclosed (REO) or abandoned properties are eligible
  • There are income guidelines but basically, you must be a low-medium income borrower
  • Sales prices limits are $493,000 for single family residences & $394,250 for condos/townhomes
  • Property must be located within a HERO designated census tract
  • Buyers must contribute a minimum of 1% of the down payment, which may be a gift
  • Buyers must complete a HUD approved homeownership education course

One of the challenges with this program was that many of the designated census tracts were in the unincorporated areas of the county where there were little to no active and eligible properties listed. 

Now the LACDC has launched the HERO State program that has the same benefits and requirements as the initial HERO program but with the HERO State program, there are designated census tracts in some incorporated areas of Los Angeles County. 

Here in the South Bay, there was only a smattering of eligible census tracts scattered around the area.  Now, with HERO State there is the city of Lawndale with many eligible properties in these census tracts.  Lawndale's eligible census tracts extend all throughout the entire city from Redondo Blvd. in south Lawndale up to Rosecrans in north Lawndale. 

If you're interested in more info on how you can qualify for this program, please feel free to contact me at 805.5278554 or donne4loans@earthlink.net regarding eligibility requirements, available census tracts or if you just have a question.  I would love to be able to assist you with finding the most affordable loan option available to you in purchasing your first home here in Los Angeles County. 

 

HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY - BURBANK 

HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY - GLENDALE

HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY - TORRANCE 

HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY - GARDENA

HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY - SAN FERNANDO

HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY - MONTEBELLO

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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 Donne Knudsen

Realtor® - CalState Realty Services

DRE#: 01364050 / NMLS#: 249822 

 

805.2069123

 

E-mail   My Blog  

Serving low-medium income individuals and families as well as first time buyers with both their real estate as well as their mortgage needs including down payment assistance

Los Angeles County  --  Ventura County

© 2010 - All Rights Reserved

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Tags:
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Rainmaker
1,481,022
Rebecca Gaujot, the GO TO REALTOR
Coldwell Banker Stuart & Watts Real Estate - Lewisburg, WV
Lewisburg WV Real Estate, Greenbrier County

Donna, I would think you would have a lot of buyers looking for houses especially with this incentive.

May 15, 2010 02:01 PM #1
Rainmaker
598,992
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Rebecca - Yes & no.  These programs aren't easy to qualify for but for those that do qualify, these are a great way for first timers to purchase their first home.  Thx for stopping by; I really appreciate it.

May 15, 2010 10:50 PM #2
Rainmaker
1,256,005
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Well, that beats some of the SHRA silent second financing deals in Sacramento, especially for affordable housing programs. Some of those seconds are not paid off when the seller sells the home but run with the land.

May 16, 2010 09:04 PM #3
Rainmaker
598,992
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Elizabeth - The HERO program is a great dpa program, one of the better ones in the area.  With the HERO program, if the buyer sells in the first five years, there is an equity share.  There is another dpa in the area though that does run with the land like you mentioned and that one is a little harder to work with because of the resale restriction.

May 16, 2010 09:37 PM #4
Anonymous
christy`

hello, i just wrote out this long spill that got erased...lol i just had accouple of questions i was wondering if you could answer for me? can you contact me through my email at vsalassr@msn.com ....thank you soooo much and god bless christy

May 16, 2010 11:27 PM #5
Rainmaker
598,992
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Christy - I just contacted you through your msm email.  Please feel free to contact me at your earliest convenience.  I'm here in the office all day and would be happy to answer any questions you may have.  Thx for stopping by; I really appreciate it and I'm looking forward to hearing from you soon.  :)

May 17, 2010 11:45 AM #6
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Rainmaker
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Donne Knudsen

CalState Realty Services
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