Introducing the LIPA Program 2023 for First-Time Home Buyers
Dreaming of owning a home in LA but don’t have enough for the down payment and other fees? The City of Los Angeles is here to help.
What’s LIPA 2023?
The Low-income Purchase Assistance program, offered by LA’s Housing Department, is for first-time homebuyers. They’re giving up to $140,000 to help with down payments and other costs. You can even buy homes up to $973,750 for single homes and $593,750 for condos or townhomes. Just make sure the house is within LA’s city limits.
How to Grab This Opportunity?
The funds are limited, so act fast. The program rules might change, so always stay updated. Need more details? Call 310-508-4354 or quickly fill out their Down-Payment Assistance form.
- Only for those buying a home for the first time
- Haven’t owned any property in the last 3 years
- Have a credit score of at least 660
- Attend an 8-hour home-buying class. (Hint: If you’re considering buying, sign up now)
- Plan to live in the home you’re buying
- There are income limits for adults who live in the home
- At least 1% of the home price should come from your pocket, but sometimes, you might need to pay more
What Homes Can You Buy?
- Must be in the City of Los Angeles
- You can go for regular sales, foreclosures, or even short sales
- It can be a single-family home, condo, or townhome
- Shouldn’t be rented out to someone else
- The housing department will check the home’s safety and quality. This includes checking for old, chipping paint. The best part? This checkup is free
- If the house has issues, they need fixing before you can use the LIPA program
Wondering About Income Limits?
For the nitty-gritty details, dial 310-508-4354 or fill out their form. They’ll connect you with a LIPA expert who can guide you further.
Ready to make your LA home dream come true? Dive into the LIPA 2023 program today.