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.
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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.
Basic Rules:
- 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.