The County of Los Angeles does not offer mortgage loans through this program. You, the homebuyer, go through the normal process of choosing a REALTOR ®, locating the property you want to purchase, and arranging financing with a participating lender. The lender determines if you and the home you are buying are eligible, fills out the MCC forms for you, and sends them to the County's agent for review. After determining preliminary eligibility, lenders may charge a non-refundable fee of up to $250 to process the application. If you and your home qualify, the County can then issue an MCC.
MCC's may be used with fixed-rate, 15 or 30 year term loans, including FHA, VA, FNMA (Fannie Mae), FHLMC (Freddie Mac), and privately insured loans. Adjustable rate mortgages and buy-down loans are permitted only when using FHA financing. Graduated payment mortgages are not permitted. Negative amortization loans are not permitted. MCC's are not available with bond-backed loans such as California Housing Finance Authority (CHFA), Southern California Home Financing Authority (SCHFA), or Cal-Vet loans.
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