Home Loans:
First-time Home Buyer Programs

Finlay Financial Corporation (FFC)

A number of programs exist to assist the First-time Home Buyer in the purchase of a new home. Most of these programs define a "first-time" home buyer as one who has not owned a personal residence within the past three years. Listed below, are some of the programs available today. Those preceeded by an asterisk (*), are also available to home buyers who have owned a personal residence within the last three years; they are included as additional information.

California Housing Finance Agency (CHFA) Loans

Fixed and adjustable low rate loans, with low down payment, for low income buyers.

City Seconds

Certain cities within Los Angeles, Orange and Riverside Counties offer "silent" 2nd Trust Deed mortgages to assist low income buyers. Many of these loans have no payments and are not repaid until the property is sold or title is changed.

City Down Payment Assistance Programs

Some cities offer down payment assistance programs. Call the Housing Development Department at City Hall for availability in specific cities.

Community Home Buyers Program

3% to 5% down payment with liberal underwriting guidelines.

*Federal Housing Administration (FHA) Loans

Fixed or adjustable rates, low down payments and easier qualifying. 203(k) Home rehabilitation mortgages to purchase and improve "fixer-upper" homes.

Home Ownership Program (HOP)

Like City Seconds, some counties offer 2nd Trust Deed programs (usually limited to certain areas).

Mortgage Credit Certificate (MCC)

A portion of the annual mortgage interest paid, is returned to the buyer as a personal income tax credit. This credit is used in qualifying the buyer for a higher loan amount.

*Public Employee Retirement System (PERS) Loans

Available to California State employees who have a PERS retirement plan. Lower rates combine with the ability to borrow the 5% down payment from your own PERS account.

*Veterans Administration (VA) Loans

No money down. Seller may pay all costs. Fixed rates. Available to qualified veterans or service personnel.