SRAR First-Time Homebuyer Grants

 
Download Flyer    |   Download Grant Application
 
 
The Southland Regional Association of REALTORS® is currently offering grants to qualified first-time homebuyers who are Public Safety Responders, have a low to moderate income-level, and purchase a home within the San Fernando or Santa Clarita Valley. The amount of each grant will be $4,000 and will only be paid to qualified applicants after the close of escrow. Repayment of grant is not required.
 
SRAR staff will administer the applications and grants will only be awarded to the most deserving candidates, as decided by the 2010 HAF Grant Subcommittee.
 
NOTE: THERE ARE A LIMITED NUMBER OF GRANTS. GRANTS WILL BE AWARDED TO QUALIFIED APPLICANTS BASED ON AVAILABILITY OF FUNDS AND ACCORDING TO INDIVIDUAL APPLICANT NEED, AS DETERMINED BY THE REVIEWING COMMITTEE. BUYERS MUST BE ADVISED THAT SIMPLY SUBMITTING AN APPLICATION DOES NOT GUARANTEE AN AWARDED GRANT.
 
 
Qualification Requirements:
 
  • Applicant must be a first-time homebuyer, as defined by the State of California.
  • Applicant must use a REALTOR® member of the Southland Regional Association of REALTORS® (SRAR) in the purchase of their home through the close of escrow.
  • Applicant must be an employee of a fire department, police department, or paramedic unit within the city of Los Angeles, Santa Clarita or San Fernando, or the California Highway Patrol (CHP) and must provide evidence of such employment.
  •  Applicant must participant in one of the following programs, all which have similar income limits, with the exception of those marked with an asterisk (*). For those programs, Applicant must not exceed the income limits listed at the bottom of page 2 of this application:
    • Walk-In Homebuyer Program, geared to low and moderate income buyers who wish to purchase foreclosed property (City of Los Angeles);
    • American Dream Down payment Initiative (ADDI), a deferred loan for purchase assistance for low income homebuyers (City of Los Angeles);
    • Low Income Purchase Assistance Program (LIPAP), deferred loan for purchase assistance in Eligible Areas of the City of Los Angeles for low income homebuyers (City of Los Angeles);
    • Mortgage Credit Certificate Program (MCC), 15% to 20% annual federal income tax credit (City and County of Los Angeles);
    • Housing Economic Recovery Ownership (HERO), 0% purchase loans for foreclosed, abandoned or vacant properties (HERO Census Tracts including areas of Santa Clarita Valley, San Fernando, and other parts of Los Angeles County);
    • Home Ownership Program (HOP), 2nd Deed Trust Loan with deferred payments for low income buyers (Selected cities of County of Los Angeles including Calabasas and San Fernando, excludes City of Los Angeles, Burbank, Glendale and Santa Clarita);
    • Southern California Home Financing Authority (SCHFA) First-Homebuyer Program, below market interest rate loans. The homebuyer receives a gift of 4.0% of the loan amount to be applied toward the down payment, non-recurring closing costs and/or prepaid items, (County of Los Angeles except City of Los Angeles);
    • *Employer Assistance Programs, geared to benefit the employees of the sponsoring industry.
    • *The U.S. Department of Housing and Urban Development’s (HUD) Good Neighbor Next Door Program. The purpose of the Good Neighbor Next Door (GNND) sales program is to improve the quality of life in distressed urban communities by encouraging Law Enforcement Officers, Firefighters, and Emergency Responders (EMT) to purchase and live in homes in these communities. www.hudpemco.com
    • *Veteran Affairs (VA) Home Loans for Veterans, Active duty personnel, Reservists/National Guard members, some surviving spouses. For more information on eligibility, visit www.homeloans.va.gov/eligibility.htm
  • Applicant must attend the Los Angeles Neighborhood Housing Services’ (LANHS) First-Time Homebuyer seminar and must prove the successful completion of the seminar with the certificate provided by LANHS 3926 Wilshire Blvd, Suite 200, Los Angeles, CA 90010. For more information on available classes, visit www.lanhs.org, call 888-895-2647 or email Counseling@lanhs.org
  • The home to be purchased must be within the jurisdiction of SRAR in the San Fernando or Santa Clarita Valley.
 
To receive the funds you will need:
  1.  A photocopy of your ID (BUYER).
  2. A copy of your final closing statement. You will receive this from the Escrow Company a few days after your transaction.
  3. Page of the contract showing buyer’s agent.
  4. Applicant’s LANHS class certification.
  5. Details of loan programs AND assistance programs that you attained. Please include loan addendum that indicates low or moderate income program funding.
  6. First-Time Homebuyers verification (Lender/CPA/W2’s etc.).
 
Once you have assembled this information, it must be submitted to:
 
Michelle Gerhard
Southland Regional Association of REALTORS
7232 Balboa Blvd., Van Nuys, CA 91406
 

*Income Levels for programs that do not specify their own income limitations:
1-2 Household Members
3 or more Household Members
For information on Targeted v/s Non-Targeted areas, go to www.lacdc.org
 $95,160
Non-Targeted Area
$109,434
Non-Targeted Area
$95,160
MCC Targeted Area
$111,020
MCC Targeted Area

 
NOTE: It may take 30 days or longer to receive the funds once your application is approved.