Well the Los Angeles Housing Department (LAHD) is at it again.  LAHD is pleased to announce that the Low Income Purchase Assistance (LIPA) program has finally received funding and is effective August 18, 2009.  The program has received $4,142,164 this year and will assist homebuyers on a first come, first serve basis.  In other words, the program is in effect for as long as the money lasts. 

The LIPA program offers purchase assistance in the form of a deferred loan of up to $75,000 to low income households for down payment, closing costs, and acquisition financing.  Medium income households are still eligible for HERO & NSP. 

The program is limited to first time buyers who have not had an ownership interest in any real property at any time during the last three (3) years.  LIPA funds may be used to assist buyers who purchase a home in the NSP eligible areas only.   

Eligible homes must be either aproved short sales or regular equity sales.  Unapproved short sales are not eligible.  Vacant foreclosed and REO properties are eligible under NSP.  Properties applying under the LIPA program will not be inspected by LAHD.  No rehabilitation/repair loan funds will be made available for properties applying under the LIPA program.  Rehabilitation/repair funds are still available under NSP.

First Time Buyers:  Need some help in purchasing your first home here in LA county?  Contact me today to find out if you are eligible for the LIPA program. 

Realtors:  Do have a listing here in LA county that needs a qualified and motivated buyer?  Contact me today to find out if your listing is in an NSP eligible area.