Housing Division
7850 Quill Drive, Suite C
Downey, CA 90242
(562) 904-7167 Map

Mortgage Credit Certificate Program

The Mortgage Credit Certificate offers qualified first-time homebuyers a 15% federal income tax credit.
Benefits:
1. The homebuyer receives a federal tax credit each year.
2. The homebuyer’s federal income taxes are reduced.
3. The homebuyer’s buying power is increased.

Guidelines for Homebuyer:
1.Must have not owned a home the previous three years.
2. Must meet income and purchase prices restrictions.
3. Must use the home as their primary residence. The MCC program is administered by the Los Angeles County Community Development Commission. Additional information on eligibility and availability, including a list of authorized MCC lenders, can be obtained at http://www.lacdc.org/ or by calling (323) 890-7432 or (323)890-7248.



Southern California Financing Authority
This program offers qualified first-time homebuyers the opportunity to obtain a mortgage loan at decreased market rates. Qualifying households must have an income that does not exceed $84,480
Two options:
1. 5.125 % interest rate loan with a grant for down payment and closing cost assistance, equal to 3% of the first loan amount.
2. 4.7% interest rate loan with no assistance with down payment or closing costs.
For more information call the Los Angeles County Community Development Commission at (323) 890-7249, or visit their website at http://www.lacdc.org/



Homebuyer Assistance Program (HAP)
Notice: This Program is currently unavailable, until further notice
This program offers a deferred loan of up to $40,000 to qualified first-time home buyers with no monthly payments or interest.
The loan can be used towards the down payment or for closing costs.
The City is repaid by sharing in a percentage of the property appreciation equal to the amount of the original loan.
                                                                                                                                                     
Basic Information:
• Deferred loan of up to $40,000
• No payments and no interest
• Loan is repaid at the end of 30 years or sooner if the property is sold or transferred                                
• City shares in the appreciation of the property
• Loan is assumable.

Eligible Properties:
 Purchase price of $540,550 or less New or existing home
• HAP loan must be used in conjunction with a conventional fixed rate mortgage.

Eligible Homebuyers:
• Must reside in Downey
• Must meet underwriter’s criteria
• Must put 5% down
• Must complete lender’s education training
• Must occupy home as principal residence
• Must meet income guidelines
• Can not have owned a home in previous three years (exceptions for displaced homemaker or single parent)