Low Income Purchase Assistance (LIPA) Program
City of LA LIPA Program
LIPA Program 2024 (Low-income Purchase Assistance) program is a first-time home buyer program offered by the City of Los Angeles Housing and Community Investment Department (HCIDLA) and is a great option for those who do not have readily available the down-payment and closing cost funds needed for most home purchases. LIPA offers up to $161,000 for purchase assistance which can be used for all of the buyer’s down payment or combined both down-payment and closing costs.
LIPA Program Purchase Price limits have increased up to maximum $1,081,100 for Single Family Homes and $679,250 for Condos and Townhomes/PUD. Home must be located in the incorporated City of Los Angeles.
Funds are first come first serve and qualifications/requirements are subject to change without notice so please contact us at (310) 746-5921 and we will connect you to a participating lender that is a 2024 LIPA program expert or you can send us an email at info@arlpro.com!!
REQUIREMENTS
- 2024 First-time home buyer Applicants must be first time home buyers. The borrower/buyer applicant cannot have been on title or defined as having ownership interest of real property within the past full 3 years.
- Buyer Applicants must have middle FICO score of minimum 660
- Buyer Applicant must attend an 8 hour Homebuyer education class. [As soon as you are thinking of buying it is a good idea to sign up to attend the class]
- First-time home buyer must occupy the property as their primary residence.
- Household income limits apply for all adults 18 years of age and older that will be living in the home.
- MINIMUM 1% down payment by borrower required. In certain circumstances more than 1% may be required.
ELIGIBLE PROPERTIES
- Property must be located in the City of Los Angeles. Please find out if a property you are interested in qualifies by using the district finder for city of LA and County of Los Angeles to make sure the property is not in the unincorporated area of Los Angeles.
- Approved short sales/pays, Foreclosed and REO Properties and Regular Sales.
- One unit, single family residences including town homes and condos.
- Property cannot be occupied by tenants.
- All properties applying under the 2024 LIPA program will be inspected by HCIDLA to ensure the property meets all applicable State and local housing quality standards and code requirements.
- Additionally, HCIDLA will perform a Lead Based Paint Visual Assessment on the property to identify deteriorated paint in the homes.
- HCIDLA does not charge a fee for the property inspection.
- All properties must pass the HCIDLA inspection to be feasible. Any items identifying by HCIDLA that are required to be corrected or repaired on the property will need to be done either at the cost of the owner or the homebuyer and must be completed before the HCIDLA application is submitted to HCIDLA.
Next Steps
To find out the remaining qualifications needed please call us at (310) 746-5921 and we will connect you to a participating lender that is a LIPA program expert or you can send us an email at info@arlpro.com!
