Low Income Purchase Assistance (LIPA)
Los Angeles Housing Department (LAHD) has announced 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.
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.
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 approved short sales or conventional 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.
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net. Northeast Financial is an approved NSP Lender.