| KCCD Homeownership Success Story |
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| From left: Hyepin Im, KCCD President & CEO; Jay Choi, New Home Buyer; Joshua An, KCCD Program Coordinator; Jin Kim, KCCD Executive Director | |
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On October 22, 2007, KCCD Housing Counseling Agency announced Jay & Hea Jin Choi's successful first-time home purchase of a one bedroom, one bathroom condominium located near Koreatown for $260,000. Jay Choi, 20 years old and his wife are newlyweds of only six months.
As a family of two, with KCCD's assistance, they were able to qualify and receive over $130,000 of government down payment assistance! In addition, KCCD assisted in helping them obtain below market interest rate on their CalHFA first mortgage of $140,000.
Because of their downpayment assistance, the newlyweds are enjoying a monthly mortgage payment that is below $1,000. Their total out of pocket investment was only $2,500. In addition, they were able save over $2,000 in escrow and title fees through KCCD's assistance. With the extra savings, they were able to purchase additional furniture.
Mr. Choi said, "I had heard that there were government assistance programs available, but I didn't really believe it until the day I closed my escrow. All of my colleagues at work didn't believe me either until I moved into my new condo."
Hyepin Im, KCCD President & CEO, said, "KCCD is pleased to help another family realize their dream of homeownership - especially at the early age of 20! We hope that many people will be encouraged by this family's story and know that this type of assistance is real and available. They just need to take that first step in educating themselves and getting assistance!"
KCCD has educated over 4000 potential homebuyers since 2003.
For those who are interested in taking the first step to homeownership, please contact the KCCD office at (213) 985-1500 or visit www.kccd3300.org. |
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For more information about KCCD's Housing Counseling Agency and our Homeownership Services, including Homebuyer Education and One-on-one Counseling, please contact us at (213) 985-1500 or visit our website at www.kccd3300.org. |
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LAHD Downpayment Assistance Income Guideline
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| Downpayment Assistance Levels
LOW INCOME can receive up to total $140,000 in downpayment.
MOD120 can receive up to total $82,500 in downpayment.
MOD150 can receive up to total $50,000 in downpayment.
*Income limits vary depending on the household size
Examples:
Household Size of 2,
Annual Income:
$47,350 or below
LOW INCOME
$71,050 or below
MOD120
$88,800 or below
MOD150
Household Size of 4,
Annual Income:
$59,200 or below
LOW INCOME
$88,800 or below
MOD120
$111,000 or below
MOD150
*Call KCCD for other downpayment assistance programs
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LA Housing Department Announces Increased
Purchase Price Limits
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New Purchase Price Limits:
Single Family Residence: $584,250
Condos/Townhomes: $445,550
*No purchase limits for LAHD Moderate Income Assistance
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