Home Ownership Programs
The City of Covina participates in several special loan programs that offer down payment and/or closing cost assistance to the home buyer. Several of the programs place a "silent second" on the property. These programs include the Home Ownership Program, the American Dream Down-Payment Program, The Mortgage Credit Certificate Program, and the Southern California Home Financing Authority. For more information, please click here to see the contact information for the County of Los Angeles, which administers the programs:
The Independent Cities Lease Finance Authority Program is also available to Covina homebuyers. For more information on this program, go to the website at http://www.iclfa.org.
American Dream Down-Payment Initiative (ADDI)
The qualified homebuyer who is awarded an MCC may take an annual credit against their federal income taxes paid on the homebuyer's mortgage. If both the homebuyer and the new home are eligible, the participating lender fills out the MCC application forms for the homebuyer, and sends them to the County for review. If both the home and homeowner qualify, the County can then issue an MCC. There is a non-refundable application fee for an MCC.
Southern California Home Financing Authority (SCHFA)
Funds may be reserved for pre-qualified buyers who have a properly executed purchase contract (subject to available funds). In 2008, income limits for a household of one or two persons is up to $88,800 and for a household of 3 or more persons the income limit is up to $103,132. Purchase price limit for an existing home is $571,278.
Independent Cities Lease Finance Authority (ICLFA) Program
ACCESS FHA funds are available to those qualified homebuyers with incomes of up to 120% of the area median income. The income limit for the conventional programs is up to 140% of area median income. The income limit for conventional loans in Los Angeles County will range between $65,100 and $91,140 regardless of family size. Get more information at www.nhfloan.org.