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Homebuyer Programs

To promote homeownership, the Clearinghouse provides mortgage loans, homebuyer education, and credit counseling, and affordable homes for purchase to low- and moderate-income residents in southern California. We also assist cities in establishing and implementing homebuyer programs.

Downpayment Assistance

To increase your purchase power, we provide downpayment assistance starting for first-time homebuyers purchasing in participating areas of Orange County, Riverside County, and Los Angeles County. Each program is different and may have different eligibility criteria. Click on the individual program links for more information on income limits and other criteria. You must also qualify for a mortgage loan. See below for information on our loan programs.

  • County of Orange Mortgage Assistance Program (MAP) provides $40,000 in silent-second downpayment assistance for low-income first-time homebuyers. Downpayment assistance is in the form of silent second financing, which means that on top of your first mortgage, you can obtain a deferred payment, low-interest second loan. Because payments on the second are deferred until resale or refinance, the financing does not affect your ratios. Homebuyer education is required, and income limits based on household size apply. Additional restrictions and requirements apply.
  • County of Los Angeles Downpayment Assistance: We can provide downpayment assistance of 25% of the purchase price or $50,000, whichever is less,  in targeted areas or 20% of the purchase price or $40,000, whichever is less, in non-targeted areas in participating areas of Los Angeles County. Funds can be used for downpayment and/or closing costs. Assistance is in the form of a silent (deferred payment) loan.
  • High-Cost Area Downpayment Assistance: We can provide downpayment assistance up to 4% in high-cost areas including Los Angeles and Orange County. Assistance is in the form of a silent second (deferred payment) loan and can be used only in conjunction with our CalHFA first mortgages (see below).
  • Extra Credit Teacher Program: For teachers, principals, or classified employees who are currently employed and agree to continuous employment in a low-performing school (API ranks 1-5). Downpayment assistance of 3% of sales price or appraised value (whichever is less) up to $15,000. Assistance is in the form of a silent second (deferred payment) loan and can be used only in conjunction with our CalHFA first mortgages (see below).
  • 3-to-1 Match Program: We can match your funds 3 to 1 up to $15,000 for downpayment or closing costs. For example, if you have $3,000, we can provide $9,000. The funds are in the form of a silent loan that is forgiven 20% each year until it is 100% forgiven after 5 years.

Contact the Clearinghouse for more information.

Mortgage Loans

We offer attractive, low-cost mortgage loan programs. These programs are available for purchases anywhere in the State of California. Our experienced and knowledgeable staff assist homebuyers through the process to make the loan process as easy as possible.

  • Financing up to 102%: 95% 30-year fixed first mortgage + 4% silent 2nd for downpayment + 3% silent 3rd for closing costs (silent means that you do not make payments and loan amounts do not affect your qualifying). Minimum 620 credit score, interest rates are below market for low-income buyers.
  • Interest Only Loan: Increase your purchase power by paying interest only in the first five years. After the initial interest-only period, the principal and interest payments are amortized over 30 years.

The same loan application is used for all programs. We highly recommend that you speak with a loan officer to obtain a consultation or prequalification before completing a full loan application. Loan applications may be submitted in person or by delivery. For your protection, we suggest that applications be sent using a method that allows for tracking of the delivery.