Grants In Los Angeles County that work with NACA

Home Forums Purchase Program Grants In Los Angeles County that work with NACA

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  • #52356
    chstratt
    Member

    Please help! Anyone with any information on Grants that are in Los Angeles County that work with NACA?

    #52430
    Nelsont
    Member

    Search BOA website. Search HUD website. Search local LA county and CA state websites. NACA is a HUD certified agency so HUD programs are good places to start.

    Though it doesn’t matter what state or city you live in the grant must meet at least 3 criteria:

    1. Cannot be used for closing costs or non-recurring fees
    2. Must be a 100% gift and cannot have any pay back stipulations (like if you move after 5 years you owe the money back)
    3. Must be able to be used for down payment (down payment in NACA’s case would be interest rate buy down)

    Look into your local regulations. Some cities and states (and some lending institutions like some of BOA’s own grants) require the grants to be considered taxable income on a 1099 for next year. Just something to consider. Also consider getting seller help in lieu of a grant. Some states and cities put a cap on contributions which can potentially make seller help better than any grant available.

    #52645
    chstratt
    Member

    Thank you so much @Nelsont your answer was very helpful.

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