With our free press under threat and federal funding for public media gone, your support matters more than ever. Help keep the LAist newsroom strong, become a monthly member or increase your support today.
8-hour class gives lift to 1st-time homebuyers
First-time homebuyers become eligible for loans on closing costs and down payments if they take an 8-hour class.
(
Terry Vine/Getty Images
)
Listen
0:49
8-hour class gives lift to 1st-time homebuyers
In a windowless room at Cal State Los Angeles, Emily Sharp diligently took notes with a couple dozen other people in a class for first-time homebuyers.
It was eight hours long, but worth it to Sharp, a school cafeteria manager from South L.A. Completion of the class would make her eligible for a number of home loan programs from city, state and federal agencies. And Sharp's eyes were on the prize.
"I want me a house, where I got a garage, I got a driveway," Sharp said. "And baby, if I got that, then I got it all."
The number of first-time homebuyers out shopping are at historical lows. And it’s particularly tough out there for low-to-middle income Angelenos in a pricey real estate market. But those willing to sit through a day-long class offered by a federally-approved housing counselor — in this case, Los Angeles Partners in Home Ownership — can significantly boost their buying power, said Matthew Callaghan, a mortgage broker with the non-profit.
Sponsored message
Both the city and county, he said, offer loans of up to $60,000 on down payments to income-eligible home buyers who complete the program. The city's Low-Income Purchase Assistance Program, for example, is available to a household of four making under $66,400.
"So that it fills gap between what the low-income family can afford and the actual price of the home," Callaghan said.
Callaghan said these programs are little-known but can go a long way toward helping families generating wealth.
"It's a way for low-income people to transition to higher-income levels because home ownership is a path to building equity over time," Callaghan said.
Callaghan says these loans are helping long-time residents in gentrifying parts of the city. Like South LA where Felipe Ramirez, a food pantry manager, in December bought a $220,000 2 bedroom, 1-bathroom house with help from the city loan program.
"They don’t collect until you sell your home or pay it off," Ramirez said. "If it weren't for the program, I would have just saved up the old-fashioned way and waited to get a home."
Stories like Ramierez inspire Sharp, at age 56, to buy her first house.
Sponsored message
"Everybody says why do you wait so late?," Sharp said. "But this is always something I've wanted. At least I can say I tried."
At LAist, we believe in journalism without censorship and the right of a free press to speak truth to those in power. Our hard-hitting watchdog reporting on local government, climate, and the ongoing housing and homelessness crisis is trustworthy, independent and freely accessible to everyone thanks to the support of readers like you.
But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
Senior Vice President News, Editor in Chief
