Are there any programs available to help first-time homebuyers purchase a home?

The Los Angeles County Development Authority (LACDA) offers two programs to assist first-time homebuyers: the Home Ownership Program (HOP) and the Mortgage Credit Certificate (MCC) Program.

HOP provides a second mortgage loan with an assistance amount of up to $85,000, or 20%, of the purchase price as well as assistance with the down payment and/or closing costs, whereas the MCC program offers a federal income tax credit of up to 20% of the annual interest paid on the mortgage loan.

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10. Are there any programs available to help first-time homebuyers purchase a home?