1st Time Homebuyer First-time Homebuyer Workshops: The purpose of these workshops is to assist first-time homebuyers through the complex and often overwhelming process of purchasing and financing a home. A workshop provides 8 hours of education on a variety of topics essential to home purchasing and that will serve to empower a homebuyer to make well informed purchase decisions and avoid predatory schemes. The following topics are covered at each workshop: Homebuyer vocabulary Saving and budgeting Building good credit and repairing bad credit Establishing non-traditional credit Responsibilities of a real estate agent Shopping for a house Choosing a mortgage lender Applying for a mortgage loan Government assistance programs for first-time homebuyers Escrow and the closing process Consumer rights & consumer protection laws Fair housing laws Maintaining your home and managing your finances Our counselors are certified by HUD and have extensive experience in workshop facilitation. Our first-time homebuyer workshop is approved by the City and County of Los Angeles and fulfills the 8-hour homebuyer education requirement for their respective soft second loan and down payment assistance programs. Subsidy Programs: HOME Funds: The program provides up to $90,000 in federal HOME funds per homebuyer through the Los Angeles Housing Department. These funds are given in the form of a 0% interest loan that must be repaid, along with shared appreciation, upon sale or refinance of the home. Homebuyers must earn less than 80% of the AMI, be first time homebuyers and attend 8-12 hours of Homebuyer Education, and one-on-one counseling. The Individual Development Account (IDA) Program The IDA program offers a vehicle for rapid savings for home purchase, post secondary education and small business. The IDA program works by providing matching funds for qualified low income individuals to use for down payment, closing costs, tuition fees, etc. The program establishes a savings plan where the participant saves $100 per month for 18 months. United Way of Greater Los Angeles (UWGLA) matches $1.5 for every $1 saved upon successful completion of the program. Housing Subsidy Program Referrals The Department of Community Wealth is very knowledgeable in regard to the existing regional loan financing and subsidy programs offered to qualifying first-time buyers. It works directly with clients to identify and access these resources.