| KCCD Homeownership Success Story |
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| From left: Hyepin Im, KCCD
President & CEO; Jay Choi, New Home Buyer; Joshua An, KCCD Program
Coordinator; Jin Kim, KCCD Executive
Director |
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On October 22, 2007, KCCD
Housing Counseling Agency announced Jay & Hea Jin Choi's successful
first-time home purchase of a one bedroom, one bathroom condominium located
near Koreatown for $260,000. Jay Choi, 20 years old and his wife are newlyweds
of only six months.
As a family of
two, with KCCD's assistance, they were able to qualify and receive over $130,000
of government down payment assistance! In addition, KCCD assisted in helping
them obtain below market interest rate on their CalHFA first mortgage of
$140,000.
Because of their downpayment assistance, the newlyweds are enjoying
a monthly mortgage payment that is below $1,000. Their total out of pocket
investment was only $2,500. In addition, they were able save over $2,000 in
escrow and title fees through KCCD's assistance. With the extra savings,
they were able to purchase additional furniture.
Mr. Choi
said, "I had heard that there were government assistance programs available, but
I didn't really believe it until the day I closed my escrow. All of my
colleagues at work didn't believe me either until I moved into my new condo."
Hyepin Im, KCCD
President & CEO, said, "KCCD is pleased to help another family realize their
dream of homeownership - especially at the early age of 20! We hope that many
people will be encouraged by this family's story and know that this type of
assistance is real and available. They just need to take that first step in
educating themselves and getting assistance!"
KCCD has
educated over 4000 potential homebuyers since 2003.
For those who
are interested in taking the first step to homeownership, please contact the
KCCD office at (213) 985-1500 or visit www.kccd3300.org.
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For more information about KCCD's Housing Counseling Agency
and our Homeownership Services, including Homebuyer Education and One-on-one
Counseling, please contact us at (213) 985-1500 or visit our website at
www.kccd3300.org.
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LAHD
Downpayment Assistance Income Guideline
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| Downpayment Assistance Levels
LOW
INCOME can receive up to total $140,000 in downpayment.
MOD120 can receive up to total $82,500 in downpayment.
MOD150 can receive up to total $50,000 in downpayment.
*Income limits vary depending on the household size
Examples:
Household Size of 2,
Annual Income:
$47,350 or below
LOW
INCOME
$71,050
or below
MOD120
$88,800 or below
MOD150
Household Size of 4,
Annual
Income:
$59,200 or below
LOW INCOME
$88,800 or below
MOD120
$111,000 or below
MOD150
*Call KCCD for
other downpayment assistance
programs
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