On Oct. 22, the KCCD housing counseling agency announced newlyweds Jay and Hea Jin Choi’s successful first-time home purchase of a one bedroom, one bathroom condominium located near Koreatown for $260,000.

As a family of two, with KCCD’s assistance, the Chois were able to qualify and receive more than $130,000 in government down payment assistance. In addition, KCCD assisted in helping them obtain below market interest rate on their CalHFA first mortgage of $140,000.  

 As a result of their down payment 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 more than $2,000 in escrow and title fees. With the extra savings, they were able to purchase additional furniture.

“I had heard that there were government assistance programs available, but I didn’t really believe it until the day I closed my escrow,” said Jay, 20.  “All of my colleagues at work didn’t believe me either until I moved into my new condo.”

 Hyepin Im, KCCD president and CEO, added, “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 more than 4,000 potential homebuyers since 2003.

 For those who are interested in taking the first step to homeownership, please contact KCCD at (213) 985-1500 or visit www.kccd3300.org.