On Dec. 28, 2006, KCCD was pleased to congratulate first-time homebuyers Sung Woo Rhee and Myung Suk Jin. With the help of KCCD’s homeownership program, the couple received over $174,000 in down payment assistance through various government and private programs. With this assistance they were able to purchase a $399,000 condominium in Los Angeles with $8,400 of their own funds. 

Having immigrated from Korea just three years ago, the couple was happy to achieve the American dream of homeownership for themselves and their two young children. Jin said, “There are many immigrants here in L.A., and most of them make rent payments for more than 10 years, and end up saving little money. I hope other people can purchase a house like we have.” With the advantage of layered financing resources available through KCCD’s homeownership program, their monthly mortgage payment will be little more than the cost of renting a two-bedroom apartment. Hyepin Im, KCCD president and CEO, said, “With Korean homeownership rates at 48 percent compared to the national 70 percent, we’re pleased to provide access to many resources and programs that are available to assist potential homeowners.” 

Rhee and Jin began the process in 2004 with KCCD’s homebuyer education classes and started saving toward a down payment through KCCD’s IDA matched savings program in partnership with United Way. Over the past two years, they have received ongoing individual counseling from KCCD. Rhee and Jin waited patiently for the right time to begin their pre-approval process, and closed escrow on their two-bedroom, two-bathroom condominium last year. 

Rhee said, “We’ve received so much help from KCCD employees and other government agencies. With all the help, we were able to purchase our first house.”

Jin Kim, KCCD executive director, said, “There are so many in our community who are eager to realize their dream of homeownership. We’re pleased that with our partners, KCCD is able to provide these services to the community.” 

KCCD’s Homeownership Program is made possible through partners such as Freddie Mac, the Asian Real Estate Association of America (AREAA), Countrywide Home Loan, United Way of Greater Los Angeles, L.A. Housing Department, L.A. County Community Development Commission and L.A. City College.

 

 

 

 

 

KCCD Homebuyer Center Services

 

 

KCCD’s Homebuyer Center offers classes and services in both English and Korean to assist first-time homebuyers through the entire process of purchasing a first home:

 

• National and city certificated homebuyer education classes

• Access to government and private down payment assistance programs

• Individualized homebuyer counseling

• Referrals to qualified real estate and loan agents

 

For a current schedule of Homebuyer Education Classes, please visit our website at www.kccd3300.org. English classes are held the fourth Saturday of each month, and Korean classes are the second Saturday of each month. For more information, contact Jin Kim at (213) 984-4243 or jinkim100@gmail.com.