Freddie Mac and nonprofits to hold L.A. home buyer event Saturday

Two local nonprofits and mortgage titan Freddie Mac will hold a free event this weekend to help first-time home buyers, a group that has struggled mightily as housing prices skyrocketed this year.

The event — co-sponsored by LA Partners in Home Ownership, Freddie Mac and West Angeles Community Development Corp. — will take place Saturday at Cal State Los Angeles.

Attendees can learn about private sector and government programs that lower required down payments and provide help with closing costs. First-time home buyers will also receive tips on how to improve their credit scores and learn the best strategies to search for a house, organizers said.

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The housing market has rebounded sharply this year as families and investors flooded the market, finally convinced that the bottom had been reached. First-time home buyers have been hit hard by declining affordability and stiff competition from investors who have scooped up many low-cost homes to rent or flip.

“It’s very difficult, especially for lower to moderate-income buyers,” said Matthew Callahan of LA Partners in Home Ownership. “You are competing with investors, cash buyers and inventory is still relatively scarce.”

The event, which runs from 9 a.m. to 4 p.m., can accommodate 200 people, coordinators say. A similar event in September drew roughly 130 people, Callahan said.

After an eight-hour class, attendees will receive a certification required for most assistance programs and an explanation of what programs they qualify for and what price home they can afford.

Attendees can pre-register online at www.homebuyereventla.com or by phone at 877-934-8922. Coordinators recommend that attendees show up at 8:30 a.m. at Cal State L.A.’s student union.

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