However, every assistance program has it’s own unique set of qualifying criteria, which adds to the complexity of qualifying and processing of a loan application. Housing Trust Silicon Valley - The Housing Trust Silicon Valley offers down payment assistance programs for low- and moderate-income first-time homebuyers. California Down Payment Assistance. FYI – I have access to nearly all homebuyer assistance programs in California. • Down payment and/or closing cost assistance • Comes with deferred payment, 0% interest 2nd lien of 2.0% of the total 1st mortgage loan amount incl. A recent study found that 70% of first time home buyers (and current home owners) in California are not aware that millions of dollars in down payment assistance or closing cost assistance programs go unused each year. GRANTS up to $6,000. Buyer must contribute 1% of their own funds towards the purchase. Here is one county program. Down Payment Assistance is available in the State of California through local bond programs, national assistance programs and the State Housing Finance Agency (CalHFA). Property cannot be occupied by a renter. Answer:  Contact me. CalPLUS w/ ZIP EXTRA Homebuyer Assistance Program – CalPLUS w/ ZIP is CAlHFA’s premiere homebuyer assistance program that provides between 3% to 4.5% in down payment assistance, reduced mortgage insurance premiums. Down payment assistance programs can be administered by a local or state housing authority, a nonprofit organization or directly through your lender. CHF 3% ACCESS Down Payment Assistance – CHF ACCESS offers 3% down payment assistance in the form of a second lien. Qualifying for a down payment assistance program is not that difficult. 1% Down Conventional Equity Boost Grant – Down payment assistance program using Conventional financing for buyers with good credit and income. © 2020 Brought to you by Jason Whigham - Pacific Wholesale Mortgage Loan Officer In Sacramento CA - NMLS# 1448396, California First Time Home Buyer Programs. This program must be combined with a CalHFA first mortgage loan. Applicants must contribute a minimum of 1% of the home price from their own funds as down payment. Funds available while they last …first come, first serve. That's why CalHFA offers several options for down payment and closing cost assistance. Borrowers cannot exceed 80% of the LA County area median income. Always check with your lender (us) to find out if assistance funds are still available before making an offer on a home. The following agencies provide Homeownership Education workshops to explain the basics of the home-buying process, including credit repair, realtors, down payment assistance, financial planning, title reports, escrow and home maintenance. California Down Payment Assistance Programs. This type of assistance is often called a second or subordinate loan. Community Connection of Northeast Oregon, Inc., is providing up to $15,000 for down payment and closing costs for veteran first-time homebuyers through their Veteran’s Down Payment Assistance Loan Program. BBVA Compass HOME Assistance Program – Home Ownership Made Easier program is 100% financing for low income wage earners. BBVA will also provide up to $4,500 in lender credit help pay closing costs. Fair Housing Council of Riverside County: (800) 655-1812. © All Rights Reserved. CalHFA down payment assistance programs For many first-time homebuyers, saving up for a down payment and closing costs is one of the most daunting challenges to homeownership. NOT A GOVERNMENT. $394,000 is the max sales price. No one making $49,700/year in Riverside County can qualify for a home. Eligible in all 58 counties in California and do not have to be first time homebuyers. Neighborhood Housing Services of the Inland Empire (NHSIE) – Offers down payment assistance to people in Riverside and San Bernardino through these programs. GET STARTED (619)992-4061 MyHome provides a deferred-payment junior loan – up to 5% of the purchase price, or appraised value, whichever is less, to be used for their down payment and/or closing costs. Down Payment Assistance products offered in California include, CalHFA, GSFA Platinum, Santa Cruz County Association of Realtors Housing Foundation (SCCARHF) Closing Costs Assistance Grant Program, City of Carpinteria Workforce Homebuyer Program, CHENOA Fund Program, and … California’s Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home. Provides homebuyer down payment and mortgage assistance loans to enable eligible low and moderate income families to purchase their first home in the unincorporated area and partner cities. Assistance comes in the form of a deferred payment loan program for first-time homebuyers. Paying less taxes means you have more income that can be dedicated to paying your mortgage and can even help you qualify for a larger home loan! We specialize in downpayment assistance programs throughout all of California. Without affecting your credit score. – Home Ownership Made Easier program is 100% financing for low income wage earners. HOP loans are available in the unincorporated areas of Los Angeles County and cities participating in the Community Development Block Grant (CDBG) Urban County Program. Is Qualifying for Down Payment Assistance Difficult? Northern California And Southern California Down Payment Assistance In California - CA Areas Serviced. San Bernardino Home Ownership Assistance Program is offered by the Dept. Housing Authority of San Bernardino Homeownership Assistance Program – Must reside in SB County for 1 year prior to applying, participate at least 1 year in SB housing program, and contribute a total down payment of 3% of the purchase price. Assistance is in the form of a 2nd mortgage which may or may not be forgivable, 620 minimum credit score, and borrowers DO NOT have to be first time buyers. HOP loans provide up to $60,000 for all first-time buyers to assist with down payment and closing costs. Assistance Type and Terms Grants to local public agencies and nonprofit developers to assist individual first-time homebuyers through deferred-payment loans for downpayment assistance, home rehabilitation, including manufactured homes not on permanent foundations, acquisition and rehabilitation, homebuyer counseling, self-help mortgage assistance, or technical assistance for self … Who do I contact about qualifying for down payment/closing cost assistance from the city, county, state, or a non-profit agency? Did you know, another recent study by RealtyTrac found that 87% of all homes qualify for some sort of homebuyer or down payment assistance program based on the average sales price and buyer’s income? The amount owed will decrease by 20% for each of the 5 years the borrower retains Borrowers do not have to first time buyers and can even own other properties. © 2020 Temecula & Murrieta Mortgage Broker & Lender, | NMLS Consumer Access Site |   © All Rights Reserved. All content copyright © 2020 homeloanartist.com. Extra Credit Teacher Program (ECTP) – *** ECTP has been Discontinued***  CalHFA offers a first time homebuyer program for Teachers, Administrators, school Staff, who work in a High Priority school in California. Eligible buyer household income cannot exceed the 80% of the AMI and must contribute 3% of their own funds (cannot be from gift source). Amount of assistance up to $60,000 for a second mortgage loan (or 20% of the purchase price whichever is less). Eligible borrowers must be true first time home buyers and purchase in Orange County or Los Angeles County. All you have to do is not exceed the programs income limit (if it has one) and have a credit score of at least 600, you are most likely eligible for some kind of assistance! Down Payment Assistance in California. How Disputing Credit Can Get Your Loan Denied or Approval Delayed, Compare the CHDAP, Platinum and ACCESS Down Payment Assistance Programs, RealtyTrac Best & Worst Markets for Low Down Payment Buyer Affordability and Accessibility. California down payment assistance programs and grants are the most confusing and least understood part of the home buying process, even for many lenders! CalPLUS w/ ZIP EXTRA Homebuyer Assistance Program – CalPLUS w/ ZIP is CAlHFA’s premiere homebuyer assistance program that provides between 3% to 4.5% in down payment assistance, reduced mortgage insurance premiums. CalPLUS is offered in both FHA and Conventional financing. CalHERO Down Payment Assistance – a forgivable grant for down payment assistance. California Housing Finance Agency (CalHFA) - homebuyer programs, including downpayment and closing cost assistance, and foreclosure prevention resources CalVet Home Loans - for Veterans to buy a home in California; Community contacts - find out if your community offers homeownership assistance; Habitat for Humanity - through volunteer labor, builds and rehabilitates houses for families in need DTI ratios up to 56%. Many lenders purposely withhold valuable information and not inform you about all your options (because they cannot offer them) or to prevent you from seeking assistance from a lender who is more experienced or can offer more or better assistance programs. So be prepared to spend a little time tracking down the one that suits you best. Funds can be used for down payment or closing costs, in the form of a deferred silent second mortgage. The ECTP teacher loan provides $7,500 to $15,000 for down payment that has an interest forgiveness feature when employed at the school for at least three years. Mon-Fri 8:00 AM – 6:00 PM PST | Sat 9:00 AM – 12:00 PM, For CA First Time Home Buyers Loan Officers - Team Whigham Serving all of California Residence - Sacramento, Roseville, Folsom, El Dorado Hills, Rocklin, Davis, Granite Bay, Loomis, Auburn, El Dorado, Placer County, El Dorado County, Sacramento County and Surrounding areas Call us for more information 800-807-5022. NOT A GOVERNMENT. Homebuyers can use the money to cover their down payment or closing costs. CalHFA School Teacher & Employee Assistance Program – STEAP provides down payment assistance to eligible teachers, administrators, school district employees, and support staff at K-12 public and charter schools, district offices, and continuation schools. There are no income limits. California Down Payment Assistance In the unpredictable situation we are currently experiencing in the mortgage market, both interest rates and the ability to offer some products are being impacted. Borrowers can make up to $128,000 and be eligible. The mortgage lender who qualifies you for the mortgage loan also determines your eligibility for a home buyer assistance program. No one making $49,700/year in Riverside County can qualify for a home. Provides a loan of up to $60,000 for down payment, closing costs, and acquisition for first time homebuyers earning between 81-120% Area Median Income (AMI) and up to $35,000 available for homebuyers earning between 121%-150% AMI. Homes to be purchased must meet current building code health and safety standards. Low Income Purchase Assistance (LIPA) Provides up to $90,000 down payment assistance on 1 unit properties for first time homebuyers in the city of Los Angeles only. Most people, including real estate agents and lenders, are shocked when I tell them there are more than 260 fully funded homebuyer assistance programs in California. The lender provides a 2% grant and buyer only needs 1% of their own funds. Guess what…37% of the programs DO NOT require you be a first time home buyer! California Firefighter Down Payment Assistance (CFDPA) – This Firefighter down payment assistance program provides assistance to first time homebuyers who are employed (not just firefighters) by the federal, state, local, or tribal fire department. California Down Payment Assistance. Up to $15,000 in down payment funds provided at a 3:1 match and FULLY FORGIVEN after 5 years. (ACCESS program has been DISCONTNUED). Homeloanartist.com, & Brad Yzermans are not affiliated with or representing FHA, VA, CalHFA, USDA, FNMA or any other government agency. Available anywhere in the state of California… Should You Consolidate Debt or Renegotiate Interest Rates Before Buying a Home? WISH. Call My-Down Payment Assistance 800-807-5022 - Team Whigham service all of Northern California and Southern California! Property must be inspected by the city, which often asks for many repairs to be made…..many sellers do not like that and will not accept any offer from a buyer using this program. Property must be inspected by the city, which often asks for many repairs to be made…..many sellers do not like that and will not accept any offer from a buyer using this program. No state is better served than California when it comes to down payment assistance. Patriot Pacific Financial Corp & Brad Yzermans are licensed to lend in California. Eligible borrowers are any current, retired, or volunteer Peace/Police Officer, Border Patrol Agent, Correctional Officer, Firefighter, CalFIRE, Paramedic/EMT, Nurse, Teacher, veteran, or Military personnel. California Homebuyer’s Down Payment Assistance Program (CHDAP) – One of CalHFA’s most popular assistance program has been DISCONTINUED and replaced by the MyHome Assistance program. The City of Brentwood offers first-time homebuyers the Down Payment Assistance Program (DAP), which provides funds that go toward the down payment and/or closing costs. The GSFA Platinum grant works with Conventional, FHA, and VA home loans and does not require you be a first time buyers. . Buyers must contribute up to 1% of their own funds towards buying and have 1% in reserves. They provide a set amount of money to qualified homebuyers. In fact, it’s possible to qualify with a 580 FICO credit score. The biggest problem with this program is borrowers cannot exceed 80% of the published HUD AMI limit….which is like $49,700 for a family of 4 in Riverside County. Easily renew your real estate license with the FREE 45 hour online license renewal package from C.A.R. Call My-Down Payment Assistance 800-807-5022 - Team Whigham service all of Northern California and Southern California! Financial help and grants are available in all cities and counties listed below including Los Angeles, San Diego, and San Francisco. BBVA will also provide up to $4,500 in lender credit help pay closing costs. SCHFA FIRST HOME Grant Mortgage Program – Offered by the Southern California Home Financing Authority. Home Ownership Program (HOP) Available on a first come first serve basis. Equal Housing Opportunity Lender, Success Stories……Real People, Real Experiences, Real Reviews, California Upside Down Mortgage Refinance – HARP, Qualifying for a down payment assistance program, CalPLUS w/ ZIP EXTRA Homebuyer Assistance Program, California Homebuyer’s Down Payment Assistance Program (CHDAP), CalHFA School Teacher & Employee Assistance Program, Housing Authority of San Bernardino Homeownership Assistance Program, Santa Ana Homebuyer Down Payment Assistance Program, Everything You Need to Know About Credit Scores. Equal Housing Opportunity Lender. Down Payment Assistance Program. Moderate Income Purchase Assistance (MIPA). – CalPLUS w/ ZIP is CAlHFA’s premiere homebuyer assistance program that provides between 3% to 4.5% in down payment assistance, reduced mortgage insurance premiums. offers similar EDA down payment assistance but exhausted all of their NSP assistance funds. MIP • Choose an optional grant - forgiven at closing, no lien (approx 1-4.5% of the 1st mortgage total loan amount) California Down Payment Assistance Programs. Down Payment Assistance Loan is unique in that it is fully forgiven after a 5 year period. Home buyers must also occupy the purchased home as their primary residence. Some homebuyers may be required to contribute more than 1% toward the down payment. Offers down payment assistance to people in Riverside and San Bernardino through these programs. While these programs can offer up to 20% down payment assistance, it does require decent credit history and does have more restrictive debt-to-income qualifying ratios that can prevent buyers from qualifying for much higher priced homes….even with the large down payment. The CalHOME assistance program requires family household income not exceed make 80% of the Riverside County area median income. × License Renewal. Eligible in all counties in California literally provides a grant to help you purchase a home. Zero Down California ™ is the most flexible niche 100 percent financing program available to … Riverside County Down Payment Assistance is funded by the Economic Development Agency (EDA). CAR Homeowners Association Grant – (Program suspended) The California Association of Realtors® Housing Affordability Fund provides qualified first time California homebuyers up to 6 months of HOA dues. Call direct: (951) 215-6119 or. California Housing Finance Agency - CalHFA provides financing and programs that create affordable housing opportunities for low- and moderate-income Californians. Eligible buyers cannot exceed the county income limit. Realtors must provide and complete the application for the new homeowner. GET STARTED (619)992-4061 Community Home Advantage Program (CHAP) – CHAP provides a reduced interest rate or closing cost credit for homebuyers and homeowners who want to purchase or refinance a home located in an eligible county and zip code of California. But by offering a Riverside down payment assistance program via Zero Down California ™, many Riverside County residents can now make the transition from renter to owner with ease. San Bernardino County offers similar EDA down payment assistance but exhausted all of their NSP assistance funds. CalPLUS is offered in both FHA and Conventional financing. The W.I.S.H. California Down Payment Assistance Programs. The money you put "down" or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. Buyer funds can be gifted from a family member. NHF Sapphire Grant – NHF provides up to 4% grant money for eligible home buyers that never has to be repaid. HELP Down Payment Assistance Grant – Provides 4.5% grant that can be applied towards the down payment or paying closing costs. The School Teacher and Employee Assistance Program provides up to 3.5% down payment assistance to eligible first time homebuyers.Eligible buyers must be employed at any K-12 California public or charter school, school district offices, and county or continuation schools. Must earn no more than 80% of the Area Median Income. In addition to the programs below, find government assistance as well as charities in California that can provide help with paying bills, rent, deposit or mortgage payments, transportation, medical care, and other expenses. If you have a lot of time to waste, read the boring mortgage info below, otherwise, just click the GREEN button below and I will research which programs you will be eligible for. California home buyers can get down payment assistance to cover your down payment and closing costs from a variety of sources nationwide. If I cannot offer a certain program, I’ll refer you to a lender who can. CalPLUS is offered in both FHA and Conventional financing. Assistance funds must be repaid when home is sold and the city takes 20% of your home’s appreciation in value (not good). Dream Makers Grant – Homebuyer assistance grant that can be applied towards down payment or closing costs. GSFA HFA Platinum Grant – Golden State Finance Authority offers 3% to 5% assistance in the form of a non-repayable grant to provide affordable financing to California residents. These programs also tend to take 60+ days to close escrow so consider that when deciding to use this program. FHA-VA-USDA Home Loans Down Payment Assistance, California Down Payment Assistance Programs, Most people, including real estate agents and lenders, are shocked when I tell them there are. 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