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3 First Time Homebuyer Programs for California Home Purchase

posted Mar 20, 2014, 5:24 PM by Massey Kouhssari

BankerBroker.com is proud to announce the avilability of down payment assistance programs for you to purchase your next home in these communities or in the Los Angeles, Orange County, Riverside, San Bernardino and San Diego county.

1. California Housing Finance Agency (CalHFA FHA & CHDAP)

CalHFA FHA

The California Housing Finance Agency offers a below market mortgage option to first time homebuyers.  The CalHFA FHA 30-year Fixed Mortgage provides up to 96.5% financing with a low, fixed interest rate that never changes during the life of the loan.  This first mortgage can be combined with CalHFA’s down payment assistance programs for added benefit.

CHDAP, Down Payment Assistance That Works

CalHFA can also help with your down payment or closing cost.  Payments on these one-of-a-kind loans are deferred, meaning you don’t have to pay them back until you sell, refinance or pay off your home.

California Homebuyer’s Downpayment Assistance Program (CHDAP) – offers up to 3% down payment or closing cost assistance and can be combined with any of CalHFA’s first mortgages.

Get your Grant funds today

2. National Homebuyers Fund – CHF Platinum Grant

The CHF Platinum grant program provides down payment assistance for low-to-moderate income individuals and families purchasing a home. Homebuyers can receive up to 3% of their first mortgage to be used as a down payment and/or closing costs.

  • Primary residence, owner occupied
  • Does not have to be a first-time homebuyer
  • Minimum 620 credit score
  • Income limits apply
  • FHA loan only
  • 30-year fixed rate
  • Grant funds can not exceed 3% of the first mortgage
  • Grant funds can be used for down payment or closing costs

 

3. CRHMFA Homebuyers Fund (CHF) – CHF ACCESS

This is a very unique program being operated by all the lenders working under the California Rural Home Mortgage Finance Authority.  Similar to the federally guaranteed loans, the CHF ACCESS loan program requires the borrower to make a down payment of 3.5%.  The attractive part of this loan program is only .50%  is needed for down payment and  3% of it can be available at low interest rate of only 8.5%.

 

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