3 First Time Homebuyer Programs for California Home Purchase
Post date: Mar 21, 2014 12:24:30 AM
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)
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.
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%.