Do I Need To Be a California First-Time Homebuyer? Not necessarily. Some of these California down payment assistance programs are not only just open to first-time homebuyers, but to multi-time homebuyers and even to buyers with less than perfect credit.

California homebuyers often do not know about down payment assistance program or grant that can help them buy qualify to buy a home. Don’t be overwhelmed by these California down payment assistance programs and grants. Call us to help you to find the programs that best meet your needs to buy the home of your dreams.

 

Connect with a Loan Officer

Loan Officer Thomas Johnston

Loan Officer Thomas Johnston | NMLS# 1583463; Arizona, California, Oregon, Texas and Washington

Thomas is your mortgage loan originator, who works side by side with a strong team that shares the same devotion to excellence.
Experienced, knowledgeable, and always up to date on the industry's latest products, Thomas strives to exceed the customers' expectations in each and every transaction.

Do you have any questions? Please call 866-610-6025

Available Products


TERMS MAX LTV/CLTV/HCLTV DPA & SECONDARY FINANCING AVAIBLABLE OCCUPANCY TARGET AREA 1ST TIME HOMEBUYER REQUIRED INCOME LIMIT MAX SELLER CREDIT

California Housing Finance Agency (CalHFA) – CalPLUS FHA or Conventional Loan - Down Payment Assistance Program

96.5 LTV FHA 97% LTV Conv CLTV: Additional CalHFA subordinate loan(s) and grants can also be layered with the CalHFA FHA loan provided the combined loan-to-value does not exceed 105%
ZERO INTERST PROGRAM (ZIP) + CalPLUS may be layered with the following down payment and/or closing cost assistance options: MyHOME, EXTRA CREDIT TEACHER PROGRAM (ECTP), CalHFA MCC, NON-CalHFA SUBORDINATE SEE PROGRAM GUIDELINES-SOME GUIDELINES HAVE 1st TIME HOMEBUYER REQ. FHA/CONV ZIP= Silent 2nd (or 3rd w/ Myhome only) for 3% or 4% of the 1st TD for closing cost/prepaid items only MyHOME=3.5% 2nd TD only for down pymt & closing cost EXTRA CREDIT TEACHER PROG = lesser of $7500 or 3.5% of Sales Price or Appraised Value or $15,000 or 3.5% of Sales Price or Appraised Value in CalHFA defined high cost area CalHFA MCC=Tax credit program applied to borr income NON CalHFA SUBORDINATE=any approved subordinate programs for down pymt & closing cost
OWNER OCCUPIED ONLY
NO
NO BUT...Cannot have ownership in any residential property, including manuf. homes, at time of close. Exception: This req. is waived when the borrower(s) meet CalHFA’s first-time homebuyer definition as defined as a borrower who has not had an ownership interest in any principal residence during the previous three (3) years 2nd & 3rd TD may have 1st Time Homebuyer requirements
"YES Qualifying Income vs. Program Compliance Income Qualifying income is the income used to determine that the borrowers have the ability to meet their monthly obligation. This income may differ from the income used by CalHFA for program compliance purposes. CalHFA will calculate family income for CalHFA FHA loan program eligibility. “Family income” is defined as the annualized gross income of a mortgagor, and any other person who is expected to: 1. be liable on the mortgage 2. be vested on title; and 3. live in the residence being financed The income of all borrowers cannot exceed the published CalHFA income limits for the county in which the property is located. When multiple CALHFA loan programs are used in combination, the most restrictive income limits will apply. Go to: http://www.calhfa.ca.gov/homeownership/limits/income/income.pdf "

"FHA Max of 6% • Limited to the following items: o Discount points o Seller-paid closing costs o Prepaid Expenses o Upfront MIP when it is not financedConcessions/contributions are acceptable per FHA guidelines except for the following: • Payment of condo fees • Personal property • Down payment assistance CONV TLTV <=75% = 9% TLTV 75.01%-90% = 6% TLTV >=90% = 3% Concessions/contributions are acceptable per SPFC Conventional guidelines except for the following: • Payment of condo fees • Personal property • Down payment assistance"

California Housing Finance Agency (CalHFA) – FHA, VA and Conventional Loan Program - Down Payment Assistance Program

96.5 LTV FHA 97% LTV Conv CLTV: Additional subordinate loan(s) and grants can also be layered with the CalHFA Conventional loan provided the combined LTV does not exceed 105%. (i.e., MyHome, Extra Credit Teacher Program or FNMA approved Community Seconds as long as they take 3rd lien position)
This program may be layered with the following programs MyHOME, EXTRA CREDIT TEACHER PROGRAM (ECTP), CalHFA MCC, NON-CalHFA SUBORDINATE MyHOME=3.5% 2nd TD only for down pymt & closing cost EXTRA CREDIT TEACHER PROG = lesser of $7500 or 3.5% of Sales Price or Appraised Value or $15,000 or 3.5% of Sales Price or Appraised Value in CalHFA defined high cost area CalHFA MCC=Tax credit program applied to borr income NON CalHFA SUBORDINATE= COMBINED W/ CONV CalHFA ONLY any approved subordinate programs for down pymt & closing cost
OWNER OCCUPIED ONLY
NO
NO BUT...Cannot have ownership in any residential property, including manuf. homes, at time of close. Exception: This req. is waived when the borrower(s) meet CalHFA’s first-time homebuyer definition as defined as a borrower who has not had an ownership interest in any principal residence during the previous three (3) years 2nd & 3rd TD may have 1st Time Homebuyer requirements
"YES Qualifying Income vs. Program Compliance Income Qualifying income is the income used to determine that the borrowers have the ability to meet their monthly obligation. This income may differ from the income used by CalHFA for program compliance purposes. CalHFA will calculate family income for CalHFA FHA loan program eligibility. “Family income” is defined as the annualized gross income of a mortgagor, and any other person who is expected to: 1. be liable on the mortgage 2. be vested on title; and 3. live in the residence being financed The income of all borrowers cannot exceed the published CalHFA income limits for the county in which the property is located. When multiple CALHFA loan programs are used in combination, the most restrictive income limits will apply. Go to: http://www.calhfa.ca.gov/homeownership/limits/income/income.pdf "

"FHA: Max of 6% • Limited to the following items: o Discount points o Seller-paid closing costs o Prepaid Expenses o Upfront MIP when it is not financedConcessions/contributions are acceptable per FHA guidelines except for the following: • Payment of condo fees • Personal property • Down payment assistance CONV: TLTV <=75% = 9% TLTV 75.01%-90% = 6% TLTV >=90% = 3% Concessions/contributions are acceptable per SPFC Conventional guidelines except for the following: • Payment of condo fees • Personal property • Down payment assistance "

HomeReady™ Mortgage Program- Down Payment Assistance Program

PURCHASE & R/T REFI: 1 UNIT=97/105/97% 2 UNIT=85/105/85% 3-4 UNITS-75/105/75% see notes in program HIGH BALANCE NOT ALLOWED
COMMUNITY SECONDS ALLOWED
OWNER OCCUPIED ONLY
YES Income limits are detirmind by property address & location.
NO
YES Income from all borrowers who will be listed on the mortgage note must be counted, to the extent that the income is considered in evaluating creditworthiness for the loan. For determining loan eligibility, refer to the AMIs on Fannie Mae’s website and not other published versions (such as AMIs posted on huduser.org). The total annual qualifying Income may not exceed 100% of the AMI for the property location, except there is no income limit for properties located in low-income census tracts, defined as those census tracts where the median tract income is no greater than 80% AMI. The income of all borrowers cannot exceed the published CalHFA income limits for the county in which the property is located. When multiple CALHFA loan programs are used in combination, the most restrictive income limits will apply. Got to https://homeready-eligibility.fanniemae.com/homeready/

TLTV <=75% = 9% TLTV 75.01%-90% = 6% TLTV >=90% = 3% Concessions/contributions are acceptable per SPFC Conventional guidelines

Home Possible® Mortgage and Home Possible® Advantage Mortgage Programs - Down Payment Assistance Program

PURCHASE & RATE/TERM: HOME POSSIBLE 1 UNIT = 95/95/95% 2 UNIT = 95/95/95% HOME POSSIBLE ADVANTAGE 1 UNIT = 97/105/NA
Allowed with Home Possible Advantage Mortgage only. Must be an Affordable Second. The Affordable Second financing cannot be a Home Equity Line of Credit.
OWNER OCCUPIED ONLY
YES Income limits are detirmind by property address & location.
"NO The borrower must not have an individual or joint ownership interest in any other residential property as of the Note Date unless the following is met:• The borrower does not occupy the other property, AND:o The borr inherited their ownership interest in the property and shares ownership with another party, ORo The borr owns the property with another party and the debt associated with the property was assigned to the other party by a court order (i.e., a divorce decree), ORo The borr. is a cosigner/guarantor on the related Mortgage debt and someone other than the Borr. has made payments on the debt associated with the property for the most recent 12 months, as documented with:? Copies of cancelled checks or statement from the lender "
"Determined by LP Refer to Income and Property Eligibility Tool Note: Income limits are waived if property is located in an Underserved Area. Go to: http://www.freddiemac.com/homepossible/eligibility.html"

= 75% = 9% MAX = 90% = 6% MAX > 90% = 3% MAX

USDA Rural Housing Service Program Down Payment Assistance Program

"PURCHAES, RATE/TERM REFI, STREAMLINE REFI & STREAMLINE ASSIST REFINANCE 100%/102%/102% Loan LTV Max Exceed 102% based on the following calculations: Maximum LTV and Loan Amount • For Purchase and Refinance transactions, the loan amount plus closing costs cannot exceed 100% of the appraised value, excluding the Guarantee Fee • For streamline refinance, loan amount includes principal balance of loan being paid off and the one time up-front guarantee fee only • For streamline assist refinance, loan amount includes the principal and interest balance of the existing loan, eligible loan closing costs, funds necessary to establish a new tax and insurance escrow account, and the upfront guarantee fee. The original acquisition date of the subject property must have been on or after the year 2011 • There is no min/ max loan amount • TLTV may be exceeded based on loan amount calculation "
"New subordinate financing is allowed on purchase transactions according to Rural Development requirements o Resale Deed Restrictions are ineligible • Existing subordinate financing may not be paid off and must be re-subordinated"
OWNER OCCUPIED ONLY
NO
NO SEE GUIDELINES FOR VERY SPECIFIC GUIDANCE ON OWNING OTHER REAL ESTATE
YES Income from all working adult members (age 18 or older) residing in the home must be included in the household income to determine eligibility. The household income must not exceed the moderate-income limits established for the area in which they are purchasing/refinancing the home

"Seller or other interested third party contributions are limited to 6% of the sales price o Closing costs or prepaid items paid by the lender by premium pricing are not included in the seller contribution limitation. o Fees towards to the borrowers cost to close such as real estate commission or other typical fees paid by the seller or other interested parties under local, state law, or local custom are not considered in the maximum seller contribution"

Golden-State-Finance-Authority-(GSFA)-Platinum-Program-Down-Payment-Assistance-Program

"PURCHASE ONLY GRANT UP TO 5% OF THE LOAN AMOUNT • Conventional: 1-unit Owner-occupied SFR • FHA / VA / USDA: 1-4 unit SFR, as allowed per 1st lien guidelines • Agency-approved condominiums. Project must be approved on US Bank Reviewed Project List. Refer to Condominium Section in guidelines for details • Planned Unit Developments (PUD’s) "
GSFA GRANT CAN BE USED WITH 1ST TDs: FHA/VA = UP TO 5% USDA = UP TO 3% FREDDIE MAC HFA ADV. FROM $1000 OR 2.5% TO 5 % DEPENDING ON THE PROGRAM Secondary financing is permitted if the program is approved by the applicable underlying loan product agency and conforms to agency guidelines. Borrowers may not receive any cash back. Contact Secondary to confirm acceptance of any secondary financing.
OWNER OCCUPIED ONLY
NO
"NO Conventional • Borrower(s) may not, as of the Note Date, have any individual or joint ownership interest in any other residential properties "
"      The GSFA Platinum gift program provides financial assistance to low and moderate-income homebuyers in California. Therefore, the Program has income limits (based on the location of the property). Income limits are determined by county AND type of first mortgage. Go To: http://www.gsfahome.org/programs/dpa/limits.aspx "

N/A

CHENOA FUND SECONDARY FINANCING MTG PROGRAM

PURCHASE ONLY LTV cannot be less than 90% Follow FHA guidelines for maximum CLTV • 1-2 unit primary residences, attached or detached – See guidelines for restrictions on 2 units. • FHA Approved Condominiums • Planned Unit Developments (PUD’s) • Modular and Prefabricated homes • Leaseholds (SFR)
CHENOA CAN BE USED WITH THE FHA 1st TD
OWNER OCCUPIED ONLY
NO
NO There are NO first-time homebuyer requirements and concurrent homeownership is allowed as long as all FHA guidelines regarding the purchase of the concurrent home are followed
YES, How to Calculate 115% Area Median Income • Click on huduser.gov link in guidelines • Then click on the link under “Access Individual Income Limits Area” • Select a State then Select a County. • Click on View County Calculations o For a family of 4 or less multiple the income stated under Median Income column by 115% For example: Median Income for Los Angeles County is $64,300. $64,300 x 115% = $73,945. The income limit for a family of 4 or less is $73,945 if qualifying for soft/forgivable secondary financing. o For a family of 5 multiply the income limit listed for a family of 5 under “Very Low (50%) Income Limit” by 2, then multiply by 115%. For example: Very Low (50%) Income for a family of 5 in Los Angeles County is $48,700. $48,700 x 2 = $97,400 x 115% = $112,010. The income limit for a family of 5 is $112,010 if qualifying for soft/forgivable secondary financing. o For a family of 6 follow the steps above except you will use the income listed for a family of 6 under “Very Low (50%) Income Limit”. A family of 7 uses the income listed for a family of 7, etc.

N/A

SCHFA-FIRST PROGRAM (SOUTHERN CALIFORNIA HOME FINANCING AUTHORITY)

• FREDDIE MAC HFA ADVANTAGE-Max 97% LTV / 105% CLTV- Must meet all required applicable 1st lien underwriting guidelines Min. 640 Fico Score Note: The loan is ineligible if none of the borrowers has a usable credit score. • 1 unit primary residence only. Condo allowed if project is approved by US Bank • Maximum 45% DTI regardless of AUS-LP ONLY • Freddie Mac HFA Advantage: Cannot exceed $424,100 • FHA/VA/USDA-Must meet all required applicable 1st lien underwriting guidelines-Max. 45% DTI regardless of AUS. Min. 640 Fico Score Manual Underwriting -Not allowed • FHA: Cannot exceed $424,100 including MIP
• FREDDIE MAC HFA ADVANTAGE: Min Fico-640-Grant equals 4% of the First Mortgage Loan amount • FHA: Min FICO 640-659 3% and 660 +-4% of the First Mortgage Loan amount • USDA/VA: Min. FICO 640- 4% of the First Mortgage Loan amount Grant funds may be used for down payment and/or closing costs. There must be no cash back to the borrower from the Grant proceeds. Any excess grant funds must be used to reduce the principal balance • Secondary financing is permitted if the program is approved by the applicable underlying loan product agency and conforms to agency guidelines. Borrowers may not receive any cash back. Contact Secondary to confirm acceptance of any secondary financing • MCCs are allowed and may be used for credit qualifying purposes per first lien guidelines
OWNER OCCUPIED ONLY
YES • Non Targeted Areas $585,713 • IRS Designated Targeted Area Census Tracts $715,872 Orange County • All cities and unincorporated areas are eligible Los Angeles County • All cities and unincorporated areas except the City of Los Angeles areas Note: If a property is located in the County of Los Angeles County and has an IRS Census Tract Number of 2999.99 or lower, that property is located in the City of Los Angeles jurisdiction and DOES NOT QUALIFY for the program. Go to www.ffiec.gov.geocode to verify the IRS Census Tract Number
· Borrowers are required to be first-time homebuyers unless the borrower is purchasing a home in an IRS Designated Target Area Census Tract. • A first-time homebuyer is defined as a borrower who does not have a present ownership interest in a principal residence at any time during the three (3) year period immediately before the date of obtaining the Program loan •Conventional- Borrower(s) may not, as of the Note Date, have any individual or joint ownership interest in any other residential properties
YES • Los Angeles County o 1-2 person household: $108,120 o 3+ person household: $128,140 • Orange County o 1-2 person household: $125,160 o 3+ person household: $146,020 • The income of borrower(s) and spouse whether or not spouse is liable on the loan or is on the title must be included • Income must also be included for any adult (over 18 years of age) who will live in the household and be secondarily liable on the note or on the title • Program income is not averaged. It is annualized. This income calculation is different from income used for credit underwriting • Must provide fully executed 4506-T form • Federal Income Tax Returns or transcripts are required for the past 3 years for borrowers and spouse, even if the spouse is not on the loan or on title unless the borrowers are purchasing a home in an IRS Designated Targeted Area Census Tract NOTE: Calculation of program (compliance) income is different than calculation of income for credit purposes. The program requires that underwriters include all income of borrowers and their spouses (regardless of their address) and all household members 18 years of age or older (related or unrelated) who are secondarily liable on the note or on the title and expected to live in the residence. Because each case is different, email uwhelp@spfcnet.com if you have any questions. Also refer to SCHFA Income Requirements. PLEASE SEE GUIDELINES FOR SPECIFIC INCOME REQUIREMENTS & CALCULATION

Follow 1st TD guidelines

Do I Need To Be a California First-Time Homebuyer? Not necessarily. Some of these California down payment assistance programs are not only just open to first-time homebuyers, but to multi-time homebuyers and even to buyers with less than perfect credit.

California homebuyers often do not know about down payment assistance program or grant that can help them buy qualify to buy a home. Don’t be overwhelmed by these California down payment assistance programs and grants. Call us to help you to find the programs that best meet your needs to buy the home of your dreams. .


Connect with a Loan Officer

Loan Officer Thomas Johnston

Loan Officer Thomas Johnston | NMLS# 1583463; Arizona, California, Oregon, Texas and Washington

Thomas is your mortgage loan originator, who works side by side with a strong team that shares the same devotion to excellence.
Experienced, knowledgeable, and always up to date on the industry's latest products, Thomas strives to exceed the customers' expectations in each and every transaction.

Do you have any questions? Please call 866-610-6025