So today I looked into our local Realtor resources and found Down Payment Programs that are apparently available in our area. I am sure that upon closer inspection (and talking to a local lender), that not all of these programs apply to our area specifically. However, 16 showed up when I searched!! I wanted to share that there are definitely options out there for those who need assistance towards buying a home. Keep in mind that there is always a trade off for assistance, whether it be higher fees or a bit higher interest rate. But it can sometimes make the difference between buying the home and not!
Down Payment Programs
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Search againCalifornia Housing Finance Agency (CalHFA) MyHome Assistance Program
Maximum Amount
Up to $15,750 (3.5% of Purchase Price)
Benefits
- Deferred, low interest rate loan that can be used for down payment assistance and/or closing costs.
- Can be combined with an MCC, however, MCC cannot be used to credit qualify.
- Borrowers who own or have owned rental properties may be a first-time homebuyer if they can document that they have not occupied any of the rental properties as their principal residence at any time within the past three years.
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Search againCalifornia Housing Finance Agency (CalHFA) CalPLUS Conventional with Zero Interest Program (ZIP)
Maximum Amount
Up to $12,825 (3% of Total Loan Amount)
Benefits
- Competitive rates.
- Borrowers with income less than or equal to HomeReady's 80% Area Median Income (AMI) LI income limits are eligible for discounted Mortgage Insurance (MI) coverage and MI rates.
- Deferred payment, zero interest rate, long term subordinate mortgage.
- Guest houses, granny units and in-law quarters are eligible for financing under certain conditions.
- No borrower minimum contribution required.
- No purchase price limits.
- Fannie Mae Homestyle Energy is allowed.
- Borrowers who own or have owned rental properties may be a first-time homebuyer if they can document that they have not occupied any of the rental properties as their principal residence at any time within the past three years.
(3 of 16)
Search againCalifornia Housing Finance Agency (CalHFA) Forgivable Equity Builder Loan Out of Funds
Must be less than or equal to 80% AMI using the Fannie Mae Lookup Tool: https://ami-lookup-tool.fanniemae.com/amilookuptool/
Maximum Amount
Up to $45,000 (10% of Purchase Price)
Benefits
Forgivable loan at 10% of the sales price or appraised value, whichever is less. Amount is forgiven over time at a pro-rated amount. Full amount is forgiven after 5 years. Term of loan will be the same as the 1st mortgage loan.
(4 of 16)
Search againCalifornia Housing Finance Agency (CalHFA) CalPLUS FHA with Zero Interest Program (ZIP) Temporarily Suspended
Maximum Amount
Up to $13,500 (3% of Purchase Price)
Benefits
- Deferred payment, zero interest rate, long term subordinate mortgage.
- Guest houses, granny units and in-law quarters are eligible for financing under certain conditions.
- No borrower minimum contribution required.
- Borrowers who own or have owned rental properties may be a first-time homebuyer if they can document that they have not occupied any of the rental properties as their principal residence at any time within the past three years.
- Borrowers utilizing HUD 184 programs, 203(h) programs, or borrowers previous primary residence affected by natural disasters in California do not have to be first-time homebuyers. Refer to handbook for additional requirements.
- Manual underwriting permitted as long as it isn't a 203(h) program or manufactured homes.
- 2-1 temporary buydowns permitted, but must meet FHA and master servicer guidelines.
(5 of 16)
Search againGolden State Finance Authority (GSFA) OpenDoors Program - FHA, VA, USDA
Maximum Amount
Up to $29,925 (7% of Total Loan Amount)
Benefits
- Up to 7% financial assistance for down payment and closing costs.
- Homebuyer doesn't have to be a first-time homebuyer to qualify.
- Borrowers may have ownership in other property at time of closing, per agency
- guidelines.
- No GSFA income limits but need to show financial ability to repay the mortgage.
- Manual Underwriting is permitted. Each borrower must have at minimum one credit score.
- GSFA doesn't underwrite the loan.
- Max Loan Amount: $726,200 (not effective for FHA until case numbers assigned 1/1/23).
(6 of 16)
Search againGolden State Finance Authority (GSFA) OpenDoors Program - HFA Advantage
Maximum Amount
Up to $29,925 (7% of Total Loan Amount)
Benefits
- Financial assistance up to 7%, to use for down payment and/or closing costs.
- Homebuyer doesn't have to be a first-time homebuyer to qualify.
- No sales price limits.
- Max Loan limit - $726,200.
- May have ownership in other properties at time of closing, per agency guidelines.
- Charter (reduced) MI Coverage on conventional financing that has income less than or equal to 80% Area Median Income (AMI).
- GSFA doesn't underwrite the loan.
(7 of 16)
Search againGolden State Finance Authority (GSFA) Platinum Assist To Own - Conventional
Maximum Amount
Up to $23,512 (5.5% of Total Loan Amount)
Benefits
- Financial assistance up to 5.50%, to use for down payment and/or closing costs.
- 3.5% second mortgage with an optional up to 2% of gift funds.
- Homebuyer doesn't have to be a first-time homebuyer to qualify.
- Flexible income limits (low-to-moderate income).
- Charter (reduced) MI Coverage levels when borrower income is less than or equal to 80% Area Median Income (AMI).
- GSFA doesn't underwrite the loan.
- No sales price limits.
- Max Loan limit - $726,200.
(8 of 16)
Search againGolden State Finance Authority (GSFA) Platinum Assist To Own - FHA/VA/USDA
This program is for employees of GSFA Member Counties only.
Maximum Amount
Up to $23,512 (5.5% of Total Loan Amount)
Benefits
- Specifically for GSFA Member County employees that want to purchase a home within the same county they are working.
- Up to 5.5% toward down payment and closing cost assistance.
- FHA: 3.50% of the Total First Mortgage Loan amount with optional up to 2.0% in gift funds.
- VA & USDA: 3.50% of the First Mortgage Loan amount with optional up to 2.0% in gift funds.
- Do not have to be a first time homebuyer to qualify.
- No income limits. Follow agency guidelines.
- No sales price limits.
- Max Loan Amount: $726,200 (not effective for FHA until case numbers assigned 1/1/23).
- GSFA doesn't underwrite the loan.
(9 of 16)
Search againCBC Mortgage Chenoa Fund - FHA Forgivable DPA
Maximum Amount
Up to $22,500 (5% of Purchase Price)
Benefits
- Assistance up to 5% of the sales price or appraised value, whichever is lower.
- 3.5% soft second has no payment, zero-interest, forgivable after 36 consecutive on-time payments on the FHA first mortgage.
- 5% soft second has no payment, zero-interest, forgivable after 120 payments on the FHA first mortgage (as long as never 60+ days late).
- Manual underwriting is permitted.
- High Priced Mortgage Loan (HPML) transactions are allowed as long as CFPB & TRID requirements are met.
(10 of 16)
Search againCBC Mortgage Chenoa Fund - FHA Repayable DPA
Maximum Amount
Up to $22,500 (5% of Purchase Price)
Benefits
- Assistance up to 5% of the sales price or appraised value, whichever is lower.
- No income limits.
- High Priced Mortgage Loan (HPML) transactions are allowed as long as CFPB & TRID requirements are met.
- Manual Underwriting is permitted.
(11 of 16)
Search againGolden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - FHA/VA/USDA
Maximum Amount
Up to $21,375 (5% of Total Loan Amount)
Benefits
- Up to 5% of the First Mortgage Loan Amount.
- Do not have to be a first time homebuyer to qualify.
- No income limits. Follow agency guidelines.
- No sales price limits.
- Max Loan Amount: $726,200 (not effective for FHA until case numbers assigned 1/1/23).
- GSFA doesn't underwrite the loan.
(12 of 16)
Search againGolden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - HFA Advantage
Maximum Amount
Up to $21,375 (5% of Total Loan Amount)
Benefits
- Financial assistance up to 5%, to use for down payment and/or closing costs.
- Homebuyer doesn't have to be a first-time homebuyer to qualify.
- Flexible income limits (low-to-moderate income).
- Charter (reduced) MI Coverage levels when borrower income is less than or equal to 80% Area Median Income (AMI).
- GSFA doesn't underwrite the loan.
- No sales price limits.
- Max Loan Limit - $726,200.
(13 of 16)
Search againFederal Home Loan Bank (FHLB) of San Francisco - Workforce Initiative Subsidy for Homeownership (WISH) Program
Application process is closed at FHLB - Program Active through member banks who received 2021 awards.
Maximum Amount
$22,000
Benefits
- Matching grant for up to $22k in down payment and closing cost assistance.
- WISH grants can complement or supplement a variety of local, state, and federal homeownership programs and are targeted to working families and individuals who are ready to make the transition from renting to owning.
- No sales price limit.
Affordable First Mortgages
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Search againCalifornia Housing Finance Agency (CalHFA) - Conventional
Maximum Amount
N/A
Benefits
- Competitive rates.
- Borrowers with income less than or equal to HomeReady's 80% Area Median Income (AMI) LI income limits are eligible for discounted Mortgage Insurance (MI) coverage and MI rates.
- Guest houses, granny units and in-law quarters are eligible for financing under certain conditions.
- No borrower minimum contribution required.
- No purchase price limits.
- Fannie Mae Homestyle Energy is allowed.
- Borrowers who own or have owned rental properties may be a first-time homebuyer if they can document that they have not occupied any of the rental properties as their principal residence at any time within the past three years.
(15 of 16)
Search againCalifornia Housing Finance Agency (CalHFA) - Government
Maximum Amount
N/A
Benefits
- Guest houses, granny units and in-law quarters are eligible for financing under certain conditions.
- No borrower minimum contribution required.
- Borrowers who own or have owned rental properties may be a first-time homebuyer if they can document that they have not occupied any of the rental properties as their principal residence at any time within the past three years.
- Borrowers utilizing HUD 184 programs, 203(h) programs, or borrowers previous primary residence affected by natural disasters in California do not have to be first-time homebuyers. Refer to handbook for additional requirements.
- Manual underwriting permitted with FHA loans (except 203(h).
- Manufactured homes permitted with FHA loans.
- 2-1 temporary buydowns permitted, but must meet FHA and master servicer guidelines.
(16 of 16)
Search againCalVet Home Loans - Qualified Veterans Mortgage Bond Program (QVMB)
Maximum Amount
N/A
Benefits
- No income limits.
- No sales price limit.
- Do not have to be a first-time homebuyer
- All Veterans and current members of the California National Guard or U.S. Military Reserves are eligible.
- Funding Fee is waived for Veterans with a 10% or more disability rating.
- Do not have to have any US Dept. of Veterans Affairs (USDVA) entitlement to qualify.
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