Wednesday, January 8, 2014

Available First Time Home Buyer Programs in California

CalPlus with Zero Interest Program :  This is a FHA loan with an exclusive down payment assistance program "ZIP" which offers to qualified buyers 3.5% for their down payment. The ZIP program defers your payment with a zero interest second mortgage that is only available with CalPlus First mortgage. 

ECTP Program: The" Extra Credit Teacher Home Purchase Program" is a deferred payment subordinate loan with simple interest charged.  Qualified teachers can use this for down payment assistance with eligible CalHFA first Mortgage loan.

CHF ACCESS Homebuyer Program: Put less than 1% down. With the Program, it may be possible to finance up to 99.5% of a home's purchase price.
Southern California Home Finance Authority (SCHFA)SCHFA offers a 4% down payment and closing cost assistance program which comes in the form of a grant and does not have to be paid back.

California Housing Down Payment Assistance (CHDAP)CHDAP offers a 3% down payment or closing costs assistance with deferred payments.

CHF Platinum Home Buyer Program Down Payment Assistance : This program is not limited to first time home buyers and is a grant of 3, 4 or up to 5% which can be used towards your down payment and/or closing cost. This is a forgivable grant and not a second mortgage.

Mortgage Credit Certificate Program(MCC) : The MCC Program offers First Time Home Buyers a yearly tax credit for as long as you own your home and carry a mortgage. This credit is for 15% of your annual mortgage interest. Using this program allows you to qualify for a higher purchase price.

CalSTRS Program : Originally expected to roll out in September the program is still on hold so come back to discover its status.

*** FHA UPDATE*** : You can now purchase a home if you have only recently reached your one anniversary of having filed a Bankruptcy or having sold your home as a Short Sale or if you lost your home to a Foreclosure. Your FICO score can be as low as 500!

For any real estate questions please call or text message me at: (323) 316-3300