DOWN PAYMENT ASSISTANCE

DOWN PAYMENT ASSISTANCE

Can I get it?
How do I qualify?

Down Payment Assistance in 2020 comes in all shapes and sizes and can vary based off of your income level.  Before diminishing all of your reserves, find out if you qualify for any down-payment assistance programs in your desired area!

NOTE:   Be sure to state the total income for all parties who will be using the down payment assistance or purchasing property together. By giving us your phone number and email address, you are giving JUDY HA permission to contact you via email or phone. Programs below are categorized by State Programs, County Programs, and then City Programs

STATE OF CALIFORNIA PROGRAMS

Program: CalHFA – California Housing Finance Agency
Link: http://www.calhfa.ca.gov/homebuyer/
Description: CalHFA understands that buying a home is a huge responsibility; it is also a huge opportunity. Owning your home means you can paint the walls with your favorite color, plant flowers and vegetables if you choose and plant the seed for an investment in your future. You’ll also want to look at the income limits, sales price limits, and other eligibility criteria. Another option is to use the Eligibility Calculator to see what programs are right for you.

Eligibility Requirements

A CalHFA approved Lender will qualify you for a home loan, so you will need to apply with a Preferred Loan Officer or approved Lender. Each loan program that CalHFA offers to homebuyers can have different criteria for income limits, minimum credit scores, citizenship etc. To learn about specific requirements and benefits for each program, review the program descriptions on the Loan Programs tab.

Visit the Mortgage & Eligibility Calculators section to assist you in estimating your monthly payments, how much you can afford, and which CalHFA programs you may be eligible for.

In general these are borrower eligibility requirements for all CalHFA programs:

  1. You must be a U.S. citizen, permanent resident or other qualified alien.
  2. You will need to meet credit, income limits and loan requirements of the CalHFA-approved lender and the mortgage insurer.
  3. You will need to live in the home you are purchasing for the entire term of the loan, or until the home is sold or refinanced.
  4. CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
  5. CalHFA’s down payment programs MyHome and School Teacher and Employee Assistance Program and the MCC require you to be a first-time homebuyer. See the definition of a first-time homebuyer.

Program: Bank of America Neighborhood Solutions program
Link: https://mortgage.bankofamerica.com/mortgage-down-payment-center
Description: Bank of America is committed to helping you thrive through the power of homeownership. Bank of America Community Homeownership Commitment™ program provides solutions for modest-income and first-time homebuyers, including affordable mortgages, grant programs, resources and expertise. Simply select your state to search for programs you may be eligible for and then connect with me about other down payment and closing cost options!

Program: GSFA Platinum® – Down Payment Assistance Program
Link: http://www.gsfahome.org/programs/index.shtml
Description: For many homebuyers, the assistance is provided as a zero percent Second Mortgage. The Second Mortgage accrues no interest, has no monthly payments and is completely forgiven after three (3) years from the close of escrow.

For Platinum “Select” qualifying homebuyers, the assistance is provided as a gift, that never has to be repaid. FHA Energy Efficient mortgage loans, USDA guaranteed home loans, along with a variety of public safety and education occupations, can qualify the homebuyer for DPA as a gift.

Eligibility Requirements

First, the homebuyer(s) must meet GSFA’s specific qualifying guidelines for the Program which include the following(1):

  • Borrower must meet income-eligibility.
  • Property being purchased must be used as a primary residence.
  • Minimum FICO is 640 | Maximum DTI is 45%.

GSFA Platinum is designed to be flexible and accessible, which is why it is not limited to first-time homebuyers. Whether someone owned a home in the past or not, they can apply for the Program.

 

Second, the homebuyer(s) must apply for the Program through a GSFA Platinum Participating Lender and meet all the qualifying guidelines for the type of mortgage loan being used to finance the purchase of the home.

Conventional, FHA, VA, and USDA 30-year mortgages are allowed. Current interest rates and APRs are available through a Participating Lender.

 

Program Highlights:

  1. Financial assistance up to 5%, to use for down payment and/or closing costs.
  2. Homebuyer doesn’t have to be a first-time homebuyer to qualify.
  3. Flexible income limits (low-to-moderate income).
  4. Various first mortgage loan types available to fit the needs of the homebuyer
    (FHA, VA, USDA and Conventional financing)

 

COUNTY PROGRAMS

Los Angeles County
Program: AHOP – Affordable Homeownership Program
Link: http://housing.lacounty.gov/ProgramInfo.html
Description: The Community Development Commission provides first-time homebuyer down payment assistance to low- and moderate- income households who are unable to purchase a new home. The homebuyer must meet credit-underwriting criteria established by the lender providing the first mortgage loan, as well as, underwriting for The Commission. The Commission provides the financial assistance via a secondary mortgage, with all payments deferred until sale, transfer, or refinancing. The Commission shares in a percentage of the equity accumulated on the property, depending upon the circumstances that exist at the time of subsequent sale, transfer, or refinancing.

Eligibility Requirements

The applicant must meet the income eligibility requirements for the AHOP Program; The applicant may not have held an ownership interest in a Principal Residence with in the past there years; The applicant must occupy the acquired housing as a “Principal Residence”; and The applicant must attain homeownership counseling and education from an agency accredited and certified by the U.S. Department of Housing and Urban Development or National Reinvestment Corporation. All who will be named on title must attend this training and each person must present a certificate.

Los Angeles County
Program: The Wells Fargo NeighborhoodLIFT® Program
To support sustainable homeownership and help advance neighborhood stability, the Wells Fargo NeighborhoodLIFT program looks to the future by delivering down payment assistance and financial education to homebuyers in collaboration with NeighborWorks® America and local nonprofit organizations.

Attend an event
Learn about homeownership, the NeighborhoodLIFT program and see if you qualify for a grant. https://www.wfhmconsumerevents.com/aspx/events/eventselection.aspx

Advance registration has concluded for the Los Angeles NeighborhoodLIFT® event. Walk-in appointments may be available and will be scheduled at the event on a first-come, first-served basis.

List of Documents – https://www.wfhmconsumerevents.com/UserDocs/events/107861-Pre_What_to_Bring_FlyerEngSpa.pdf

CITY PROGRAMS

City of Alhambra, CA – Los Angeles County
Program: City of Alhambra – First time Homebuyer Program
Link: http://www.cityofalhambra.org/page/64/first_time_homebuyers/
Description: Join the ranks of home ownership if you meet the income & eligibility requirements listed below by calling the Development Services Housing Division at 626-570-5037

Eligibility Requirements

  1. Must be a City of Alhambra resident for two consecutive years at the time of application.Must be a United States Citizen or Legal Permanent Resident.
  2. Must have 2% of the purchase price available toward your down payment.
  3. Must not have owned any real property within the United States within the past 3 years.
  4. The assisted property must be the Buyer’s principal place of residence.
  5. The purchased property must be located within the City of Alhambra.
  6. The property must remain affordable for 15 years.
  7. Down-payment assistance loan of $75,000.

City of Brea, CA – Orange County
Program: Trumark x City of Brea
Link: https://trumarkhomes.com/neighborhoods/southern-california/west-village-stacked-flats
Description: Trumark Homes is excited to introduce its partnership with the City of Brea to create an affordable collection of 20 homes close to the exciting shopping, dining and entertainment of downtown Brea. Homes range from 1 to 3 bedroom flats from 791 Sq. Ft. to 1,624 Sq. Ft. You’ll get to enjoy all the perks of homeownership as well as life in a wonderful neighborhood with highly acclaimed schools.

From the Mid $300,000s.

See if you qualify!

City of Los Angeles, CA – Los Angeles County
Program: City of Los Angeles – First time Homebuyer Program
Link: https://hcidla.lacity.org/help-low-income-first-home-buyers
Description: The Low Income Purchase Assistance Program helps first-time, low income homebuyers purchase homes by providing loans to cover the down payment, acquisition, and closing costs.

Eligibility Requirements

  1. First-time homebuyers who have not had an ownership interest in any real property at any time during the last three years
  2. S. Citizens, lawful permanent residents, or other qualified aliens
  3. Applicants whose total household income of all of the adults, 18 years of age or older who will be living in the home, is at or below the income limits. Check website for income limits
  4. Applicants must attend an 8-hour, in-person Homebuyer Education Class given by one of the approved providers
  5. Applicants must contribute a minimum of 1% of the home price from their own funds as down payment. Some homebuyers may be required to contribute more than 1% toward the down payment
  6. Homebuyers must occupy the home as their principal residence
  7. Program will provide a loan of up to $90,000 for down payment, closing costs, and acquisition.

City of Los Angeles, CA – Los Angeles County
Program: City of Los Angeles – First time Homebuyer Program
Link: https://hcidla.lacity.org/help-moderate-income-first-home-buyers
Description: The Moderate Income Purchase Assistance Program helps first-time, moderate income homebuyers purchase homes by providing loans to cover the down payment, acquisition, and closing costs.

Eligibility Requirements

  1. First-time homebuyers who have not had an ownership interest in any real property at any time during the last three years
  2. S. Citizens, lawful permanent residents, or other qualified aliens
  3. Applicants whose total household income of all of the adults, 18 years of age or older who will be living in the home, is at or below the income limits. Check website for income limits
  4. Applicants must attend an 8-hour, in-person Homebuyer Education Class given by one of the approved providers – See list here
  5. Applicants must contribute a minimum of 1% of the home price from their own funds as down payment. Some homebuyers may be required to contribute more than 1% toward the down payment
  6. Homebuyers must occupy the home as their principal residence
  7. Program will provide a loan of up to $60,000 for down payment, closing costs, and acquisition. Up to $60,000 will be available for homebuyers earning between 81-120% Area Median Income (AMI) and up to $35,000 will be available for homebuyers earning between 121%-150% AMI.

 

City of El Monte, CA – Los Angeles County
Program: NA
Link: NA
Description: NA

Eligibility Requirements
NA

 

City of Rosemead, CA – Los Angeles County
Program: City of Rosemead –First time Homebuyer Program
Link:http://www.cityofrosemead.org/government/city_departments/community_development/housing/down_payment_assistance_program/
Description: The City of Rosemead has funds available to assist low-income residents with the purchase of their first home. The assistance is in the form of a silent second loan (no payments until the loan is paid or until 30 years from the loan origination), and is available to low income families who have not owned a home within the previous three years. The amount of the loan will vary depending on the value of the house to be purchased to assist the homebuyer in achieving a 20% down payment. The maximum allowable loan will be $95,000.

Eligibility Requirements
This is a great program where low-income residents can receive up to $95,000 towards a down payment on a home. To qualify, the applicant must provide information to show they are income qualified, and purchase a home that is offered for less than $522,500 for single-family homes and $418,000 for condominiums.

The properties must be within the Rosemead City limits and meet basic Housing Quality Standards. Priority is given to applicants who live or work in the City of Rosemead. The possibility of being a homeowner is now one step closer for first-time buyers.

 

City of South El Monte, CA – Los Angeles County
Program: City of South El Monte –First time Homebuyer Program
Link: http://www.ci.south-el-monte.ca.us/RESIDENTS/FirstTimeHomebuyerProgram.aspx
Description: The CalHome First Homebuyers Program consists of a $25,000 down payment assistance program for qualified applicants. Depending on the project, the assistance may increase to a maximum amount of $60,000.00. The loan is a zero interest and must be repaid in 30 years. The program evaluates family size, family income, citizenship/residency and type of property being purchased. Please download the application and contact the Housing Division for further assistance and information pertaining to new potential housing opportunities within the City.

Eligibility Requirements
THEY ARE CURRENTLY NOT ACCEPTING NEW APPLICATIONS FOR THE FIRST TIME HOME BUYER’S PROGRAM.

Check back soon for more programs and a list of Lenders for loan officers who specializes in these programs!

City of Santa Ana, CA – Orange County

Program: City of Sant Ana Homeownership program
Link: https://www.ci.santa-ana.ca.us/residents/homeowners-renters/home-ownership-programs
Description: The City of Santa Ana has programs to assist households to purchase homes. One option would be to apply for one of the City’s downpayment assistance programs. Another is to purchase an affordable home developed in partnership with a developer and the City and/or Redevelopment Agency. For all City homeownership programs, applicants must complete a pre-purchase homebuyer counseling program.

Eligibility Requirements
please inquire