Home Buyer’s Assistance

Saving for the down payment and/or closing costs can be one of the biggest hurdles many people face when purchasing a home. That’s one of the reasons why this buyer’s assistance program was created.

If you live in California and need help with the down payment and/or closing costs, this home loan program may be the right fit for you. This loan program works by combining a 30-year fixed Interest rate FHA Mortgage Loan with a fully amortized fixed rate 2nd loan with or without payments that can be applied to the downpayment and/or closing costs.

Different Ways That You Can Use This Program

Down Payment Assistance (1/2% down) – if your need is more with the down payment
Closing Cost Assistance – if your need is more with the closing costs
Buy a Home with “No Money Down” – if you are looking for a way to buy a house with no money out of pocket

General Program Requirements

Some of the general requirements for this program are outlined below. Use the buyer’s assistance calculator to get an estimation about your qualification in the different categories. The calculator also provides some tips on how to make any changes that are necessary to help you get qualified.

Income: This program is for moderate to low income borrowers. All the counties within California have different income limitations. The highest county income limit in California is Santa Clara, currently $124,320.00. You can buy a pretty nice home for this amount. The down payment assistance calculator is helpful with determining your qualification.
Credit Score: Generally, almost all lenders in California have general underwriting guidelines requiring a minimum credit score of 620 and many have 640 or higher. We go as low as 580. If you can make a 10% down payment, we can go as low as 500. If your credit score is below this, we can help with this and work toward getting your credit score up. The higher your score, the better the mortgage rate.
Bankruptcy is okay if it is at least two years old.
Foreclosure is okay if it is at least three years old.
Not restricted to First Time Home Buyers
Generally speaking, late payments within the past year are not good. If you do have late payments, this doesn’t necessarily disqualify you for this program. We’ll need to get more details.

Qualification

Check out the online calculator…

See if you qualify for this program
Find out how much you qualify for
Find out what your monthly payment might be
Calculate your down payment
Calculate your closing costs
and more…

More Information

For answers to more of our commonly asked questions please visit our FAQ page. If you still have unanswered questions, please send us a message by using our contact form, or give us a call, toll-free (877) 449-4535. We’re glad to help!