Calplus 3% Down Conventional Program

This program is a fully amortized 30 year fixed mortgage combined with a zero interest program for down payment of closing cost assistance.

Credit score: 640 minimum
Property type: SFR, PUD, Condo*
Occupancy: Primary residence
Down Payment: No minimum borrower contribution required
Loan to Value: 97% CLTV      Max. CLTV: 105%
Gift Funds Allowed.
Closing cost: Seller and/or lender can pay up to 6%
Debt Ratio: 45% max
Income limits: County Income Limits


Additional Notes:

  • Condos must be Fannie Mae approved
  • Lender-paid closing cost available
  • Impounds are not optional
  • Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs
  • Condo max 95% LTV
  • First time buyer not required. Must be primary residence
  • Homebuyer Education is required
  • Manufactured homes requires 660 score
  • Mortgage reserves are not required
  • Guest houses are allowed
  • Up to 6.5% combined assistance

This page contains program highlights only. See sidebar links for further information and details.

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