This is a down payment or closing cost assistance program. It is a small second loan for up to 3% of sales price. This program is for low and moderate income with applicable income restrictions. FHA guidelines will apply but are superseded by the guidelines below.
|Credit score:||620 minimum|
|Property type:||SFR, PUD, Condo ( 2 units with 640 min. score )|
|Down Payment:||1% minimum|
|Loan to Value:||96.5% CLTV: 99.5%|
|Gift Funds||Allowed. No minimum buyer contribution required.|
|Closing cost:||Seller and/or lender can pay up to 6%|
|Debt Ratio:||43% Max. 46/56% with compensating factors|
|Income Limit:||$85,680 in Los Angeles County|
Second loan is payable at 8.25% rate for 15 years
- Condos must be FHA approved
- Lender-paid closing cost available
- Unpermitted additions are not given value
- Bankruptcy 2 yrs, Foreclosure 3 yrs, Short Sale
- First time buyer not required. Must be primary residence.
- Income is based on borrower(s) income, not household income
- 580 credit score available
- 2 appraisals w/ home inspection on 90 day flips
- Impounds are mandatory on all government loans
- 2/1 Buy down allowed. Can be paid by seller.
This page contains program highlights only. See sidebar links for further information and details.