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 FHA guidelines will apply but are superseded by the guidelines below.
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| Credit score: | 620 minimum |
| Property type: | SFR, PUD, Condo ( 2 units with 640 min. score ) |
| Occupancy: | Primary residence |
| 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 |
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Second loan is payable at 8.25% rate for 15 years
Additional Notes:
- 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.