Extended Guidelines
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 FHA guidelines will apply but are superseded by the guidelines below.[table]
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 FHA guidelines will apply but are superseded by the guidelines below.[table]
| Credit score: | 580 minimum |
| Property type: | SFR, PUD, Condo ( 2 units with 640 min. score ) |
| Occupancy: | Primary residence |
| Down Payment: | 1/2% 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. 47% 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:
- Must complete Homebuyer Education
- Must provide evidence of strengths to offset their deficiencies
- Should not have no negative credit reporting in last 12 months
- VOR from property management or 12 mos. cancelled checks
- First time buyer not required. Must be primary residence.
- Condos must be FHA Approved
- 3 yrs. tax returns required
- Income is based on borrower(s) income, not household income
- Lower credit score programs available
- Bankruptcy 2 yrs, Foreclosure 3 yrs, Short Sale
This page contains program highlights only. See sidebar links for further information and details.