Access Program w/ 580 Score 1-2 Units

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 FHA guidelines will apply but are superseded by the guidelines below.[table]

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


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.

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