The MyHome loan provides up to 6% at the sales price or appraised value of the property, which ever is less, funds can be used for down payments and or closing cost assistance.
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| Credit score: | 660 minimum |
| Property type: | SFR, PUD, Condo |
| Occupancy: | Primary residence |
| Down Payment: | no minimum buyer contribution is required |
| Loan to Value: | CLTV: 105.00% |
| Gift Funds | Allowed. No minimum buyer contribution. |
| Closing cost: | Seller and/or lender can pay up to 6% |
| Debt Ratio: | 45% |
| Income Limit: | Income Limits Apply |
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- Condos must be FHA Approved or Fannie Mae approved
- Lender-Paid Closing Cost program available
- Impounds are required
- Bankruptcy 2 yrs, Foreclosure 3 yrs, Short Sale 3 yrs (standard)
- First time buyers only
- Homebuyer education is required
- 100% gift for closing funds allowed
- Mortgage reserves required based on AUS results
- MyHome can be combined with all Calhfa first mortgages including calplus w/zip
All program are subject to change at anytime without any further notice