Platinum Program 1% 1 Unit

Down Payment Assistance 

The program is a grant which may be used for down payment or closing cost assistance. This is a grant with no repayment required. This program is designed to help low to moderate income borrowers. FHA guidelines will apply but are superseded by the guidelines below.[table]

Credit score: 620 minimum
Property type: SFR, PUD, Condo
Occupancy: Primary residence
Down Payment: 1% minimum
Loan to Value: 96.5%  CLTV:   99.5%
Gift Funds Allowed. No minimum buyer contribution
Closing cost: Seller and/or lender can pay up to 6%
Debt Ratio: 43%     Max. 46/50% with compensating factors
Income Limit: $85,680 in Los Angeles County


Additional Notes:

  • Compensation limitation shall apply
  • Combined with an FHA first mortgage
  • This is a grant. No repayment required.
  • Non-occupant co-borrower are not allowed
  • First time buyer not required. Must be primary residence
  • Income is based on borrower income, not household
  • Grant funded by the first mortgage bank
  • Interest rate is higher than standard government loan
  • 2 appraisals w/ home inspection on 90 day flips
  • Available for Veteran Administration loans

This page contains program highlights only. See sidebar links for further information and details.

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