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 FHA guidelines will apply but are superseded by the guidelines below.[table]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 FHA guidelines will apply but are superseded by the guidelines below.[table]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