Interested in down payment assistance?
Look no further. Here are some available programs for you.
3% - 3.5% Down Payment Assistance
Covers your minimum down payment
Competitive interest rates
No equity share with CalHFA
the one
EXCLUSIVE TO THE CHRIS KENNEDY TEAM!!!
1% Down Payment Option
2% Grant
Less than or equal to 80% AMI
No charge for Mortgage Insurance
2%-3% Closing cost assistance
Covers your closing costs on a new home purchase
Must be combined with the CalHFA MyHome Program
MyHome Assistance Program
Program Highlights:
Borrower receives 3% or 3.5% in assistance from CalHFA to cover your minimum down payment.
CalHFA Conventional = 3% in assistance
CalHFA FHA = 3.5% in assistance
Assistance is not forgivable and must be repaid if the home is refinanced, sold, or you reach the end of your 30-year term on the loan.
Borrower can add 2% or 3% in closing cost assistance with CalHFA ZIP
Loan amount limit based on conforming loan limits
Interest rates for the program are set by CalHFA and change daily
Types of approved homes:
Single-family homes
Condos/townhomes (approval required)
Manufactured homes on owned land (no leased spaces)
Below-market-rate (BMR) homes
Eligibility:
Borrower must be a first-time homebuyer (not owned a home in the past 3 years)
Borrower’s gross income must be below the limit for the county the home is purchased in
Maximum DTI (debt-to-income ratio) is 45%
Minimum credit scores:
Conventional: 680
FHA: 640
COMPLETE PROGRAM INFORMATION
THE ONE
Program Highlights:
Borrower has the ability to put down as little as 1% and get into a home
The lender is providing a grant of 2% of the loan amount.
Under this scenario you would enter your home with 3% equity.
Clients who qualify may contribute up to 2.99% toward a down payment while still receiving the 2% grant.
There are no restrictions on where you can live or where you move from.
This program is available nationwide.
Borrower will not have to pay for mortgage insurance on this product.
This means a lower monthly payment, which adds to affordability.
Qualifications:
Borrower must be a first-time homebuyer (not owned a home in the past 3 years) OR repeat homebuyers Nation-Wide.
Borrower(s) gross income must be below 80% of the median income in the county in which he or she is looking to purchase.
Minimum FICO score of 620
Conventional only (no FHA options)
Single-unit primary residences only
When combined with the 2% grant, your initial down payment can be no more than 4.99%.
FAQ:
Is this really a 1% down option?
Yes, but you can get the benefit of going into your loan with 3% equity. In addition to the 1% you bring to the closing table, we are providing a 2% grant.
Are temporary buydowns available for this product?
Temporary buydowns allow for the creation of a fund to effectively lower the interest rate for a year or more at the beginning of your loan term. These are allowed if they come from an eligible source including the builder, seller, or a real estate agent.
Are there other low down payment options if I don’t qualify for this program?
There are several other low down payment options that may be available to you depending on your situation. For example, if you need to qualify with a higher income, you can still put as little as 3% down on a conventional loan as a first-time homebuyer. If you credit score is 580 or better, you can put 3.5% down for an FHA loan.