Purchase loan options: buy with 1/2% down payment
 

With down payment assistance, a large down payment isn't needed to buy California real estate. Through our lending partners, the National Homebuyers Fund and the CRHMFA, we’re able to offer a couple of low down payment loan options to California home buyers seeking a primary residence. These programs provide funds toward the down payment and/or closing costs to eligible buyers, in the form of a Grant which doesn’t need to be repaid or a 2nd mortgage that will be repaid. In either case, the down payment assistance will be used in conjunction with either a 30 year fixed FHA loan, or a 30 year fixed VA loan.

1. CHF Access – ½% down payment, 3% down payment assistance

The CHF Access program, allows home buyers to purchase a home with just a ½% down payment; which on a $200,000 home purchase, would only be $1,000 down. In this program the buyer must qualify for an FHA 30 year fixed home loan. The difference is that CHF Access is providing 3% of the 3.5% down payment requirement. The 3% is repaid to CHF Access in the form of a 15 year fixed rate 2nd mortgage, that’s included in the total monthly payment. Credit scores down to 580 may be eligible and income limitations do apply. Contact Steve for more information at 714-660-1239 or PM “Punisher” here on Calguns. More information is available at the below link:
http://www.chfloan.org/Programs/ACCESS/CHF_ACCESS.html

2. CHF Platinum – zero down, 5% Grant

The CHF Platinum program is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California. The Down Payment Assistance is available in the form of a Grant, that doesn’t have to be repaid. The Grant amount may be up to 5% of the first mortgage loan amount, and may be used towards the purchase price and/or closing costs. No cash back to the borrower is allowed. May be used in conjunction with 30 year fixed, FHA or VA, home loans. Contact Steve for more information at 714-660-1239 or PM “Punisher” here on Calguns. More information is available at the below link:
http://www.nhfloan.org/programs/CHF_..._Platinum.html





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