Grant Programs for First Time Homebuyers
CalHFA has launched three new programs, and each may be combined with CalHFA’s various down payment assistance programs for first time homebuyers in the housing market.
Two of the CalHFA’s new programs are first mortgage loans, the CalPLUS Conventional and the CalHFA Conventional, offering a maximum LTV of 97%. The third new program is CalHFA’s Energy Efficient Mortgage combined with an additional Energy Efficient Mortgage Grant to allow for energy efficient improvements. All three of the programs are available to first time homebuyers, with exceptions if the borrower is purchasing a home located in a Federally Designated Targeted Area*.
Each of the programs can be combined with CalHFA down payment assistance programs and other assistance programs including the California Homebuyer’s Down Payment Assistance Program (CHDAP), the Extra Credit Teacher Program (ECTP), and the Mortgage Certificate Credit (MCC) program.
The CalPLUS Conventional Loan Program is already combined with the Zero Intererst Program (ZIP), which is a deferred second loan with zero interest. The maximum amount of the ZIP loan is 3% of the CalPLUS first mortgage.
The CalHFA EEM Grant may be a maximum of 4% the first mortgage total loan amount and includes the Up Front Mortgage Premium (UFMIP).
All three of the programs require a minimum credit score of 640, and debt-to-income (DTI) not to exceed 45%. With the assistance of other down payment assistance programs or grants, all programs may have a maximum combined loan-to-value (CLTV) of 103%. Source: prweb.com photo by photostock
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Posted on June 18, 2014, in CUSTOMERS, LOAN SPECIALIST, NEWS and tagged CALFHA, first time buyer, grants, housing market, Loan, mortgage, officer, payment, program, Real estate, your Loan in the VAlley. Bookmark the permalink. Leave a comment.