31 First Time Home Buyer Programs in Southern California – Up to $60,000

YOU MAY BE ELIGIBLE FOR UP TO 31 PROGRAMS AND UP TO $60,000 IN DOWN PAYMENT HELP

This example is for a house of less than $467,000 in the city of South Gate California. As of today (09/06/2018) there are 31 houses that fit this search criteria. Please let us know your scenario and home address for a custom list of programs. Conditions apply, please contact us (Celso Neves Mobile: 562-704-1651) for details.

Down Payment Programs

(1 of 31)
CalHFA CalPLUS Conventional First Mortgage Loan Program with ZIP (HFA Preferred)
Manufactured homes are an eligible Conventional Mortgage property type beginning Aug. 20, 2018
Maximum Amount
1st mortgage maximum loan amount of $453,100. Maximum LTV of 97%. Combined with ZIP silent second loan for 3% to 4% of the 1st mortgage loan amount, depending on the rate option chosen. High-balance loans now available over $453,100 with max LTV of 95%.
Benefits
• No borrower contribution required.
• CalPLUS with Zip can be combined with either the CalHFA MyHome Assistance Program or the Extra Credit Teacher Program (ECTP). Also may be layered with MCCs and Conventional-approved subordinate loan programs used for closing costs and/or downpayment assistance.
• High balance loans now acceptable (Above $453,100 with max LTV of 97%)
• Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.

(2 of 31)
CalHFA CalPLUS FHA First Mortgage with ZIP
Maximum Amount
30 year FHA first mortgage combined with a deferred zero-interest (ZIP) second of 3% or 4% of the CalPlus FHA 1st Mortgage, depending on the rate option chosen.
Benefits
• Long term, low interest rate 1st mortgage.
• Deferred payment, zero interest rate, long term second mortgage.
• No borrower contribution required.
• Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.
• Any lien position
• Can be combined with CalHFA MCC, MyHome or ECTP programs.

(3 of 31)
CalHFA Energy Efficient Mortgage (Cal – EEM + GRANT) Loan Program
Maximum Amount
Up to $424,100 for the FHA EEM 1st mortgage. The maximum EEM grant will be the lesser of 4% of the 1st mortgage total loan amount or the maximum amount approved under the Home Energy Rating System (HERS) Report less the maximum FHA EEM amount.
The maximum first mortgage loan amount exceeding $424,100 may be allowed per FHA High Balance loan limits for additional fees.
Benefits
• Long-term FHA 1st mortgage plus forgivable grant.
• No borrower contribution required.
• Can be combined with either the CalHFA MyHome Assistance Program or the Extra Credit Teacher Program (ECTP).
• Can be layered with MCCs or locality programs used for down payment and closing cost assistance.
• Rebates from utility companies, state and/or local government agencies may be obtained by the borrower.
• Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.

(4 of 31)
CalHFA MyHome Assistance Program – Conventional
Manufactured homes are an eligible Conventional Mortgage property type beginning Aug. 20, 2018.
Maximum Amount
Up to 3.5% of the sales price or appraised value, whichever is less.
Benefits
• Assistance of up to 3.5% of sales price or appraisal value, whichever is less.
• Deferred, low interest rate loan.
• Can be combined with other downpayment assistance loans and grants but are not eligible for the additional CalPlus ZIP assistance or School Program.
• Can be used with an MCC.
• No loan amount limit.
• Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.

(5 of 31)
CalHFA MyHome Assistance Program – FHA
Effective June 25, 2018, CalHFA will waive its first-time homebuyer requirement for borrowers who were impacted by California natural disasters, beginning with the October 2017 wildfires.
Maximum Amount
Up to 3.5% of the sales price or appraised value, whichever is less.
Benefits
• Assistance of up to 3.5% of sales price or appraisal value, whichever is less.
• Deferred, low interest rate loan.
• Can be combined with a CalHFA Zip loan or other downpayment assistance loans and grants but not the CalPLUS ZIP or School Program.
• Can be used with an MCC.
• No loan amount limit.
• Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.

(6 of 31)
CalHFA School Teacher and Employee Assistance Program (School Program) w/CalHFA Conventional First Mortgage
Manufactured homes are an eligible Conventional Mortgage property type beginning Aug. 20, 2018
Maximum Amount
Deferred, long term, simple interest loan up to 4% of the purchase price or appraised value, which ever is less.
Benefits
• Up to 4% of sales price or appraised value for downpayment and/or closing costs.
• Deferred loan.
• Matches term of CalHFA first mortgage.
• Can be combined with any CalHFA first mortgage and layered with other FHA-approved or Fannie Mae Community Second subordinate loans or grants.

(7 of 31)
CalHFA School Teacher and Employee Assistance Program (School Program) w/CalHFA FHA First Mortgage
Effective June 25, 2018, CalHFA will waive its first-time homebuyer requirement for borrowers who were impacted by California natural disasters, beginning with the October 2017 wildfires.
Maximum Amount
Deferred, long term, simple interest loan up to 4% of the sales price or appraised value.
Benefits
Up to 4% of sales price or appraised value for downpayment and/or closing costs

(8 of 31)
Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program – FHA/VA/USDA
8/7/18 Income limit changes and GSFA added “select” feature to the program. Assistance is now also available in the form of a non-payable gift for certain occupations such as Police, firefighter, teacher.
Maximum Amount
First mortgage plus up to 4% of the First Mortgage Loan amount as a Second Mortgage for FHA and VA loans–up to 3% for USDA loans. Assistance will be in form of non-repayable Gift if borrower is in employed in certain community occupations such as police, firefighters and teachers.
Benefits
• Do not have to be a first time homebuyer to qualify.
• Designed to provide downpayment assistance in conjunction with the purchase of a primary residence in California.
• Up to 4% of the first mortgage provided as a 3-year Forgivable Second Mortgage for FHA/VA loans. Up to 3% for USDA loans.
• For certain occupations, assistance is in the form of a non-repayable gift.

(9 of 31)
Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program – Freddie Mac HFA Advantage
8/6/18 GSFA added “select” feature to the program-Assistance is now available in the form of a non-repayable gift instead of a second mortgage for certain occupations.
Maximum Amount
First mortgage plus up to 5% of the First Mortgage amount in form of a 3-Year Forgivable Second or a non-repayable gift if in a certain occupation.
Benefits
• Do not have to be a first time homebuyer to qualify.
• Designed to provide downpayment assistance in conjunction with the purchase of a primary residence in California.
• Up to 5% of the first mortgage provided as a forgivable second mortgage.
• For certain occupations, assistance is in the form of a non-repayable gift.

(10 of 31)
Chenoa Fund – Conventional 97 HomeReady Program
Use the HomeReady eligibility lookup tool to determine the borrower/loan eligibility. https://homeready-eligibility.fanniemae.com/homeready/
Maximum Amount
3% Down payment 2nd in conjunction with a 97% LTV Fannie Mae Conventional Home Ready First
Benefits
• Do not have to be a first-time homebuyer.
• No income limits in low-income census tracts, 100% of AMI for all other properties.

(11 of 31)
Chenoa Fund – Conventional Standard 97 Program
Maximum Amount
3% for downpayment and .5% for closing costs
Benefits
• No income limits.
• Up to 3.5% of sales price in assistance for down payment and closing costs.

(12 of 31)
Federal Home Loan Bank of San Francisco – Individual Development and Empowerment Account (IDEA) Program
Maximum Amount
Provides up to $15,000 for each participating household, matching up to $3 for each $1 contributed by the homebuyer(s).
Benefits
Through participating Bank members, lower-income households saving to buy their first home by participating in an IDA, FSS, or lease-to-own program can receive a 3-to-1 matching grant of up to $15,000.

(13 of 31)
Federal Home Loan Bank of San Francisco – Workforce Initiative Subsidy for Homeownership (WISH) Program
Maximum Amount
Provides up to $15,000 for each participating household, matching up to $3 for each $1 contributed by the homebuyer(s).
Benefits
• Matching grant for up to $15k in down payment and closing cost assistance.
• WISH grants can complement or supplement a variety of local, state, and federal homeownership programs and are targeted to working families and individuals who are ready to make the transition from renting to owning.

(14 of 31)
Los Angeles Neighborhood Housing Services (NHSLA) CalHome First Time Homebuyer Mortgage Assistance Program
Maximum Amount
CalHome financing is gap financing. Non-recurring closing costs may be added to the gap amount not to exceed 5% of the purchase price.
Benefits
• Deferred loan.
• Up to $60,000 for down payment and closing costs.

(15 of 31)
Southern California Home Financing Authority (SCHFA) First Home Mortgage Program – Los Angeles County – Targeted
Program limited to narrowly defined areas.
Maximum Amount
Provides 1st mortgage (Max 1st Mtg $453,100) along with a grant equal to 4% of the first mortgage amount for down payment and closing cost assistance.
Benefits
• Competitive 1st mortgage financing
• Help with downpayment and closing costs
• Grant is gifted. Does not need to be paid back
• Can be used with HOP and MCC programs

(16 of 31)
Southern California Home Financing Authority (SCHFA) First Home Mortgage Program for First Time Homebuyers – Los Angeles County
Maximum Amount
Provides 1st mortgage (Max 1st Loan $453,100) along with a grant equal to 4% of the first mortgage amount for down payment and closing cost assistance.
Benefits
• Competitive 1st mortgage financing
• Help with downpayment and closing costs
• Grant is gifted. Does not need to be paid back
• May be used with HOP and MCC programs.

(17 of 31)
The Inland Gateway Association of Realtors (TIGAR) Veterans First Time Homebuyer Program Out of Funds
Maximum Amount
$2,000 for closing costs.
Benefits
$2,000 grant for closing costs.

(18 of 31)
Montebello Housing Development Corporation (MHDC) CalHome Second Mortgage Loan Program Out of Funds
Maximum Amount
N/A
Benefits
Deferred zero-interest loan
Affordable First Mortgages
(19 of 31)
CalHFA Conventional First Mortgage Loan Program (HFA Preferred)
Manufactured homes are an eligible Conventional Mortgage property type beginning Aug. 20, 2018
Maximum Amount
Maximum loan amount of $453,100. Maximum LTV of 97%. High-balance loans now accepted with LTV not exceeding 95%.
Benefits
• 1st Mortgage can be combined with either the CalHFA MyHome or the Extra Credit Teacher Program (ECTP). Also may be layered with MCCs and Fannie Mae approved Community Seconds programs used for closing costs and/or downpayment assistance.
• High-balance loans (over $453,100) now accepted with 95% LTV.
• Do not have to be first time homebuyer.
• No homebuyer contribution required.
• Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.

(20 of 31)
CalHFA FHA First Mortgage Loan Program
Effective June 25, 2018, CalHFA will waive its first-time homebuyer requirement for borrowers who were impacted by California natural disasters, beginning with the October 2017 wildfires.
Maximum Amount
FHA first mortgage up to $294,515 for 1 unit. Up to $679,650 in high cost areas
Benefits
• Long term, low fixed interest rate, fully amortized 1st mortgage.
• May be combined with either CalHFA’s MyHome or ECTP downpayment assistance loans. Can be combined with MCC
• Any lien position
• Do not have to be first time homebuyer.
• No borrower minimum contribution required
• Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.

(21 of 31)
CalHFA VA Loan Program
Effective June 25, 2018, CalHFA will waive its first-time homebuyer requirement for borrowers who were impacted by California natural disasters, beginning with the October 2017 wildfires.
Maximum Amount
N/A
Benefits
• Can be combined with either MyHome Assistance Program (MyHome) or the Extra Credit Teacher Home Purchase Program (ECTP). MyHome and ECTP can be used for down payment and closing cost assistance and are for first-time homebuyers only.
• May also be eligible for a Mortgage Credit Certificate (MCC)
• Do not have to be a first-time homebuyer.

(22 of 31)
CalVet Home Loans – First Time Homebuyer (QMB)
Maximum Amount
N/A
Benefits
• No downpayment requirement.
• Eligible veterans do not have to be a first-time homebuyer.
• Current members of the California National Guard or US Military Reserve may qualify.
• Not a one-time benefit. If you had a CalVet loan in the past that was paid in full as agreed, you can apply again.

(23 of 31)
CalVet Home Loans – First Time Homebuyer (QMB) – Targeted
Maximum Amount
Purchase first mortgage – No DPA
Benefits
• No downpayment requirement.
• Eligible veterans do not have to be a first-time homebuyer.
• Current members of the California National Guard or US Military Reserve may qualify.
• Not a one-time benefit. If you had a CalVet loan in the past that was paid in full as agreed, you can apply again.

(24 of 31)
CalVet Home Loans – Qualified Veterans Mortgage Bond Program (QVMB)
Maximum Amount
N/A
Benefits
• No income limits.
• No sales price limit.
• Do not have to be a first-time homebuyer

(25 of 31)
Mountain West Financial (MWF) CalPATH Home Loan Program
Program limited to eligible public employees or teachers/school district employees.
Maximum Amount
Reduced lender fees and competitive interest rates for 1st mortgage financing that can be coupled with down payment assistance programs.
Benefits
• Special benefits for those public employees who serve our communities.
• Reduced processing and underwriting fees.
• FHA and Conventional loan options available.
• Can be used with down payment assistance programs.
• High balance loans available.
• One free interest rate float down within 30 days of locking rate if rates go down.
Tax Credits
(26 of 31)
CalHFA Mortgage Credit Certificate Tax Credit Program (MCC)
Effective June 25, 2018, CalHFA will waive its first-time homebuyer requirement for borrowers who were impacted by California natural disasters, beginning with the October 2017 wildfires.
Maximum Amount
Up to 20% of their annual mortgage interest paid
Benefits
• The MCC Tax Credit is a federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment.
• Can be combined with any of CalHFA’s loan programs.
• Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.

(27 of 31)
CalHFA Mortgage Credit Certificate Tax Credit Program (MCC) – Targeted
Effective June 25, 2018, CalHFA will waive its first-time homebuyer requirement for borrowers who were impacted by California natural disasters, beginning with the October 2017 wildfires.
Maximum Amount
Up to 20% of their annual mortgage interest paid.
Benefits
• The MCC Tax Credit is a federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment.
• Can be combined with any of CalHFA’s loan programs.
• Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.

(28 of 31)
Los Angeles County CDC Mortgage Credit Certificate (MCC) Out of Funds
Program available only in unincorporated areas of Los Angeles County and certain cities.
Maximum Amount
20% of mortgage interest paid can be taken as a federal income tax credit
Benefits
20% of mortgage interest paid can be taken as a federal income tax credit

(29 of 31)
Los Angeles County CDC Mortgage Credit Certificate (MCC) Targeted Areas Out of Funds
Program limited to narrowly defined geographic areas.
Maximum Amount
20% of mortgage interest paid can be taken as a federal income tax credit
Benefits
• 20% of mortgage interest paid can be taken as a federal income tax credit.
• First-time homebuyer requirement waived when buying in a targeted area.
Additional Options
(30 of 31)
Pepperdine University Financing Program (PUFP)
Program limited to Pepperdine University employees only.
Maximum Amount
The amount of the Loan is entirely in the judgment of the University, shall be related to
the expected need of the Borrower, shall not exceed the limitations established by the University Management Committee, and shall be subject to availability and approval of budgeted funds to be used for the Loan.
Benefits
• The principal purpose of the Contingent Interest Loan program is to assist in the recruitment of faculty and staff by assisting them in acquiring suitable housing in the vicinity of or on the University’s campuses and educational centers.
• The loan features two interest components: (a) Fixed Interest rate on the unpaid principal sum; and (b) Contingent Interest on the Net Appreciated Value of Residence (rate equal to the 11th District Cost of Funds Index rate then publicly announced and made available by the Federal Home Loan Bank of San Francisco as of the calendar month preceding the date of the loan.

(31 of 31)
SC Faculty & Staff Program – One-Time Subsidy
Program limited to eligible employees of the Univesity of Southern California (USC).
Maximum Amount
To be determined by program provider.
Benefits
• Down payment and closing costs assistance.
• Deferred loan with no monthly payments.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s