There are many down payment assistance programs out there. if you are looking in the cities of Rancho Cucamonga, Rialto, San Bernardino, Fontana, Corona, Temecula, Lake Elsinore, Orange County, Moreno Valley.
Platinum Program.
The platinum down payment assistance program is a grant, you do not have to pay it back…there is a catch though… the interest rate is set by Golden State Finance Authority and is usually higher than your standard FHA interest rate. You can see the rates and see that Wholesale Capital Corporation is a authorized lender on this page HERE.
When I use a Platinum program to help a buyer get into a home I will usually plan an FHA streamline refinance for 6 months after the closing of the loan due to the fact that I want my clients to get the best of both worlds, grant to get in the home and lowest interest rate available.
Cal Hafa Program.
In general these are borrower eligibility requirements for all CalHFA programs:
- Must be a U.S. citizen, permanent resident or other qualified alien.
- You will need to meet credit, income limits and loan requirements of the CalHFA-approved lender and the mortgage insurer.
- Borrower will need to live in the home you are purchasing for the entire term of the loan, or until the home is sold or refinanced.
- CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
- CalHFA’s down payment programs MyHome and ECTP and the MCC require you to be a first-time homebuyer. See the definition of a first-time homebuyer.
Each of the programs has its pros and cons. When we talk we will consider all options and move forward on the best situation available for you.
