2014 Guide to California Buyer Assistance Loans & Grants

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2014 Guide to California Buyer Assistance Loans & Grants

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Buyer Assistance Programs

2014 California Buyer Assistance

★ California Housing Finance Agency

★ FHA,CalPLUS w/ ZIP, ECTP, CHDAP

★ 3 CHF Platinum Grants - Updated 2/2014

★ SCHFA OC & LA Homebuyer Grant

★ BCA Community Access + CHDAP

★ Questions & Answers



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What They Have in Common

★ Minimum 640 FICO

★ Maximum $417,000 Loan Amount

★ Income Limits Apply

★ Purchase Price Limits Apply

★ 43% to 45% Debt to Income Ratio



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2014 California Buyer Assistance

California Housing Finance Agency






CalHFA First Time Homebuyer Loans

Buyer Assistance Loans

CalPLUS ZIP - CalHFA FHA - ECTP - CHDAP



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★ No Principle Residence for 3 Years

★ Can Own Other Properties (Tax Returns)

★ Qualified Veterans Exempt

★ Federally Designated Target Area Exempt

★ Boomerang Buyers OK after 3 Years

First Time Homebuyer Requirement




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★ Must Be Owner Occupied within 60 Days ★ Must Not Exceed CalHFA Income Limits ★ Maximum 43% Debt to Income ★ Minimum 640 FICO ★ 8 Hours Homebuyer Education Class ★ Non-Occupant Co-Signers Allowed

Borrower Requirements





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★ Must NOT Occupy the Property

★ Must Not be on Title or Have Interest in Home

★ Will have Income, Assets, Liabilities & Credit

History Considered by Underwriters

Non-Occupant Co-Signer Rules





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★ Sales Price Limits by County

★ Single Family, One-Unit Residence Only

★ Condominiums Must Be FHA Approved

★ Lot Size Cannot Exceed 5 Acres

★ Must Carry 2 Year Home Warranty

Property Requirements





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★ CalHFA FHA & CalPLUS

★ Both are FHA Insured Mortgages

★ Same Income Limits all Programs

★ Sales Price Limits by County

★ Rates & Fees set by CalHFA

CalHFA First Mortgage Loans





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★ CalPLUS Interest Rate is Higher

★ Zero Interest Program (ZIP) CalPLUS Only

★ Silent Second, Deferred for Life of Loan

★ 3.5% of Total Loan Amount inc. UFMIP

★ Automatic Approval with CalPLUS

CalPLUS with ZIP





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★ 3% of Purchase Price

★ Can be used with Non-CalHFA First Mtg

★ Silent Second, Deferred for Life of Loan

★ Income & Sales Price Limits - Most Strict

★ Can be Used in Any Lien Position

CalHFA CHDAP





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“The Extra Credit Teacher Home Purchase Program (ECTP) is a deferred payment, simple interest rate subordinate loan.” - CalHFA

Extra Credit Teacher Program





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Academic Performance Index (API) 1-5

★ Fixed Rate* - Deferred Payments

★ Greater of $7,500 or 3% Sales Price

★ Greater of $15,000 or 3% - High Cost Area

★ 0% Interest after 3 Years*

★ Must Use CalHFA First Mortgage

Extra Credit Teacher Program





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CalHFA.ca.gov




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Rate Screenshot on February 18th, 2014

CHF Platinum Grant





★ Must Use Program First Mortgage ★ 30 Year Fixed FHA, VA, USDA ★ Less of $417,000 or FHA Loan Limit ★ Duplexes Ok ★ Qualify for 1st is Grant Eligible

Program Highlights

CHF Platinum Grant

Qualifying Overview



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★ Equal to 3% or 5% of 1st Loan ★ Interest Rate Increases at 5% Grant ★ Can be Used for Closing or Down ★ No Cash Back Allowed ★ Lender Requests Grant at Closing ★ Can use with CHDAP - Income Limits

CHF Platinum Grant

CHF Grant Facts

California Homebuyer Grant



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★ Must be Primary Residence

★ Income Limit 115% AMI / County

★ 640 Minimum Credit Score

★ Maximum DTI 45%

★ Meet all FHA, VA, USDA Guidelines

CHF Platinum Grant





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★ Equal to 4% of 1st Loan

★ Can be Used for Closing or Down

★ 140% Area Median Income Limit

★ Discount Mortgage Insurance

★ Can use with CHDAP

CHF Conventional Grant

Conventional Grant Facts




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SCHFA Homebuyer Grant






SCHFA Grant Facts




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★ Equal to 4% of 1st Loan

★ First Time Buyer = No Primary 3 Yrs

★ Max First Mortgage = $417,000

★ LA – 1-2 = $99,360 / 3+ = $111,515

★ OC – 1-2 = $109,800 / 3+ = $128,100


SCHFA Grant Facts




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★ Use for Down Payment or Closing Costs

★ Lender Orders Grant at Closing

★ Use with CHDAP - CalHFA Limits Apply

★ Must be Primary Residence

★ 640 Minimum Credit Score

★ Maximum DTI 45%

★ Meet all FHA, VA, USDA Guidelines






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Broadview Community Access





★ FHA Alternative ★ 5% Down Payment ★ Can use w\ CHDAP ★ Reduced PMI Rate ★ Reduced Closing Costs ★ Refinance Ok ★ 30 Year Fixed Only


BCA Program Highlights



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Discount Mortgage Insurance

★ Must be Primary Home ★ Not First Time Buyer Loan ★ Duplexes Allowed ★ 620 to 85.01 - 90% LTV

★ 660 to 90.01 - 95% LTV

★ 680 to 95.01 - 97% LTV


Homebuyer Qualifying



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★ $417,000 Maximum Loan Amount ★ 140% Area Median Income ★ LA & Orange County $93,520 ★ Riverside / San Bernardino $87,640 ★ San Diego $102,260 ★ Contact us for More Limits

Community Access

2014 Loan and Income Limits



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Mix & Match Assistance Programs





★ CalHFA FHA or CalPLUS + ZIP + ECTP

★ CalHFA FHA or CalPLUS + ZIP + CHDAP

★ CHF Platinum Grant + CHDAP

★ Broadview Community Access + CHDAP

★ Any FHA or Conventional Loan + CHDAP

Stacking Options

Always Use Most Restrictive Rules

Mix & Match Assistance Programs



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Wrap Up & Take Aways





★ CalHFA FHA & CalPLUS ZIP

★ CHDAP, ECTP Assistance Loans

★ CHF & SCHFA Grants - Not Paid Back

★ Community Access + CHDAP - Disc. PMI

★ Approved Lender CalHFA & CHF Platinum

Quick Review

More Options for Homebuyers

California Homebuyer Assistance



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★ Community Programs are Back

★ Offered on Level Playing Field

★ More From CalHFA This Year

★ Creative Solutions are Available

★ Creative Lender is Key

Wrap Up & Take Aways

California Homebuyer Assistance

Community Programs



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2014 Guide to California Buyer Assistance Loans & Grants

Real Estate

Transcript of 2014 Guide to California Buyer Assistance Loans & Grants