We realize that one of the biggest challenges you may face when purchasing a home is coming up with the funds for the down payment and/or closing costs.
This Program is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California.
Down Payment Assistance (DPA) is available.
SAMPLE LOAN SCENARIO
BORROWER HAS LITTLE OR NO MONEY FOR DOWNPAYMENT
Purchase Price:$325,000FHA 1st: 96.50% Loan-to-Value (LTV)$313,625.00
96.50% Loan-to-Value (LTV)$313,625.00CHF ACCESS PLATINUM: 3% Size (for down payment)$9,750.00
3% Size (for down payment)$9,750.00Total Financing 1st & Grant: 99.5% of Sales Price $323,375.00
$323,375.00Borrower Required Down payment: 0.5% (1/2 percent)$1,625.00
$1,625.00
*Example of 99.5% total financing utilizing the CHF ACCESS Loan Program is based on the combination of a 30-year fixed-rate FHA First mortgage and a 15-year fixed-rate CHF ACCESS Second Mortgage. The payment on a $313,625
30-year fixed-rate loan at 5.50% and 96.5% loan-to-value (LTV) is $1,780.73 with 1.00 point due at closing. The annual Percentage Rate (APR) is 6.19%. The payment on a $9,750 15-year fixed-rate CHF ACCESS Second Mortgage at 8.25% is $94.59 with an APR of 8.25%. Total monthly payment is $1,875.32. Some state and county maximum loan amount restrictions may apply. Actual rate may vary.
California Lending Source is a DBA of Real Estate Source, Inc. DREL# 01869619 NMLS#288738. The Broker. First Mortgage Corporation is licensed by the Department of Corporations, under the California Residential Mortgage Lending Act. The Lender
CRHMFA Homebuyers Fund (CHF) is a government sponsored joint powers authority that offers loan programs to assist potential homebuyers in purchasing a home. This is not an offer for extension of credit or a commitment to lend and is subject to change without notice. Certain restrictions apply on all programs. See your CHF Approved Lender or Broker for complete program guidelines, loan applications, applicable fees and APRs. Printed 07/11
Down Payment Assistance:
Grant Funds available from CHF:
•May not exceed 3% of the First Mortgage Loan amount;
•Proceeds may be used for down payment and/or closing costs;
•There must be no cash back to the borrower from the Grant Fund proceeds;
•Participating Lender will fund Grant at the time of loan closing and will be
reimbursed at the time of loan sale to Servicer
Borrower Eligibility:
Borrower must meet the following requirements:
•Occupy the residence as their primary residence; non-occupant co-borrowers
are not allowed.
•Qualifying income cannot exceed CHF income limits for the county in which the property is located Income Limits.
•Minimum Credit Score of 620.
•Meet all required FHA, VA, USDA-RHS underwriting criteria.
See if the CHF Platinum Program will help you achieve the dream of Homeownership, sooner than you thought possible.
Call: (916) 307-3444
Email us: Loans@CaliforniaLendingSource.com
