is this program for?
do the programs work?
properties are eligible?
else do I need to know?
do I apply??
This program is for low to moderate income households who intend to occupy the property as their primary residence.
The applicant DOES NOT need to be a first time homebuyer for the stand alone first mortgage.
All closing cost and down payment assistance programs DO require that the applicant be a first time homebuyer
The income limits for this program can be found on the INCOME LIMITS PAGE
There are 3 different programs that can be used to cover down payment or closing costs.
The programs must be used with a CalHFA first mortgage.
All of these programs are loans, not grants
Amount of assistance: Up to 3.5% of the sales price if 1st mortgage is an FHA loan. All others receive 3% of the sales price
Purpose: Can be used for down payment or closing costs.
Borrower eligibility: Must be first time homebuyer and meet all requirements of first mortgage.
Can be layered with MCC and/or ZIP Program.
Amount of assistance: Up to 4% of the sales price
Purpose: Can be used for down payment or closing costs.
Borrower eligibility: Must be first time homebuyer and meet all requirements of first mortgage.
Must be a teacher, administrator, school district employee or staff member working in any California K-12 public school, including charter and continuation schools.
Can be layered with MCC and/or ZIP Program.
Amount of assistance: Either 2% or 3% of the first mortgage
Purpose: Can ONLY be used for closing costs
Borrower eligibility: Must be first time homebuyer and meet all requirements of first mortgage.
Can be combined with MyHome, School program and/or MCC
Single family homes, town homes and condominiums located within the State of California are eligible.
Maximum Sales Price: $765,000 for attached and detached properties
As already mentioned, these guidelines are not the complete set of eligibility and qualification requirements but rather an overview.
Applications are made through an approved participating lender
Laura Borja with Ocean Lending is an approved participating lender
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992-4061
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Download the application worksheet
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Laura Borja | Senior Mortgage Consultant | NMLS#199107
Cell: (619) 992-4061
laura@lauraborja.com
27271 Las Ramblas ste 150 Mission Viejo CA 92691
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This website is not authorized by the New York State Department of Financial Services to accept mortgage loan applications for properties located in New York. Intended for California Consumers Only.
Ocean Lending Home Loans Inc. NMLS ID #1626788 (www.nmlsconsumeraccess.org). 27271 Las Ramblas ste 150 Mission Viejo CA 92691 (888) 508-5030. All rights reserved. This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice and may not be available in all states. All products are subject to credit & property approval. Ocean Lending is not affiliated with any government agency. Licensed by the Dept of Business Oversight under the California Residential Mortgage Lending Act License # 41DBO-76602 and Finance Lenders Law Lic # 60DBO71981