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Home buyers in the cities of Corona, Riverside, Moreno Valley, Eastvale, Chino Hills, Ontario, and the entire Inland Empire, can now receive up to 3% down payment and/or closing costs assistance in the form of a grant – that’s free money. This means a home buyers now only need 1/2% down payment when using an FHA home purchase loan and does NOT have to be a first time home buyer!
CHF (CA Homebuyers Fund) has released a new 3% down payment assistance program called Platinum, in the form of a grant that never has to be repaid. This is unlike other state or county down payment programs that require repayment, funky equity sharing features that penalize the home buyer in the future, or require the person to be a first time buyer.
The 3% grant can also be used for making a down payment or paying closing costs with an FHA mortgage or to pay closing costs when using a VA home loan or USDA rural home loan.
Minimum FICO score to qualify is 620.
Qualifying Income Limits: Cannot make more than 120% of the HUD Area Median
Income
$85,200 Riverside & San Bernardino County
$104,640 Orange County
$85,200 Los Angeles County
$90,600 San Diego County
If you would like to learn more details about home buyer down payment assistance or want to see if you qualify, shoot me an email brad(at)homeloanartist(dot)com or call me directly (951) 215-6119. I’m here to help.
