Down Payment Assistance Programs

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Click the Directory link "FindDownPayment.Car.org" to see what programs are available for the home you want to buy.  For instance, these are the programs listed below are available for Chula Vista subject to money available.
 
To make this easier for you, you can also give me the address of the property you are interested in and I will do the research and send you a list of possible programs with lenders who are acquainted with these programs.    
 
Thank you,
John Luppens, Realtor
Smart Vision Realty
 
 
Down Payment Programs for Chula Vista
 
CalHFA CalPLUS Conventional First Mortgage Loan Program with ZIP (HFA Preferred)
Program includes the upcoming May 1, 2017 On-Line education change that will require a one-hour one-on-one counseling session in addition to the current 8-hour eHome America online homebuyer education.
Maximum Amount
1st mortgage maximum loan amount of $424,100. Maximum LTV of 97%. Combined with ZIP silent second loan for 3% to 4% of the 1st mortgage loan amount, depending on the rate option chosen. High-balance loans now available over $424,100 with max LTV of 95%.
Benefits
  • No borrower contribution required.
  • CalPLUS with Zip can be combined with either the CalHFA MyHome Assistance Program or the Extra Credit Teacher Program (ECTP). Also may be layered with MCCs and Conventional-approved subordinate loan programs used for closing costs and/or downpayment assistance.
  • High balance loans now acceptable (Above $417,000 with max LTV of 95%)
  • Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying. 
 
CalHFA CalPLUS FHA First Mortgage with ZIP
 
Maximum Amount
30 year FHA first mortgage combined with a deferred zero-interest (ZIP) second of 3% or 4% of the CalPlus FHA 1st Mortgage, depending on the rate option chosen.
Benefits
  • Long term, low interest rate 1st mortgage.
  • Deferred payment, zero interest rate, long term second mortgage.
  • No borrower contribution required.
  • Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.
  • Any lien position
  • Can be combined with CalHFA MCC, MyHome or ECTP programs.

CalHFA MyHome Assistance Program - Conventional
Maximum Amount
Up to 3.5% of the sales price or appraised value, whichever is less.
Benefits
  • Assistance of up to 3.5% of sales price or appraisal value, whichever is less.
  • Deferred, low interest rate loan.
  • Can be combined with other downpayment assistance loans and grants but are not eligible for the additional CalPlus ZIP assistance.
  • No loan amount limit.
  • Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.
 
CalHFA MyHome Assistance Program - FHA
Maximum Amount
Up to 3.5% of the sales price or appraised value, whichever is less.
Benefits
  • Assistance of up to 3.5% of sales price or appraisal value, whichever is less.
  • Deferred, low interest rate loan.
  • Can be combined with a CalHFA Zip loan or other downpayment assistance loans and grants but not the CalPLUS ZIP.
  • No loan amount limit.
  • Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.
 
Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - FHA/VA/USDA
Maximum Amount
First mortgage plus up to 5% of the Mortgage Loan amount as a grant.
Benefits
  • Do not have to be a first time homebuyer to qualify.
  • Designed to provide downpayment assistance in conjunction with the purchase of a primary residence in California.
  • Up to 5% of the first mortgage provided as a Grant.
  • Grant does not have to be paid back.
 
Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - Freddie Mac HFA Advantage
Maximum Amount
First mortgage plus up to 5% of the First Mortgage amount as a grant.
Benefits
  • Do not have to be a first time homebuyer to qualify.
  • Designed to provide downpayment assistance in conjunction with the purchase of a primary residence in California.
  • Up to 5% of the first mortgage provided as a Grant.
  • Grant does not have to be paid back.
 
County of San Diego Downpayment and Closing Cost Assistance (DCCA) CalHome Program
Program limited to certain areas of San Diego County.
Maximum Amount
$70,000 or 33% of the purchase price, whichever is less.
Benefits
  • Deferred Payment, 30-year Loan
  • Low-interest rate
  • Up to $70,000 for down payment and closing costs
 
East West Bank - REACH
Maximum Amount
1% to 2% of sales price, not to exceed $5,000.
Benefits
  • Up to $5,000 in assistance.
  • Grant does not have to be repaid.
  • Do not have to be a first time homebuyer.
 
NeighborhoodLIFT Program - San Diego, Riverside, San Bernardino Counties - Conventional
Maximum Amount
Matching funds of up to $7,500 of downpayment assistance.
Benefits
  • Up to $7,500 in matching funds.
  • 3-Year deferred, forgivable loan.
  • Do not have to be first time homebuyer.
  • There may be several programs eligible for layering incentives together with NeighborhoodLIFT funding. 
 
NeighborhoodLIFT Program - San Diego, Riverside, San Bernardino Counties - FHA
Maximum Amount
Matching funds of up to $7,500 of downpayment assistance.
Benefits
  • Up to $7,500 in matching funds.
  • 3-Year deferred, forgivable loan.
  • Do not have to be first time homebuyer.
  • There may be several programs eligible for layering incentives together with City of Chula Vista First-Time Homebuyer Program (CalHOME) Out of Funds
Maximum Amount
Up to $56,000. (Can combine two loan programs--CalHOME funds up to $56,000 with HUD HOME funds up to $20,000.)
Benefits
  • Up to $56,000 in assistance.
  • Deferred, low interest rate 30-year loans.
  • Low downpayment.
  • Can be combined with HOME FTHB program ($20,000) and with Mortgage Credit Certificate (MCC) program. 
 
City of Chula Vista First-Time Homebuyer Program (HOME) Out of Funds
Maximum Amount
Up to $20,000. (Can combine two loan programs--CalHOME funds up to $56,000 with HUD HOME funds up to $20,000.)
Benefits
  • Up to $20,000 in assistance.
  • Deferred, low interest rate 30-year loans.
  • Low downpayment.
  • Can be combined CalHOME FTHB program ($56,000) and with Mortgage Credit Certificate (MCC) program.
 
 
Community Housing Works CalHOME Down Payment Assistance Program Out of Funds
Maximum Amount
$25,000 for a household size of 2 or less.
$38,000 for a household size of 3 or more.
Benefits
  • Deferred 30-year loan
  • 3% simple interest
 
Community Housing Works Cost Assistance Support for Homebuyers (CASH) Out of Funds
Maximum Amount
N/A
Benefits
  • 10-year low interest rate loan
  • Payments are deferred for the first five years
  • Loan can be 2nd, 3rd or 4th Lien
Affordable First Mortgages
 
CalHFA Conventional First Mortgage Loan Program (HFA Preferred)
Maximum Amount
Maximum loan amount of $424,100. Maximum LTV of 97%. High-balance loans now accepted with LTV not exceeding 95%.
Benefits
  • 1st Mortgage can be combined with either the CalHFA MyHome or the Extra Credit Teacher Program (ECTP). Also may be layered with MCCs and Fannie Mae approved Community Seconds programs used for closing costs and/or downpayment assistance.
  • High-balance loans (over $424,100) now accepted with 95% LTV.
  • Do not have to be first time homebuyer.
  • No homebuyer contribution required.
  • Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.
 
CalHFA FHA First Mortgage Loan Program
Maximum Amount
FHA first mortgage up to $424,100
Benefits
  • Long term, low fixed interest rate, fully amortized 1st mortgage.
  • May be combined with either CalHFA's MyHome or ECTP downpayment assistance loans. Can be combined with MCC
  • Any lien position
  • Do not have to be first time homebuyer.
  • No borrower minimum contribution required
  • Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.
Tax Credits
 
CalHFA Mortgage Credit Certificate Tax Credit Program (MCC)
Maximum Amount
Up to 20% of their annual mortgage interest paid
Benefits
  • The MCC Tax Credit is a federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment.
  • Can be combined with any of CalHFA's loan programs.
  • Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.
 
CalHFA Mortgage Credit Certificate Tax Credit Program (MCC) - Targeted
Maximum Amount
Up to 20% of their annual mortgage interest paid.
Benefits
  • The MCC Tax Credit is a federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment.
  • Can be combined with any of CalHFA's loan programs.
  • Rental income from an Accessory Dwelling Unit (ADU) within the home is acceptable and can be used for credit qualifying.
 
County of San Diego Regional Mortgage Credit Certificate (MCC) Program Out of Funds
Program excludes certain cities with San Diego County.
Maximum Amount
Up to 20% federal tax credit of mortgage interest paid each year the borrower owns the home.
Benefits
The credit reduces the federal tax burden of the buyer’s net earnings, providing them with increased income to qualify for the mortgage loan.
 
County of San Diego Regional Mortgage Credit Certificate (MCC) Program - Targeted AreasOut of Funds
Program limited to targeted areas of San Diego County.
Maximum Amount
Up to 20% federal tax credit of mortgage interest paid each year the borrower owns the home.
Benefits
  • Tax credit reduces the federal tax burden of the buyer’s net earnings, providing them with increased income to qualify for the mortgage loan.
  • Do not have to be a first-time homebuyer when purchasing in a targeted area.
Additional Options
 
Unison HomeBuyer
Maximum Amount
Unison invests alongside the homebuyer, up to 50% of the down payment, and no more than $500k for a single property/buyer.
Benefits
  • Provide down payment funds that you can use for up to 30 years with no interest charges or monthly payments.
  • Unison invests alongside you, typically contributing up to half of the down payment on your home purchase. You make no monthly payments. Instead, Unison hopes to earn a return on their investment by sharing in the appreciation when you sell your home – 30 years later.
  • Unison shares in the change in value of your home – up or down – when you decide to sell. Their share of the change in value is typically 35%. If your home’s value increases, you both profit as partners. If your home’s value decreases, Unison will also typically take a portion of the loss.
 
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