| Lender/Program Type |
Contact Person |
Phone |
Email/Website |
Description |
Eligibility Requirements |
| Cal 30 Conventional (NEW) |
|
877-9-CAL HFA |
http://www.calhfa.ca.gov/
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This conventional Cal 30 first mortgage loan program is designed to enhance affordability and homeownership opportunities by offering a fixed interest rate that will not change during the entire loan term. This program is intended for first-time homebuyers who meet specific income requirements and who are purchasing a new or existing home in California. The Cal30 Conventional loan offers up to 95% financing. This first mortgage loan may also be combined with CalHFA junior loan programs for down payment and closing assistance to make owning your first home more affordable. |
Borrower must be a first-time buyer purchasing a primary residence intended for owner-occupancy. Must meet CalHFA;s income and sales price limits. Homeowner education is required for each borrower using this program. |
| CalHFA- Affordable Housing Partnership Program (AHPP) |
|
877-9CAl HFA |
http://www.calhfa.ca.gov/
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A joint effort by Cal HFA and cities, counties, redevelopment agencies and housing authorities whereby a deferred-payment subordinate loan from a locality is utilized by the first-time buyer to assist them with down payment and or closing costs. |
Borrower must be a first-time homebuyer purchasing a primary residence intended for owner-occupancy. Must meet CalHFA's income and sales limits. Minimum FICO score of 620 |
| California Homebuyer's Downpayment Assistance Program (CHDAP) |
|
877-9CAl HFA |
http://www.calhfa.ca.gov/
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The CHDAP offers payment assistance for first-time homebuyers who meet specific moderate income limits. The CHDAP provides a deferred-payment junior loan-up to 3% of the purchase price, or appraised value, whichever is less -to qualified borrowers to be used for their down payment or closing costs. This junior loan may be combined with a CalHFA or non-CalHFA first mortgage loan. This junior loan cannot be combined with the Extra Credit Teacher Program (ECTP). |
Borrower must be a first-time buyer purchasing a primary residence intended for owner-occupancy. Must meet CalHFA;s income and sales price limits. Homeowner education is required for each borrower using this program. |
| HUD-Section 8 Housing Choice Voucher Program (Homeownership) |
|
877-9CAl HFA |
http://www.calhfa.ca.gov/
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The Section 8 Housing Choice Voucher Program enables qualified first-time homebuyers to receive monthly assistance for homeownership expenses in lieu of monthly rent aid. Pursuant to Congressional authority, HUD has authorized states and Public Housing Authorities (PHA's) to provide this assistance using funds available through the Section 8 rental voucher program. The PHA's may choose to participate in offering the Section 8 for homeownership but are not required to do so. Under the Program at least 30% of the eligible homebuyers' income will go to pay the homeownership expenses with Section 8 covering the remainder. |
The California Housing Finance Agency (CalHFA) does not provide funding or administer this program but has approved its use in partnership with their first mortgages and subordinate loans by those PHA's approved by CalHFA. The PHA's will be solely responsible for all program eligibility, administration training/counseling, reporting and annual review of the homeowners who receive Section 8 assistance. Eligible prospective homebuyers or those wanting more information must contact their local PHA for details |
| SMART Loan Program |
|
877-9CAl HFA |
http://www.calhfa.ca.gov/
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CalHFA is currently offering single family homes for sale that are Real Estate Owned (RE0). These homes are located in various areas throughout northern and southern California. This conventional or government insured/guaranteed first mortgage loan program features a below market, 30-year fixed interest rate, fully amortized loan reserved for CalHFA REO properties as selected by CalHFA. The SMART program may be used with approved subordinate financing programs, which can be found on CalHFA's AHPP list, to make first time ownership affordable. |
Borrower must be a first-time homebuyer purchasing a primary residence intended for owner-occupancy. Must meet CalHFA's income and sales price limits. Property must be designated a CalHFA REO. Property must meet CalHFA and applicable mortgage insurer's underwriting and property guidelines; property must be vacant; manufactured housing not eligible. Homebuyer education required. |
| Community Stabilization Home Loan Program (CSHLP) |
|
877-9CAl HFA |
http://www.calhfa.ca.gov/
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The CSHLP offers a below market rate, conventional first mortgage loan to first-time homebuyers purchasing select real estate owned (REO) properties in specific California communities. The CSHLP provides a special, reduced interest rate on a 30-Year Fixed Mortgage on certain REO properties that are located in selected counties and zip codes in California. This first loan may also be used with Fannie Mae eligible Community Seconds Program (which are designated on CalHFA's AHpp list as "CalHFA MBS Program Eligible"). |
Borrower must be a first-time homeowner purchasing a primary residence intended for owner-occupancy in one of these select properties within California. Must meet CalHFA's income and sales price limits. Homebuyer education is required. |
| Home Openers Mortgage Protection Program |
|
877-9CAl HFA |
http://www.calhfa.ca.gov/
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Many homeowners worry about what will happen to their home if they lose their job. HomeOpeners helps borrowers stay in their home, make mortgage payments and maintain their credit standing in the event of a job loss. Home Openers is designed to make up to six monthly mortgage payments if the borrower becomes involuntarily unemployed, is receiving California Employment Development Department unemployment benefits, and is seeking re-employment. The borrower does not have to repay this money. Most conventional loans that are mortgage insured by CalHFA Mortgage Insurance Services automatically include Home Openers. This is offered as part of primary mortgage insurance at not additional cost to the borrower or lender. |
The maximum monthly benefit is the lesser of the actual monthly mortgage payment of $2500; Coverage is provided for all qualified borrowers and co-borrowers. The amount of the benefit is based on the ratio of the unemployed borrower's income to the total household income. (For example, if the unemployed borrower earns $3,000 of a $6,000 total household monthly income, the benefit payment is 50% of the monthly mortgage payment). The term is for the first 3 years of the loan, provided CalHFA mortgage insurance remains in effect. All eligible borrowers are required to to maintain CalHFA primary mortgage insurance in order to continue HomeOpeners. Borrowers must live in the property that is subject of the loan. Borrower must me unemployed during all weekly work periods in the month for which the monthly benefit is claimed. Mortgage coverage must be in force at the time of the claim. |
| California Association of Realtors - Housing Affordaiblity Fund Mortgage Protection Program |
|
|
www.car.org |
Through the C.A.R. Housing Affordability Fund's Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. |
Borrower must be a first-time homebuyer, opened escrow 4/2/2009 or later and close on or before Dec. 31, 2009, purchase a property in California, and be a W-2 employee (cannot be self employed) |
| LAHD Neighborhood Stabilization Program (NSP)-"Walk In" Purchase Assistance Program |
Heather Smith |
213-808-8973 |
http://lahd.lacity.org/nsp/ |
Program provides deferred payment second mortgages to first time homebuyers seeking to acquire a foreclosed or abandoned home. It also provides deferred payment loans to repair blighted properties after they have been purchased. |
The property must be foreclosed upon with title for the property having been transferred from the former homeowner under some type of foreclosure proceeding or transfer in lieu of foreclosure; Property must be vacant at time of listing; Property can be any type of permanent residential dwelling unit, such as detached single family structures, townhouses, condominium units, and manufactured homes; Properties must be located within in a NSP priority area; Home buyers must attend 8 hour homebuyer education class and have a FICO score of 620. Max. repair loan is 50k. |
| LAHD-American Dream Downpayment Initiative (ADDI) Program |
Heather Smith |
213-808-8973 |
http://lahd.lacity.org (.pdf) |
LAHD offers purchase assistance financing to eligible first-time, low income homebuyers seeking to purchase a home in the City of Los Angeles. Loan amount is 6% of the purchase price or $10,000 whichever is greater. |
Applicant must be a first-time homebuyer, defined as someone who has not had an ownership interest in a property at any time during the last three (3) years, Applicant must meet income and purchase price limits. Appreciation sharing applies to the ADDI portion of all loans. Applicants must attend 8 or 12 hour Homebuyer Education Classes provided by one of LAHD's Approved Homebuyer Education Providers. |
| City of Glendale - First Time Homebuyer Program Downpayment Assistance |
Anne Bockenkamp |
818-548-3724 |
http://www.ci.glendale.ca.us/ |
Downpayment assistance to moderate income buyers through a soft second mortgage (no monthly payments). The program is active, but due to continued high purchase prices in Glendale, it is challenging to find people interested in lower cost condominiums who meet the criteria. |
Must be a first time homebuyer; Property must be primary residence; Min. 5% (of purchase price) down payment is needed. Must attend first time buyer education classes and receive certification from an approved agency. |
| City of Long Beach |
Long Beach Development Company (LBHDC) |
562-570-6855 |
www.lbhd.org |
City of Long Beach offers a downpayment assistance in the form of a conditional grant up to $10,000. Money can be used to assist in paying the downpayment and eligible non-recurring closing costs involved in purchasing a home. |
Must live or work in Long Beach. Home must be located in Long Beach. Must qualify for a mortgage from a private lender. Must provide at least one percent (1%) of the sales price from own funds as part of the downpayment. |
| City of Pasadena - Homeownership Opportunities Program (HOP) |
Aldra Allison, Proj. Mgr. |
626-744-8314 |
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City of Pasadena provides down payment assistance up to $200,000 in the form of a second trust deed loan with a 45-year term. Monthly payments on the HOP loan are amortized over the 45-year term but in certain circumstances payments during the first 5 years fo the loan term may be waived. |
A minimum 3% down payment is required. Purchase price may not exceed $425,000. Upon resale fo the home or refinancing, the borrower is required to repay the outstanding amt. owed on the HOP loan plus a potentially substantial share of the property’s appreciation in value. HOP loan applicants must complete an approved NeighborWorks 12-hour homebuyer education program and be recommended for assistance by Pasadena NHS. |
| LA Neighborhood Housing Services (LANHS) |
|
213-381-2862 |
www.lanhs.org |
Downpayment and closing cost assistance. For existing homeowners NHS provides refinancing, home improvement grants, and affordable loans based upon borrower's ability to pay. |
Complete 8 hour training class for 1st time buyers |
| ACORN Housing |
|
|
www.acornhousing.org |
Pre-purchase counseling and1st time buyer assistance. Through ACORN homebuyers can gain access to mortgage programs with lower interest rates, lower down payments, flexible underwriting guidelines and lower origination fees. ACORN offers lower down payments and closing cost, no private mortgage insurance, 3 month mortgage reserve, public assistance included in income. |
Four (4) steps to ACORN's homeownership program are: 1. Intake appointment, 2. One-on-one appointment, 3. Homebuyer seminar, 4. Pre-approval |
Homeowners 
