Down payment assistance for the first time home buyer
5 fantastic programs for home buyers
Are you a first-time homebuyer (have not owned a home or paid on a mortgage for the last 3 years)? Need some help with the down payment and/or closing costs? Look no further--we have what you have been searching for. We have a silent 2nd home loan (a loan you do not make monthly payments on) to cover your down payment and a silent 3rd that will cover most, if not all, of your closing costs. The 2nd and 3rd mortgages must be paid if you refinance or sell your home in the future. This is a fantastic way to establish home ownership without "breaking your bank."
Please give us a call for details or to set an in-person appointment to learn more @ (707) 763-7900. Ask for Scott
CalHFA FHA and CalHFA Conventional
The CalHFA FHA program is an FHA-insured, 30 year, fully-amortized loan featuring
a CalHFA fi xed interest rate fir rst mortgage. The CalHFA Conventional program is a 30
year fi xed-rate first mortgage loan insured through private mortgage insurance on
the conventional market. These loans can be combined with the MyHome Assistance
or School Teacher and Employee Assistance (STEAP) and the Mortgage
Credit Certi cate Program (MCC).
CalPLUS with ZIP
The CalPLUS with ZIP program is a Conventional or FHA backed fi rst mortgage loan
combined with a CalHFA Zero Interest Program (ZIP), which is a deferred-payment
junior loan of 3% or 4% of the fi rst mortgage loan amount, for closing costs. The
interest rate on the CalPLUS is fixed throughout the 30-year term and the interest on
ZIP is 0%. This loan can be combined with MyHome Assistance or STEAP and MCC.
MyHome Assistance Program**:
MyHome provides a deferred-payment junior loan – up to 3.5% of the purchase
price, or appraised value, whichever is less, to be used for your down payment
and/or closing costs. (For fi rst-time homebuyers* only).
School Teacher and Employee Assistance Program (STEAP)**:
STEAP provides a deferred-payment junior loan (up to 4.0% of the lessor of the sales
price or appraised value) for all employees currently employed in any K-12 CA public
school, including public charter schools, school district of ices and county/continuation
schools throughout CA. STEAP subordinate loans can only be used for down
payment and/or closing costs. (For rst-time homebuyers* only).
Mortgage Credit Certi cate (MCC):
An MCC enables a fi rst-time homebuyer to take a direct dollar-for-dollar tax credit on
their federal income tax return, based on a portion of their mortgage interest paid
annually. The tax credit has the potential to save the homebuyer thousands of dollars
over the life of the mortgage loan. (For fi rst-time homebuyers* only).
*1st time homebuyer is any borrower that has not owned a home in the last 3 years (with some exceptions).
**Can only be combined with an eligible CalHFA first mortgage loan.
*** Depending on the area in which the home is being purchased. $15,000 for high cost areas