Down Payment Assistance

CALIFORNIA

California Housing Finance Agency (CalHFA) –A borrower can purchase a home with little or no money down with a Conventional or FHA loan in combination with the CalHFA Down Payment and Closing Cost Assistance programs. CalHFA also offers the Energy Efficient Mortgage (FHA EEM) for those interested in Energy Efficient upgrades at time of purchase.

  • Down Payment & Closing Cost Assistance: 2nd lien position, deferred payments.
    • STEAP (School Teachers and Employee Assistance Program)  Up to 4%
    • MyHome Assistance Program (Everyone Else) Up to 3.5%
  • Closing Cost Assistance: Can be in 2nd or 3rd position, deferred payments.
    • CalZIP – Closing cost only up to 3% or 4%
  • Combine Both
    • MyHome or STEAP  &  CalZIP together with little or no money out-of-pocket.
Purchase Example – Conventional Loan 97% 1st TD / 3% Down Payment
             Purchase Price                                                     $400,000
             Myhome Down Payment Assistance               $ -12,000         →       ($12,000 Down Payment Required)
             CalZIP Closing Cost Assistance                          $ -10,000         →       ($10,000 Closing Costs Required)
             Borrower’s own money                                      $            0
 
Basic Information:
  • Max CLTV 105%
  • California purchases, primary residence only, First Time Home Buyer
  • Income limitations based on the County
  • Max sales price statewide in California $705,000
  • Follows the Conventional & FHA guidelines
  • Minimum fico score:  640 Single family residence,    660 Manufactured homes
  • Energy Efficient Mortgage + Grant The energy package is the set of improvements that the Borrower chooses to make based on the recommendations and analysis performed by a qualified home energy assessor. The improvements can include energy-saving equipment, and active and passive solar and wind technologies. The energy package can include materials, labor, inspections, and the home energy assessment by a qualified energy assessor with a Home Energy Rating System (HERS) report.
    • EEM upgrades up to 5% of the purchase price
    • Grant, additional 4% upgrades, forgivable after 3 years of occupancy
    • Down payment assistance is allowed, although the closing cost assistance is not available. Must come in with money to close.

 

MICHIGAN 

Michigan State Housing Development Authority (MSHDA)  –An eligible borrower can purchase a home with the Michigan down payment assistance program up to $7,500 with a Conventional or FHA loan.

  • Down Payment Assistance: 2nd lien position, deferred payments, 0% Interest
    • MI Home Loan up to $7,500 down payment assistance
    • MI Home Loan Flex up to $7,500 down payment assistance
Basic Information:
  • Max sales price statewide in Michigan $224,500
  • 1% Minimum borrower contribution
  • Michigan purchases, primary residence only, First Time Home Buyers & non-First Time Home Buyers
  • Eligible target areas and non targeted areas by county
  • Asset restriction $10,000
  • Follows the Conventional & FHA guidelines
  • Max 45% Debt to income ratio
  • Minimum fico score:  640 Single family residence,    660 Manufactured homes

 

NEVADA

Nevada Rural Housing Authority Home At Last Down Payment Assistance can also be used for closing costs.  The assistance is provided in the form of a 3-year forgivable, 0% interest, no scheduled payment second loan that is paired with a 30-year first mortgage with a fixed interest rate (FHA, VA, USDA or Conventional).

BENEFITS

  • Conventional Conflorming Loan Limit - Loan Assistance up to $22,655 (up to 5%)
  • FHA County Loan Limit - Loan Assistance up to $11,780 (up to 4%)
  • NO first-time buyer requirement NO asset limits • NO purchase price limits

WHO QUALIFIES

  • Primary residence only
  • Designated areas are eligible: https://nvrural.org/home-at-last/map-tool/
  • $135,000 income limit on Conventional loans, 50% maximum debt-to-income on Conventional loans
  • $116,000 income limit on FHA loans, 45% maximum debt-to-income on Government loans
  • 640 - 660 minimum credit score
  • Homebuyers education course required for all borrowers
  • Buyer must meet normal FHA or Fannie Mae &HFA Preferred underwriting requirements
    • Clark County Loan Limits: $453,100 Conventional, $294,515 FHA
  • There is no Recapture Tax in this program

BONUS GRANT

  • Home At Last Closing Cost Bonus Grant
    • Add the Bonus $1,500 or $2,500 grant - to be used only for closing costs
    • *51 to 80% AMI is eligible for the $1,500 grant (Based on County Limits - $51,840 Max Income)
    • Below 50% AMI is eligible for the $2,500 grant (Based on County Limits - $32,400 Max Income)