2015 First Time Home Buyer Programs for California Extra Credit Teacher Program The ECTP is an exclusive opportunity in California which provides deferred payment junior loans from $7,500 to $15,000 to assist with down payment fees. The program is only available when used in conjunction with a CalHFA first mortgage loan, and is reserved for eligible teachers, administrators, classified employees and staff members working in California schools. Qualified buyers in California may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. The Cal-EEM + Grant Program In an effort to promote energy conservation, California has developed a program to help homebuyers and homeowners finance home improvements that make a household more energy efficient. The Cal EEM + Grant program is a 30 year fixed rate FHA backed first mortgage loan that pairs with a grant which is specifically used for energy efficient home improvements. The Cal-EEM + Grant Program can be coupled with the California Homebuyer Down Payment Assistance Program or the Extra Credit Teacher Program. Qualified buyers in California may apply. CalPLUS Conventional Program and CalPlus FHA Program Both programs are 30 year, fixed rate loans (insured through either private insurers or the federal government), but these Plus programs can be combined with the CalHFA Zero Interest Program. Qualified buyers in California California Mortgage Credit Certificate 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. Although California does not explicitly say what percentage of a monthly mortgages borrowers can claim, typically it?s between 20 and 40 percent, capped at $2,000. This MCC Tax Credit program is limited to first time homebuyers. Qualified buyers in California may apply. California Homebuyer Down Payment Assistance Program The CHDAP is a deferred payment junior loan ? up to 3 percent of the purchase price or appraised value, whichever is less. Financing can be used to cover down payment and/or closing costs. Only borrowers who are first time homebuyers can qualify. Qualifying income limits and purchase price limits are set by county. Qualified buyers in California may apply. CalHFA Zero Interest Program Extra The Extra in this Zip program is an additional $6,500 of assistance with zero interest. Qualified buyers in California may apply.
CalHFA Zero Interest Program ZIP is a deferred payment junior loan of 3 percent of the first mortgage loan amount which can be used for down payment assistance. Qualified buyers in California may apply. CalHFA Conventional Program and CalHFA FHA Program Both programs are 30 year, fixed rate loans, offered through CalHFA approved lenders, that can be paired with either the California Homebuyer Downpayment Assistance Program or the Extra Credit Teacher Program. Qualified buyers in California may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing.
To apply visit http://buyerprograms.net/california