National Homebuyer’s Fund, Inc. (NHF) announced a new CHF Grant Program that is great news for California! The CHF Platinum Grant Program will give a California home buyer 3% of the loan amount to pay down payment or closing costs. FREE MONEY available now!
The CHF Platinum Program is designed to assist low-to-moderate income homebuyers with the purchase of a home, by providing down payment and/or closing cost assistance (currently in the form of a Grant). Many times this means families and individuals can purchase a home much sooner than they thought possible.
This program is available for the purchase of an owner occupied single-family residence, agency-approved condominium or planned unit development (PUD) located in the state of California. It is not limited to first-time homebuyers.
The Grant, currently made possible through the program, is sized at 3% of the Mortgage Loan amount. The Grant funds can be used towards the homebuyer’s down payment and/or eligible closing costs on a 30-year fixed-rate full amortization FHA, VA or USDA Mortgage Loan. It is available for purchases of both new and existing homes, as long as the home will be the primary residence of the homebuyer.
CHF Platinum Program Highlights:
- NOT limited to first time buyers
- 3% grant money NEVER needs to be REPAID – free money
- 3% grant is not a second loan or lien
- You must use either an FHA, VA or USDA loan program offered by NHF
- Your income must not exceed 120% of the area median income (See Below)
- Flips less than 90 days not allowed
- 620 minimum FICO score
- Owner occupied primary residence only
- Purchase price must meet FHA loan limit guidelines
- Seller concessions are allowed
- No borrower reserves or assets required
- SFR, condo, and new and existing properties eligible
- You have to use an approved lender
- You do NOT have to pay this money back
However, there are income limitations in each county.
Qualifying Income Limits: Cannot make more than 120% of the HUD Area Median Income.
$87,720 Eldorado County
$85,200 Nevada County
$87,720 Placer County
$87,720 Sacramento County
If you want to buy a home and would like FREE MONEY for your down payment or to pay closing costs, you better act soon before these funds are used up.
Home Purchase Example (reflects new FHA changes effective October 4, 2010)
Sales Price $325,000
FHA 1st Mortgage $316,761 96.5% LTV (includes UFMIP)
FHA Minimum Down Payment $11,375 3.5% of Sales Price
CHF Platinum Grant $9,503 3.0% of 1st Mortgage
Buyer’s Down Payment $1,872