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Tuesday, September 7, 2010

California HFA offering up to 3% help on mortgage downpayments

This is the third program in this weekend to help you purchase a home or help you refi your home that has negative equity.  

Borrowers must meet income requirements in the state that vary by county. In Los Angeles County, the income must be less than $111,020 per year. The mortgage loans are limited to $417,000 under FHA guidelines. Borrowers must also complete a homebuyer-education program and have a 620 FICO score.
Borrowers can also apply for the California Homebuyer's Downpayment Assistance Program, which could provide up to 3% of the purchase price of the home for downpayment or closing-cost assistance.
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