Rates Are Incredible

New down payment assistance funds have recently been released to help Californians purchase homes.  This program is called Access and takes the form of a loan for up to 3% of the purchase price.   This loan, when combined with a 96.5% FHA loan, allows homebuyers to purchase a home for only 1/2% down.   These funds are different from most other down payment assistance in that:

1.   The Access Program can be used anywhere in California

2.   There is NO First Time Home Buyer Requirement

3.   There is NO minimum Buyer Contribution

4.  There is No Minimum FICO score requirement*

5.   There are No Sales Price Limits

6.   Income Limits are based on 120% of the Median County Income

7.   Income limits determined by Qualifying Income, not Household Income**

8.   Home to be purchased must be your primary residence, but you may own other properties.

9.   Seller credit of up to 6% of the sales price allowed for Closing Costs.

This program removes so many of the restrictions that make it difficult for many homebuyers to take advantage of other down payment assistance programs.   Current home prices have made the housing market more affordable in years, and many people who can qualify for the mortgage payment find their only challenge to homeownership is finding the money for the down payment.  Access can opens doors for many of these people.

*No Minimum FICO score.   While this program does not have a minimum FICO score requirement, the program does not allow for any 30+ day late payments or new collections within the past 12 months.  

**Qualifying vs. Household Income.  Most down payment assistance programs look at household income.   That means that even if a parent or child over 18 lives with you (but will not be responsible for the loan) their income must be included in the Household Income calculation.  This loan only looks at the income being used to qualify for the loan.  

If you have questions about whether you would be able to qualify for this loan program, email charity@lendscape.com with your questions.