Key features and requirements.
Key Benefits
Follow these simple steps to access your $30,000 assistance and achieve your homeownership goals.
Provide your basic information to get started.
Discuss your needs with our team.
Start your home search for eligible properties.
Submit your loan application for approval
Finalize your home purchase with our support.
Wage Earner Borrowers
- W2s for past two years
- Paystubs for past 30 days
- Past 2 months statements for your assets (checking, savings, retirement, etc.)
Self employed borrowers
- 2 years Tax Returns: Personal and Corporate
- Past 2 months statements for your assets (checking, savings, retirement, etc.)
What does ‘100% forgiven over 5 years’ mean?
The loan is forgiven over 5 years, meaning each year 20% of the loan is forgiven. Borrowers will receive a 1099 that they will need to report to the IRS. After 5 years the loan is 100% forgiven.
Where is the Down Payment Assistance Program available?
The program is available in the following counties; Contra Costa, Los Angeles, Napa, Orange, Placer, Riverside, Sacramento, San Bernardino, San Diego. San Francisco, San Mateo, Santa Clara.
Where are the eligible properties?
Properties located in a majority minority owned census tract are eligible. Properties not in a majority minority are still eligible but the borrower’s income limits will need to be 80% of the area median income
Do I have to be a first-time homebuyer?
No, you do not need to be a first time homebuyer, the only requirement is that you cannot own a home at time of closing.
What if I sell the home or do a cash-out refinance?
If the home is sold and/or the borrower refinanced as a cashout the prorated loan amount will be due upon the closing.
Can I refinance my first loan and subordinate the forgivable loan?
Yes! The forgivable loan program allows the borrower to refinance their first lien and subordinate the forgivable loan.
What does a First Generation Homebuyer mean?
A first generation homebuyer is defined as someone who has never owned a home and whose parents have never owned a home. If there are multiple borrowers only one borrower must meet the first generation homebuyer requirement.
Can I have a non-occupant borrower?
No, you must be able to qualify on your own.
What is the minimum FICO?
Minimum FICO 620 for conventional fixed 30 year loan. 660 for the Community Program 100% loan to value and 640 for the Community Program up to 97% loan to value
What are the income limits for Los Angeles County?
Los Angeles County 150% Area Median Income – $147,200 and 200% for First Generation Homebuyers -$196,400
What are the income limits for Orange County?
Orange County 150% Area Median Income – $193,500 and 200% for First Generation Homebuyers -$258,000
What are the income limits for Riverside County?
Riverside County 150% Area Median Income – $138,600 and 200% for First Generation Homebuyers -$184,800
What are the income limits for San Bernardino County?
San Bernardino County 150% Area Median Income – $146,250 and 200% for First Generation Homebuyers -$195,000
What are the income limits for San Diego County?
San Diego County 150% Area Median Income – $179,250 and 200% for First Generation Homebuyers -$239,000
What are the income limits for Ventura County?
Ventura County 150% Area Median Income – $188,400 and 200% for First Generation Homebuyers -$251,200
What are the income limits for Contra Costa County?
Contra Costa County 150% Area Median Income – $233,550 and 200% for First Generation Homebuyers -$311,400
What are the income limits for Napa County?
Napa County 150% Area Median Income – $181,650 and 200% for First Generation Homebuyers -$242,200
What are the income limits for Placer County?
Placer County 150% Area Median Income – $199,500 and 200% for First Generation Homebuyers -$266.000
What are the income limits for Sacramento County?
Sacramento County 150% Area Median Income – $169,950 and 200% for First Generation Homebuyers -$266.600
What are the income limits for San Francisco County?
San Francisco County 150% Area Median Income – $279,900 and 200% for First Generation Homebuyers -$373,200
What are the income limits for San Mateo County?
San Mateo County 150% Area Median Income – $279,900 and 200% for First Generation Homebuyers -$373,200
What are the income limits for Santa Clara County?
Santa Clara County 150% Area Median Income – $276,450 and 200% for First Generation Homebuyers -$368,600
