Down Payment Assistance Programs in California

Down Payment Assistance products offered in California include Bakersfield LIFT, CalHFA, GSFA Platinum, Santa Cruz County Association of Realtors Housing Foundation (SCCARHF) Closing Costs Assistance Grant Program, City of Carpinteria Workforce Homebuyer Program, CHENOA Fund Program, and the Within Reach Program. To see which program may be right for you, get started on your application today!

Bakersfield LIFT

Availability: California

Description

The Bakersfield LIFT Program provides eligible homebuyers with $15,000 in down payment assistance on qualified properties.

Funds exhausted as of 6/20/18

Features

  • 15 or 30-year fixed term with full amortization on the first mortgage
  • Conventional, VA, and FHA loan types
  • Homebuyer education course REQUIRED
  • Credit and income restrictions may apply

CalHFA

Availability: California

Description

The CalHFA Program provides low interest rate home financing to low to moderate income homebuyers in California, as well as down payment and closing cost assistance.

Features

  • 30-year fixed term with full amortization on the first mortgage
  • Conventional and FHA loan types
  • Up to 4% of the note amount FHA
  • ZIP program 3% to 4% of the note amount Conventional
  • My Home program 3.5 % of the sales price or value whichever is lower on Conventional
  • Homebuyer education course required
  • Credit and income restrictions may apply

Golden State Finance Authority (GSFA) Platinum

Availability: California

Description

The Golden State Finance Authority Platinum Program provides down payment and/or closing cost assistance, currently in the form of a forgivable second lien.

Features

  • No first time home buyer restriction
  • Conventional Up to 5% of the first loan amount
  • FHA and VA up to 4% of the first loan amount
  • USDA up to 3% of the first loan amount
  • Homebuyer education course REQUIRED
  • Credit and income restrictions may apply

Santa Cruz County Association of Realtors Housing Foundation (SCCARHF) Closing Costs Assistance Grant Program

Availability: Santa Cruz County, CA

Description

The SCCARHF Grant Program was created to help low income homebuyers in Santa Cruz County, California purchase a home by providing closing cost assistance, in the form of a non-repayable grant.

Features

  • 30-year fixed term with full amortization on the first mortgage
  • Conventional, USDA, VA, and FHA loan types
  • A grant up to $2000.00 for closing costs
  • Homebuyer education course NOT required
  • Credit, income and primary residence restrictions in Santa Cruz County may apply
  • Community Heroes (Policeman, Firefighters, EMTs and Current/Veteran military personal) may receive up to $2500 in additional grant funds

City of Carpinteria Workforce Homebuyer Down Payment Loan Program

Availability: Carpinteria, CA

Description

The Workforce Homebuyer Down Payment Loan Program works in collaboration with the Housing Trust Fund of Santa Barbara County (HTF). The program provides 30-year deferred payment loans can receive a maximum of 16.5% of the sales price up to $75,000 per household to assist low to upper-moderate income households in purchasing a home in the city.

Features

  • 30-year fixed term with full amortization on the first mortgage
  • Conventional loan types available
  • Homebuyer education course REQUIRED
  • Credit and income restrictions may apply

CHENOA Fund Program

Availability: Nationwide

Description

The CHENOA Fund Program has four different down payment assistance options and is available in California.

Features

  • Down payment assistance up to 3.5% of the purchase price or appraised value, whichever is less
  • 30-year fixed term with full amortization on the first mortgage
  • FHA loan types only
  • Homebuyer education course NOT required
  • Credit and income restrictions may apply

Within Reach Program

Availability: California

Description

The Within Reach Program is available in all of California.

Features

  • Down payment assistance up to 4% of the note amount
  • 30-year fixed term with full amortization on the first mortgage
  • FHA loan types only
  • Homebuyer education course is required
  • Credit and income restrictions may apply

City of Lompoc Homebuyer Assistance Program

Availability: California

Description

The City of Lompoc Homebuyer Assistance Program is available within the city limits of Lompoc, California.

Features

  • Fully amortizing fixed term
  • Conventional loan types only
  • Up to $65,000 2nd lien
  • Grant Up to $7,500 in closing costs
  • Borrower must put 2.5% of the purchase price in the home with at least 1% coming form their own funds
  • Homebuyer education is required

Cottage Health Mortgage Assistance Program

Availability: California

Description

The Cottage Mortgage Assistance Program (MAP) Loan is offered to all current employees of the Cottage Health System who are 1st time homebuyers purchasing a property in Santa Barbara or Ventura counties.

Features

  • 30-year fixed term with full amortization on the first mortgage
  • Conventional loan types only
  • Up to 15% of the purchase price in assistance up to a maximum of $250,000 with a 5% contribution from the borrower
  • 2nd lien with a fully amortized payment or an interest only payment.
  • Homebuyer education is not required

Cottage Health Shared Appreciation Loan

Availability: California

Description

The Cottage Health Shared Appreciation Loan is offered to selected physicians who qualify based on a current or projected community need, on financial need, and on physician’s willingness to relocate to the Santa Barbara County.

Features

  • 30-year fixed term with full amortization on the first mortgage
  • Conventional loan types only
  • Up to $300,000 in assistance 2nd lien with deferred payments
  • Borrowers are required to share a portion of appreciation in the property value when they sell/refinance or cease to occupy the property
  • If there is depreciation in the value of the property, Cottage Health will reduce borrower’s obligation to an amount equal to contingent share of the borrower’s loss resulting from the reduction of the value of the property based solely on market condition
  • Homebuyer education is not required

Some program restrictions and requirements apply. Loan program availability is subject to change without notice. Some programs may have a first-time homebuyer requirement. The type of DPA and lien position will vary for each loan program. OnQ0328180681Y000003h2Su

Loan down payment example is based on a 30 year fixed conventional mortgage loan with 4.0% down (provided through the Down Payment Assistance program). Amounts are based on loan amount of $200,000, interest rate of 5.375%, APR of 6.190%, $6,551 due from borrower at closing ($8,000 down payment paid through down payment assistance program). Approximate monthly payment of $1525. All amounts shown are estimates provided for educational and comparison purposes only and will vary for each loan. Borrower will be responsible for down payment beyond what is provided by the program as well as any fees and costs associated with the loan. Down payment assistance may come in the form of a forgivable or non-forgivable lien. Income and geographic restrictions apply. Homebuyer education may be required for certain payment assistance programs. Program availability is subject to change without notice. Additional restrictions may apply. On Q Financial, Inc. is an Equal Housing Lender. Loan amounts and fees will vary based on program used. Loan Amounts on FHA Scenario’s include an FHA 1.75% upfront fee. Loan Amounts on VA scenario’s include a 2.15% VA Funding Fee (Based on Regular Military 1st time usage)-No down payment required unless sales price exceeds appraised value. A USDA Guarantee fee will be charged and financed into the loan. The USDA Guarantee Fee is 1% of the loan amount and the USDA Annual Fee is 0.35% as of 06/01/2018. The USDA Annual Fee is to be paid monthly as part of the mortgage payment.