All California
Homeownership with CalHFA-Low income
Most people borrow the money they need to buy a home. This type of borrowing is called a first mortgage loan. There are also mortgage loans that can help out with down payment or closing costs, called junior loans. CalHFA has first and junior loan options for low to moderate income families, including low to zero interest rate down payment assistance loans. CalHFA does not accept loan applications directly. A CalHFA approved Lender will qualify you for a home loan, so you will need to apply with an approved lender. We can help you find one. You may also visit the CalHFA website at: https://www.calhfa.ca.gov/index.htm
GSFA Platinum Program (Grant) Free Money
Califonia’s Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home. This grant is available to you through national funds (NHF).
GSFA’s Platinum Program provides applicants with down payment and/or closing cost assistance in the form of a non-repayable grant up to 5 percent of the total loan amount. This is a gift in the true sense, which means it is not a second mortgage, does not create a lien against the property, and there are no terms for repayment.
The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap.
Eligibility Requirements
The GSFA Platinum Program has certain requirements that all applicants must meet to be considered eligible for assistance. Any home being purchased under the program must serve as the applicant’s primary residence; the program is designed to help individuals purchase homes, not investment properties. Additionally, all applicants must fall under the Program’s Income Limits, have a credit score of at least 640, and a maximum debt-to-income ratio of 50 percent. Unlike most down payment assistance programs, there is no requirement for applicants to be first-time homebuyers.
Los Angeles
- The HCIDLA, a local program designed to help Low income & First time home buyers. They offer deferred-loan assistance in the following ways:
Up to $90,000 Low income home buyers
Up to $60,000 Moderate income home buyers
Learn more at: https://hcidla.lacity.org/help-low-income-first-home-buyers
- CalHFA (all California) – Homeownership with CalHFA-Low income
- GSFA (all California) GSFA Platinum Program (Grant) Free Money*
Ventura
Moorpark, Simi Valley, Camarillo, Thousand Oaks, Westlake, Oxnard, all Ventura
- CalHFA (all California) – Homeownership with CalHFA-Low income
- GSFA (all California) GSFA Platinum Program (Grant) Free Money*
MCC program – Mortgage Credit Certification program: offered in each City and County unincorporated areas. The MCC is a Federal Income Tax Credit program. An MCC provides a double bonus. It increases the loan amount you qualify for and it increases your take-home pay. The MCC entitles you to take a federal income tax credit of twenty percent (20%) of the annual interest you pay on your home mortgage. Because the MCC reduces your federal income taxes and increases your net earnings, it is a great help in qualifying for your first home mortgage. The MCC is registered with the IRS, and it continues to decrease your federal income taxes each year for as long as you live in your home. Learn more at: GSFA Mortgage Credit Certificate Program (GSFA MCC®) - Rural Home Improvement and repair loans/grants – applies only to applicants that are in the very low to low median income categories (see Income Limits Eligibility link below)
https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state - Oxnard: assistance for up to $57,000 (subject to funding availability), which consists of the following two types of loans: 1.Loan of up to $30,000 CDBG or HOME funds, with 0% interest, no monthly payments, forgiven at the end of 10 years, or due and payable if sold, transferred, or default before the 10 year term.2.Deferred loan of up to $27,000 BEGIN funds, with 3% annual interest, no monthly payments, principal and accrued interest due at the end of the 30 year term, or due before if sold, transferred, or upon default. Applicants may only receive assistance once in their lifetime.
City of Oxnard Affordable Housing & Rehabilitation Division
435 South D Street, Oxnard, CA 93030
(805) 385-7400
https://www.oxnard.org/wp-content/uploads/2019/07/Flyer-HOMEBUYER-Program.pub_.pdf
Kern
- CalHFA (all California) – Homeownership with CalHFA-Low income
- GSFA (all California) GSFA Platinum Program (Grant) Free Money*
Riverside
- Riverside County provides several housing assistance programs for first time home buyers and existing homeowners in need of repair. You may be able to receive assistance with your home purchase in the form of down payment assistance and/or a mortgage credit certificate.
- CalHFA (all California) – Homeownership with CalHFA-Low income
- GSFA (all California) GSFA Platinum Program (Grant) Free Money