California Down Payment Assistance and Grant Locator
No Max Income Limits, Purchase Prices up to Ten Million Dollars
Loan Programs
CBC offers Zero down Conventional and FHA loans with no Income Limits as well as reduced interest loans with income limits.
CalHFA offers a variety of loan programs to help you purchase a home in California.
Unison Home Ownership Investors offer matching down payment loans for purchase prices up to Ten Million Dollars.
FIRST MORTGAGE PROGRAMS
Conventional Loans
CBC Conventional 97 Loan Program
The CBC Conventional 97 program is a conventional first mortgage with no max income limit for qualifying. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs. You can own a home and use this program to buy a new primary residence.
CBC Conventional Loan Program
The CBC Conventional program is a conventional first mortgage with reduced interest rates. This loan has income limits that are 100% of the AMI. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs.
CalHFA Conventional Loan Program
The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.
CalPLUS Conventional Loan Program
The CalPLUS Conventional program is a conventional first mortgage with a slightly higher fixed interest rate than our standard conventional program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.
Government Insured Loans
CBC DPA Edge Loan Program
The CBC DPA Edge program is a FHA first mortgage with no max income limit for qualifying. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs. Max Purchase price is equal to FHA Loan Limit for the county.
CBC Rate Advantage Loan Program
The CBC Rate Advantage program is a FHA first mortgage with 115% AMI income limit for qualifying. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs. Max Purchase price is equal to FHA Loan Limit for the county.
CalHFA FHA Loan Program
The CalHFA FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.
CalPLUS FHA Loan Program
The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher fixed interest rate than our standard FHA program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.
Cal-EEM + Grant Program
The Cal-EEM + Grant program combines an FHA-insured Energy Efficient Mortgage first mortgage loan with an additional Cal-EEM Grant, making energy efficient improvements even easier. The interest rate on the Cal-EEM is fixed throughout the 30-year term.
DOWN PAYMENT ASSISTANCE PROGRAMS
The money you put “down” or the down payment on your home loan can be one of the largest hurdles for many first-time home buyers. That’s why CBC and CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CBC’s subordinate loans can be “soft seconds” or “repayment seconds” depending on what is best for the buyers situation. CalHFA’s subordinate loans are “silent seconds”, meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.
CBC Soft Second
The CBC soft second can be forgiven after 36 on time payments on your first mortgage. If you miss a payment the 36 on time payments start over from zero.
CBC Repayment Second
The CBC repayment second can be one of the following. 10 year at zero interest, 30 year at 5% interest, 10 year at 2% higher rate than the CBC first mortgage or 10 year at 8%. The type of second you can use depends on which 30 year fixed first mortgage product you are using.
CBC DPA Edge Loan Program
The CBC DPA Edge program is a FHA first mortgage with no max income limit for qualifying. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs. Max Purchase price is equal to FHA Loan Limit for the county.
CalPlus FHA with Zip
This loan is combined with the CalHFA FHA and is a Zero Interest Program (ZIP) for closing cost and/or prepaid items only. The ZIP second loan is only available with CalPLUS and is a silent second loan for either 3.00% or 4.00% of the first mortgage loan amount. The interest rate is zero and the loan is deferred until the borrower sells the home, moves out of the home, refinances the home or until the first mortgage is paid off.
CalPlus Conventional with Zip
This loan is combined with the CalHFA Conventional Loan and is a Zero Interest Program (ZIP) for closing cost and/or prepaid items only. The Conventional ZIP second loan is only available with CalPLUS and is a silent second loan for either 3.00% or 4.00% of the first mortgage loan amount. The interest rate is zero and the loan is deferred until the borrower sells the home, moves out of the home, refinances the home or until the first mortgage is paid off.
MyHome Assistance Program
Offers a deferred-payment junior loan of an amount up to the lesser of three and half percent (3.5%) of the purchase price or appraised value to assist with down payment and/or closing costs.
Extra Credit Teacher Home Purchase Program (ECTP)
This program is for teachers, administrators, school district employees and staff members working for any California K-12 public school, which includes Charter schools and county/continuation schools. Applicants must also be first-time homebuyers. Offers a deferred-payment junior loan of an amount not to exceed the greater of $7,500 or 3.5% of the sales price or in CalHFA-defined high cost areas an amount not to exceed the greater of $15,000 or 3.5% of the sales price. Assistance can be used for down payment and/or closing costs.
MORTGAGE CREDIT CERTIFICATE TAX CREDIT PROGRAM
Mortgage Credit Certificate Tax Credit Program (MCC)
A federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their U.S. individual income tax returns.
Neighborhood Lift Program in Los Angeles County
It does not matter if you are buying your first home or your last home.
Most people agree that you should take certain steps when buying any home. The first and most important step is to find out if you qualify and how much you qualify for. The second step is to find out what your payments will be. Many sites do not add Insurance, Taxes, Mortgage Insurance or Association Dues. These fee’s can be as much as your principle and interest payment that is show on most Real Estate Sites.