This is a great program for borrowers who need help with the down payment or closing costs. 

Brief overview:  This loan is sponsored by the CRHMFA Homebuyers Fund and administered by the National Homebuyers fund to assist low to moderate California residents to purchase homes. Low to moderate income in Sonoma and Marin is over 100,000 per year!
 The program offers a 3% grant towards down payment or closing costs.    

Rules about Grant Funds:

· May not exceed 3% of the first mortgage loan amount

· Proceeds may be used only for down payment or closing costs

· No cash back to borrower

· This is a grant.  There is no recapture and no second lien attached to the property. The grant is easy to get.  We basically reserve the funds not like some grants that are daunting and time consuming

Borrower Eligibility: Basic FHA+

· Owner occupied only.  No non occupant co borrowers

· Income limits. Income cannot exceed CHF income limits for the county property is located in.

Check limits at http://www.nhfloan.org/programs/CHF_Platinum/Platinum_IncomeLimits.pdf

Other Notes:

· Single Family only

· 30 year fixed only

· Loan cannot exceed $417,000

· Rates are higher then normal FHA.   

 Let us know how we can help

Jennifer Ready 707-478-0637