There are currently a few programs designed to help homeowners into owner occupied homes with little to no money down. Generally, you will see aÂ flyer or lender advertising about Down payment assistance but it never clearly says were the money is coming from.Â Â Never take money if you do not know where it is coming from.Â The last thing you or your family needs is a nastyÂ surprise. A few of these programs are great and can really help you get into the home you would like. Today I will be covering theÂ CHFÂ Platinum ProgramÂ Â CHF Platinum program.Â
The CHF platinum program was designed to provide down payment assistance in conjunction with the purchase of a primary home in California.Â It is a 3% grant that can be used towards closing costs or your down payment.Â It can only be used if you are doing a FHA,VA or USDA loan.Â Also the program does have income limits
Sonoma County: $96,480
Marin County: $119,280
Napa County: $98,160
Santa Clara: $124,200
San Francisco: $119,280
Mendo/lake County: $85,200
What is great about this program is that the income limits are fairly high and the 3% is never expected to be repaid.Â It is a grant, also know as free money
.Â Qualifying for the money is as simple as being below the income limits and buying a house with a loan under $417,000.
We do quite a few of these loans and they have helped quite a few people get into homes without depleting their reserves.Â
Example on how to use program:Â Lowest down FHA
: You contribute .5%, have grant cover 3% and ask seller to pay 3% of closing costs. You just bought a new home with only .5% down.When you need a little help:
Â Perhaps you are planning to go FHA and you have 3% saved.Â You found your dream home but the seller will not help you with closing costs and you cannot afford them on top of your down payment.Â Use the grant to cover your closing costs. The 3% can also be used to help with closing costs on VA or USDA.
If you would like more info and would like to qualify for the program you can get me at firstname.lastname@example.org
or 707-478-0637.CHF Platinum