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The Straight Truth

By Jennifer Beeston @ Guaranteed Rate Mortgage

By Jennifer Beeston | Mortgage Broker
or Lender in California

Down Payment Assistance Programs

There are currently a few programs designed to help homeowners into owner occupied homes with little to no money down. Generally, you will see a flyer or lender advertising about Down payment assistance but it never clearly says were the money is coming from.  Never take money if you do not know where it is coming from.  The last thing you or your family needs is a nasty 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 the CHF Platinum Program  

CHF Platinum program. 

The CHF platinum program was designed to provide down payment assistance in conjunction with the purchase of a primary home in California.  It is a 3% grant that can be used towards closing costs or your down payment.  It can only be used if you are doing a FHA,VA or USDA loan.  Also the program does have income limits.

Sonoma County: $96,480
Marin County: $119,280
Napa County: $98,160
Contra Costa/Alameda:$108,360
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.  It is a grant, also know as free money.  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. 

Example on how to use program: 
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:  Perhaps you are planning to go FHA and you have 3% saved.  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.  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 jready@mmcdcorp.com or 707-478-0637.

CHF Platinum


By Ruth & Perry Mistry,  Sun Jan 30 2011, 13:43
Good info.

By Doug & Bud Zeller,  Tue Feb 1 2011, 21:05
What about the Sacramento, Ca. region?
By Jennifer Beeston,  Tue Feb 1 2011, 21:21
Sacramento is $87,720. Let us know if we can help. This is a great program!
By Joan Reich,  Tue Feb 1 2011, 22:10
Down Payment Assistance Programs are great and much needed but many don't know about the Mortgage Credit Certificate. This is a Federally funded, locally administered program where the buyer can take a direct credit against his/her income tax of %20 of the loan interest each year. This certificate is good as long as you own the home, even if you refinance saving you thousands over the life of the loan. Buyers should ask their lenders about this program. There are income limitations, but they are generous.
By Pierre,  Wed Aug 15 2012, 12:36
Are there any downpayment assistance programs for people with incomes at $200K?
By Jennifer Beeston,  Wed Aug 15 2012, 12:43
There are not downpayment assistance programs for borrowers who earn $200000 unfortunately. Also important note for those reading, CHF platinum no longer exists which is a real shame.

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