Home Buying in 93311>Question Details

Jmassey1126, Other/Just Looking in Bakersfield, CA

Are there any programs that assist first time home buyers with down payment or closing costs in CA?

Asked by Jmassey1126, Bakersfield, CA Fri Jan 27, 2012

Help the community by answering this question:


I am a local loan officer with a lot of programs and several down payment assistant options. Most of these programs require 45 day escrow compared to regular FHA with 640+ FICO requires 21-25 days on average.
1. CHF Access program. Requires 580 FICO, The program allows up to 99.5% (CLTV) financing and is designed to help low- to moderate-income. This loan is also eligible for FHA flip transactions for properties purchased less than 90 days.
2. CHF Platinum requires a 620 FICO and 1% down from your own funds. Income up to $85,000
3. CalHFA/CHDAP is the perfect loan program for qualified, first-time home buyers. There are income, credit and sales price limitations in order to be eligible. It has lower interest rate than the other programs. http://www.calhfa.ca.gov/
4. CalHFA has School Facilities Fee assistant for many new homes
5. PenFed foundation helps our veterans and is an awesome program. http://www.pentagonfoundation.org/
***Note: FHA loans require 3.5% down but that can all come from family gift or 3% silent second CHDAP and .5% gift. In comparison to Conventional loans which require 3% down which has to be from your own funds. If you have over a 740 FICO you should not be doing FHA unless you need down payment assistance.
Also lenders can give you premium pricing to help pay for some or all of your closing cost. We raise your rate and credit you back cash in turn for a higher monthly payment.
Mortgage Credit Certificate (MCC) program: The Mortgage Credit Certificate program allows first-time home buyers to take advantage of a special federal income tax credit. This program allows buyers credit in qualifying for the tax advantage they'll receive after they purchase the home which can return part or all of the down payment in special tax savings above the normal savings homeowners already get.

I am here to help. I specialize in Senior FHA Reverse Mortgage, FHA FICO 500-640, VA loans 2 years out of foreclosure and investors buying 5-10 investment properties. Investors who pay cash for homes can do a Conventional loan the next day on newly purchased property to recapture up to 65% of the new appraised value as long as it’s not more than their original investment.

Mark R. Barrett
Loan Officer
C2 Financial
Office: (661)544-8787
Fax: (888)908-1271
DRE LICENSE #: 01438387
NMLS #: 279056

1 vote Thank Flag Link Fri Feb 10, 2012
a good mortgage broker has access to many lenders and loan products and can best answer your question and get you a loan that fits your profile. My website has a link to one in California. Good luck

Buyer 50%-60% Cash Rebate / Seller 50% Commission Discount
Quality Full Service!

Flavio Tejada, Owner/Broker, Realtor, MBA-Finance
1 vote Thank Flag Link Fri Jan 27, 2012
Yes, I offer the CHF Access half percent down payment program. You only need a minimum 580 fico score to qualify. Do you have down payment and closing costs saved? If not, then this is a great program that can also contribute towards your closing costs as well.

I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify.

Here is a flyer and a needs list to qualify. I only need to ask a few dozen questions to qualiy you.

CHF Access half percent down flyer, pdf
Sheryl Arndt, standard needs list checked, pdf
Why Rent brochure
CHF Access income limits http://tinyurl.com/8lzf8he


Sheryl Arndt, Broker – Sr. Loan Officer
DRE# 01440252
NMLS# 297251
0 votes Thank Flag Link Thu Oct 25, 2012
The down payment assistance program that is offered only requires a 640 credit score.
0 votes Thank Flag Link Mon Jan 30, 2012
My company requires 3.5% down, but you have several programs, we are the place to go if you have less than perfect credit. The others all require fairly good credit , there is the USDA for rural properties and CALFHA I think a 680 credit score is required.
0 votes Thank Flag Link Mon Jan 30, 2012
There are many local community incentives. Depends which town,city & county you are looking for. In addition a good Realtor can help negotiate with the Seller to contribute to your closing costs. It all depends on the Price and how serious the sellers are trying to sell. There are also lenders who can help with the first time buyer programs.
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Sun Jan 29, 2012
Absolutely! We have an incentive program where WE give you credit towards your closing costs. Pair that with seller incentives, and down payment assistance and it can be very affordable to buy a home.

Best wishes,

Chasity Goodson
Loan Officer at Pacific Funding Mortgage Division, PFMD
4825 Calloway Dr Suite H-101
Bakersfield, CA 93312
Phone: 661-324-2525
E-Fax: 661-206-4029
Email: chasity@bak.rr.com
DRE License # 01877009
NMLS License # 317122
0 votes Thank Flag Link Sun Jan 29, 2012
Bob Guill at Cornerstone Mortgage has all the answers, please call him 661.809.0427
0 votes Thank Flag Link Fri Jan 27, 2012
Hi again,
Yes, there are still programs available. I would direct you to a lender to discuss those programs and what will fit your situation the best. The lender I work with a lot is Cherie Bowen with Academy Mortgage. Her number is 661-343-1068. She will answer any questions you have regarding down payment assistance.

As for closing costs, on most offers these days I ask for the seller to contribute a certain percentage of the purchase price towards the buyer's closing costs. Depending on your price range, sometimes the seller's contribution will cover closing costs completely.

Once you speak with a lender, they can provide you with an estimate of down payment and closing costs for specific price ranges... this information can be quite valuable to have before you start house hunting!

Please feel free to call or email me with any additional questions!

Thank you,
0 votes Thank Flag Link Fri Jan 27, 2012
You can always ask a seller to pay your closing costs. It becomes more difficult if you chose a short sale but standard and foreclosure sales are more open to it.

Good Luck.
Web Reference: http://www.laura4homes.com
0 votes Thank Flag Link Fri Jan 27, 2012

There are still some options for buyers with little money to put down on a home...

VA financing is available to those that qualify or you can use USDA financing if you are open to a purchase in a rural area.

Most of our customers use the California Homebuyer's Downpayment Assistance Program. With this secondary financing, your can get in with as little at 1/2% down, but income restrictions apply.

See the link below for more information and feel free to contact us directly if you have any other questions.

Thank you,

Robert and Dawn Morris
0 votes Thank Flag Link Fri Jan 27, 2012
Based upon your income and the county you are located/buying in, there is a program that requires only 1% of the purchase price be your own funds and 3% comes from the first time home buyers program.
It is called the CHDAP program.
0 votes Thank Flag Link Fri Jan 27, 2012
Yes, a few of them. Some make you pay the money back and some even allow the money to be gifted to you over time. Your credit score will determine the one that can work for you. Call me and I would be glad to point you in the right direction to get a loan that works for you. Then I can help find you a home that meets your requirements.
Adrian Diniz/ Broker
0 votes Thank Flag Link Fri Jan 27, 2012
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