CA FHA CHF ACCESS Govt. Home Purchase Loan Requires Only 1/2% Down Payment

While funds last, residents of California are eligible to qualify for a the FHA CHF ACCESS Down Payment Assistance loan that requires only 1/2% (one half) down payment.  This is NOT limited to just first time home buyers and makes qualifying for an FHA home loan easier when buying in Temecula, Murrieta, Menifee, Lake Elsinore, Canyon Lake, Corona, Riverside, Moreno Valley & all of Riverside County.

How is this possible you ask?

FHA CHF Access Down Payment Assistance

FHA, which requires 3.5% down payment, allows a second mortgage from CHF ACCESS to satisfy 3.0% of the buyers down payment by using the Access 2^nd down payment assistance loan.  The 1st loan is a traditional FHA 30 year fixed at 96.5% LTV and the 2^nd loan can be 3% of the purchase price….bringing the total loan to value to 99.5%.

Or, if you already have 3.5% down payment saved up, and the seller is not giving the buyer a seller credit to pay closing costs, the 3% funds can be used to pay for closing costs!

QUESTION: What will my payment be on the 2^nd mortgage?

The 2^nd loan is a 15 year fixed @ 8.25%.  If you purchase a home for $250,000 your 2^nd loan balance will be $7,500.  Payment on a 15 year loan will only be $72.76/month!!  If you don’t want to do that, go hit grandma or Vinnie the Butcher up for the down payment and see how that goes.

Program Highlights:

• NOT Limited to first time home buyers
• NO recapture tax/penalty if home is sold later
• NO Sales price limits
• NO minimum borrower contribution
• NO pre-pay penalties
• Gift funds are allowed from family members
• Seller contributions allowed up to 6%
• NO borrower reserves/assets required
• Minimum FICO score of 580 required
• Income limits are 120% of HUD AMI
• 2^nd loan (CHF Access) is a 15 year fixed – no funny business on this loan
• 3% 2^nd loan can be used for down payment or to pay closing costs

Below are the HUD qualifying income restrictions by California County:

(FHA ACCESS loan applicants can’t make more than this)

$84,480          Riverside & San Bernardino County
$101,040         Orange County
$84,480           Los Angeles County
$89,880           San Diego County
$105,720        Ventura County
$84,480           Kern County
$86,760           Santa Barbara County
$89.280           San Luis Obispo
$84,480            Imperial County

View other California county limits

We are in a very unique time where interest rates are very low and home prices have dropped, making homes very affordable.  There are thousands of buyers out there making offers on homes, use every program to your advantage.  Don’t get stuck paying rent forever.  This could be your opportunity to secure a nice home for you and your family.  Call me at (951) 215-6119 to see if you qualify.