The California Firefighter Down Payment Assistance (CFDPA) program provides homebuyer assistance to eligible Firefighters and all fire department employees of the State, Federal, Local, or a Tribal fire department in California.
California’s Firefighter Down Payment Assistance (CFDPA) loan program provides from 3% to 3.5% of assistance in the form of a silent second home loan for firefighters. Assistance funds are applied towards satisfying the firefighter mortgage down payment requirement or paying buyer closing costs.
California’s Firefighter Down Payment Assistance program can be used with either FHA or Conventional home financing.
Qualifying Criteria
- Primary residence – owner occupied only
- Minimum FICO score: 640 to 680
- Debt-to-Income ratio max:
- 45% = credit scores under 700
- 50% = credit scores over 700
- Maximum CLTV: 105%
- Homebuyer education course is required (contact me regarding which one is needed)
- First time homebuyers only (a FTHB’r is someone who hasn’t owned a home in the last 3 years)
- Any person employed by Federal, State, Local or a Tribal fire department in California.
List of Eligible Job Titles: Firefighter, EMT, Paramedic, Investigator, Driver Engineer, Fire Dispatcher, Field Chief, Lieutenant, Captain, First Responder, Administrative/Office Staff, Maintenance….any employee. If you are employed by a Federal, State, Local, or Tribal fire department in California, you are eligible….contact me.
Income Limits
The income limits are very generous and vary from county to county. Program eligibility income is calculated pursuant to tax compliance guidelines and cannot exceed the county limits. Contact me to find out what your county income limit is.
Eligible Property
The California Firefighter mortgage assistance program can be used to purchase a SFR, condo or manufactured home. Bank owned, REO, foreclosure or properties being short sold are also allowed. There are no geographic restrictions.
Loan Terms and Repayment
The firefighter down payment assistance program is a silent 2nd loan, deferred for up to 30 years and only due under these circumstances:
- Transfer of title (change of ownership)
- Sale of Property
- Refinance or payoff of the first loan
- 30 years from date of funding
Repayment of assistance funds can be made at any time and there is no prepayment penalty.
Get the Facts & Know Your Options
Which assistance program is best for you? Which firefighter home loan program provides the lowest rate and/or lowest payment? Which assistance program will help you qualify for the largest loan amount? Which down payment assistance program provides the most assistance or also pays for your closing costs?
Will using the California Firefighter down payment assistance program be better than using the CalHERO Home Loan?
You need to be aware that 95% of all lenders and loan officers have no clue what assistance programs are available to you, or if they are, most are unable to offer them to you. Most loan officers simply don’t have access to enough programs, have access to the resources, the experience, or knowledge to answer these questions.
If you would like to to get preapproved or simply learn about the various home buyer assistance programs you may be eligible for to make an informed decision, contact me here.
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