The HELP down payment assistance grant is a homebuyer assistance program for California residents with moderate income. The HELP homebuyer assistant grant provides opportunities for sustainable and responsible homeownership for people who need assistance with paying closing costs or meeting the minimum down payment requirement.
The HELP down payment assistance program provides up to 6% of the loan amount in the form of a grant, which never has to be repaid back and can close in 30 days or less. Grant funds can be applied towards the down payment or towards paying closing costs.
HELP Program Highlights
- DO NOT have to first time homebuyer
- 30 year fixed loan program – FHA financing only
- No recapture fees or restrictions like many other assistance programs have
- Flexible Underwriting
- Homebuyer education class NOT required
- Grant never has to be repaid
- No equity sharing or deed restrictions
HELP Homebuyer Grant Eligibility
- Minimum 640 credit score – up to 50% DTI
- 680 credit score up to 56% DTI
- Max loan amount based on the FHA county loan limit
- Borrower can own other properties
- Non-occupant co-signers are allowed (co-signer income not calculated in limits)
- 1 year home warranty required
- Home inspection required
HELP Program Income Limits
HELP California county income limits are 140% of the HUD area median income.
HELP Property Requirements
- Single Family Residence
- 1-2 unit
- Property must be owner occupied
Which Homebuyer Assistance Program is best?
That is the million dollar question that I can help you with.
You would be shocked at how many Loan Officers deceive buyers who inquire about assistance programs and tell them they do not qualify for anything (steering), when in fact they do!
Why would a lender deceive a homebuyer who inquires about down payment assistance?
- They can’t provide the program or not approved or certified to offer it
- Don’t know about the many other programs
- Don’t want to work harder than they have to
- To prevent the homebuyer from inquiring with another lender about a program
- Don’t feel they can make enough money off you when using an assistance program
Unfortunately, I know many Loan Officers who treat people who want to use an assistance program like 2nd class citizens…..like they don’t deserve to own a home if they do’t have 20% down payment.
==> Be an Informed Homebuyer
Take the time to learn about all your homebuyer assistance options and find out which one will benefit you the most by a loan officer who specializes in and embraces these specialty loan programs.
Contact me here for more details. I lend in all 58 counties throughout California.