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Now that I have purchased my Rancho Cucamonga home, how can I remove my FHA monthly mortgage insurance?
Do you need a down payment assistance program to assist you on purchasing your first home? Lets explore that possibility to obtain funds for the required down payment and closing cost.
Purchasing your 1st home should not be a drain on your bank account or your retirement plan. There are available home programs that are being offered to homebuyers that are in need of a down payment to purchase a home. See below on some of the requirements that one must meet to obtain help.
- FHA Platinum Grant program that will give you, yes give you 3% towards the down payment that does not have to be repaid. Only required to come in with .5% down payment.
- Down Payment and/or Closing Cost Assistance (Currently in the Form of a Grant)
- Not Limited to First-Time Homebuyers
- Purchase of Primary Residences Only
- Available in Conjunction with 30-year Fixed-rate FHA, VA and USDA Mortgage Loans
- New or Existing Homes are Eligible
- Available throughout California
- There are income limits depending on the county you wish to purchase in
- Education course not required
- CHDAP program offered through CalHFA, this is a small 2nd lien of 3% of the down payment. Only required to come in with .5% down payment.
- Must be a first time homebuyer, a first time homebuyer is classified as one who has not owned a home or been on title of a home in the past 36 months, 3 years
- Income limits per county and per dependents in the household
- Must take a homebuyer’s education course
- Need to review the last 3 tax years filing of the federal returns
- CHF Access Program combines a 30 year fix interest FHA 1st mortgage with a low fix interest 2nd lien with a combine loan to value of 99.5%
- It is available for purchases of both new and existing homes, as long as the home will be the primary residence
- Does not require to be a first-time homebuyer
- Those who have owned a home in the past are still eligible to apply
- Income limits apply per county
- Dream Maker Grant offers grants for down payments to first-time homebuyers of modest means who valiantly work to protect our country’s national security.
- $500 is the minimum amount for you to contribute
- Dream Makers will match that three-to-one, up to our maximum of $5000
- Estimate the size of your mortgage loan. Decide if the money you contribute, plus the Dream Makers grant, will be at least 3% of mortgage amount. You must put 3% down to qualify for the grant
- You’re Military (Active Duty, Reserve, National Guard or Veteran), a Department of Defense employee or a Department of Homeland Security employee
- You’re a first-time home buyer, or you have not owned a home for the last three years or you have lost your home through divorce or disaster
- The gross annual income of all applicants used to qualify for mortgage is no more than the greater of:
- $55,000 or 80% of area median income, adjusted for family size
So if you are in need of a little help with your down payment on a home purchase, we may have the program for you. CLICK HERE to complete a short contact form so we can discuss these options with you when applying for a home loan.
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