Here are your options.

Here at Reliant Lending, Letticia will guide you through every step of the way. We are confident that you will be satisfied.

◈ MYHOME ASSISTANCE PROGRAM

• 3% - 3.5% down payment

• Covers your minimum down payment

• Competitive interest rates

• No equity share with CalHFA

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PROGRAM HIGHLIGHTS:

• Borrower receives 3% or 3.5% in assistance from CalHFA to cover your minimum down payment.

  • CalHFA Conventional = 3% in assistance

  • CalHFA FHA = 3.5% in assistance

• Assistance is not forgivable and must be repaid if the home is refinanced, sold, or you reach the end of your 30-year term on the loan.

• Borrower can add 2% or 3% in closing cost assistance with CalHFA ZIP

• Loan amount limit based on conforming loan limits

• Interest rates for the program are set by CalHFA and change daily

• Types of approved homes:

  • Single-family homes

  • Condos/townhomes (approval required)

  • Manufactured homes on owned land (no leased spaces)

  • Below-market-rate (BMR) homes

ELIGIBILITY:

• Borrower must be a first-time homebuyer (not owned a home in the past 3 years)

• Borrower’s gross income must be below the limit for the county the home is purchased in

  • Moderate Income Limits for All California Counties

• Maximum DTI (debt-to-income ratio) is 45%

• Minimum credit scores:

  • Conventional: 680

  • FHA: 640

SEE COMPLETE PROGRAM INFORMATION

PROGRAM HIGHLIGHTS:

• Borrower has the ability to put down as little as 1% and get into a home

• The lender is providing a 2% grant of the loan amount

• Under this scenario you would enter your home with 3% equity

• Clients who qualify may contribute up to 2.99% toward a down payment while still receiving the 2% grant

• There are no restrictions on where you can live or where you move from

• This program is available nationwide

• Borrower will not have to pay for mortgage insurance on this product

  • This means a lower monthly payment, which adds to affordability

QUALIFICATIONS:

• Borrower must be a first-time homebuyer (not owned a home in the past 3 years) or repeat homebuyers nationwide.

• Borrower(s) gross income must be below 80% of the median income in the country in which he or she is looking to purchase.

• Minimum FICO score of 620.

• Single-unit primary residences only.

• When combined with the 2% grant, your initial down payment can be no more than 4.99%

FAQ:

• Is this really a 1% down option?

  • Yes, but you can get the benefit of going into your loan with 3% equity. In addition to the 1% you bring to the closing table, we are providing a 2% grant.

• Are temporary buydowns available for this product?

  • Temporary buydowns allow for the creation of a fund to effectively lower the interest rate for a year or more at the beginning of your loan term. These are allowed if they come from an eligible source including the builder, seller, or a real estate agent.

• Are there other low down payment options if I don’t qualify for this program?

  • There are several other low down payment options that may be available to you depending on your situation. For example, if you need to qualify with a higher income, you can still put as little as 3% down on a conventional loan as a first-time homebuyer. If your credit score is 580 or better, you can put 3.5% down for an FHA loan.