Highlights:
- Minimum Borrower Contribution: 1% of purchase price
- Minimum Personal Liquidity: 1 month PITI
- No income limit if the property is in a designated LOW or MODERATE census tract. To check: ffiec.gov, click “Geocoding/Mapping System”, change the year to 2020, and enter the property address
- Income limit of 140% of the area median income if the property is not in a designated census tract. For LA county $112,000 and Orange County $149,30
GROW: $647,200 for single unit and $828,700 for two units
DAISY: $13,344 for one unit; $17,086 for two units
- Available for 1-2 units and condos
Reminders:
- Available in Los Angeles and Orange Counties in southern California, see rate sheet for a full list of participating counties
- First Time Homebuyer definition: The borrower cannot own another property at the time of the CLOSING. THAT MEANS...they can sell their current property to close concurrently
- Maximum loan amount up to $647,200 for single unit and $828,700 for two units
Grow: $13,344 for one unit; $17,086 for two units
- Available on purchase or rate/term refinance
- Non-occupant co-borrowers allowed if they meet the income limits (call for details)
- Can be used in conjunction with other DPA programs - Almost any Community 2nd Program and our 2% Secondary loan will go behind the other DPA programs.
- 45% DTI
Credit
- Minimum FICO credit score is 660 for Tier One and 640 for Tier Two.
- Minimum 3 trade lines per borrower opened for at least 2 years. None need to be opened now.