HFA1 - Affordable Loan Progam
This loan program assists approved lenders in providing low- and moderate-income borrowers the opportunity to own a home as their primary residence. Applicants must meeting income-eligibility requirements and personally occupy the dwelling as their primary residents. They must be a U.S. Citizen, non-citizen national, or qualified alien. Providing homeownership opportunities promotes prosperity and improves the quality of life.
First Loan Program
- TBA (Conventional, FHA)
- No pre compliance review
- Can be a first time homebuyer
- Homebuyer education required with DPA attached.
- Standard Deliver Checklist
- Standard Overlay
- 620 or greater credit score
- Must be sellable to the GSE
- Income Limits: state requirements
- Purchase Price Limits: state requirements
DPA Details
- Borrower provide See specific state guidelines
- Provided Amount: See specific state guidelines
- First Time Home Buyer: Not Required
- Minimum Credit Score: 620 (Avg Borrowers)
- Income Limit: Per state requirements
- House Price Limit: Per state requirements
- Property Requirements: Owner Occupied, Single Family,
- Homebuyer Education: Required with DPA
- Purchase/ Refi: Purchase
- Funds Applied: Down payment, closing costs or both
- Now Available:
Down Payment Assistance Choices:
Amortizing Second Loan
- Fully amortizing 10, 15, or 30-year loan
Due on Sale
- Deferred payment until property is sold or refinanced. 0% interest rate.
Forgivable
- Forgivable in 10, 15 or 30-years.
Grant
- Grant. See specific state grant program
- California requirements may vary