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Down Payment Assistance Programs

Bridging the Gap: Down Payment Assistance and Closing Cost

Most Down Payment Assistance Programs are provided to the mortgage-ready borrower through grants and deferred seconds funded by states and local governments through:

The home investment partnerships program is administered  by HUD  an designed exclusively to create affordable housing for low-income households.

Grants  are funds that do not have to be paid back, but often have to be paid back if the borrower  sells  his or home within a  certain period of time.

Many down payment assistance programs come in the form of a second mortgage that has a low interest rate and/or deferred payments

CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan.

My home assistance program offers a deferred-payment junior loan of an amount up to the lesser of three and half percent (3.5%) of the purchase price or appraised value to assist with down payment and/or closing costs.

The extra credit teacher home purchase program (ECTP) is for teachers, administrators, school district employees and staff members working for any California K-12 public school, which includes Charter schools and county/continuation schools. Applicants must also be first-time home-buyers.

Down Payment Assistance Loan Program City of Santa Ana Housing & Neighborhood Development:

The Program offers zero percent, deferred payment loan of up to $40,000.- Home-buyer Assistance funds can help meet both a borrower’s down payment and  Closing cost requirements.

Funds are limited-First Come, First Served!

What is needed to qualify:

  • Home must be located in Santa Ana
  • Home must be Owner Occupied
  • Borrowers must have an acceptable credit history and be prequalified for a first mortgage.
  • Household income must not exceed maximum income limits
  • Attend a pre-purchase housing counseling
  • Make a down payment of at least 3% from your own funds