SCHFA Competitive-Rate Mortgages for First Time Homeowners in Los Angeles and Orange County

SCHFA Competitive-Rate Mortgages for First Time Homeowners in Los Angeles and Orange Counties
If you’re searching for your first home in Southern California, 2013 could be your lucky year.

SCHFA Down Payment and Closing Cost Assistance Grant

Starting in mid-January, the Southern California Home Financing Authority (SCHFA) will be offering competitive-rate, 30 year mortgage loans to qualified first time homeowners. These loans will include a Down Payment and Closing Costs Assistance Grant of up to 4% of the initial principal balance of the mortgage loan. This Down Payment Grant does not have to be repaid.

The 2013 First Time Mortgage Program has been funded with a revolving balance of $25,000,000.

SCHFA Program Eligibility Requirements

  • Must live in Orange or Los Angeles County (Los Angeles city residents are not eligible)
  • Cannot have owned a home in the past three years
  • Must have a minimum FICO score of 640
  • Must have a maximum debt-to-income ratio of 45
  • Must have total income under the maximum qualifying income (to be determined)
  • Must meet the maximum home purchase (to be determined)
  • Must participate in a homeowner education program
  • Must use a participating lender

Mortgage rates are anticipated to be slightly above market rate—as of April 16, 2013 the rate is 3.625%. This rate will change periodically to stay competitive with the market. Eligible mortgages include FHA, VA, or USDA‐RD, all 30‐year and fixed rate. Participating lenders must be approved by the SCHFA.

Be sure to take advantage of this terrific program and let me help you find the perfect home loan in Los Angeles or Orange Counties—call 562-257-5008 or get in touch with me today!

About Ric Dizon

Ric Dizon is a mortgage consultant (NMLS 230093) with iMortgage, a premier mortgage banker in Long Beach, California. He's in love with four things in life...being a dad, his Ku'uipo Pamela, Hawaii and finding you the right home loan. More about Ric. Connect with Ric on Facebook, Google+, Pinterest, Twitter and check out his Instagram photos.

Comments

  1. Are funds available now?

  2. Ric Dizon says:

    Funds are available now. Make sure to connect with your lender for eligibility

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