Housing Trust of Silicon Valley has 3 different programs available. Each program has a family size and income limit. The borrowers cannot have had ownership with in the last 3 years. These DAPs can be combined with either Conventional or FHA loans. Closing Cost Program - Available in Campbell, Cupertino, Los Gatos, Mountain View, Milpitas and Sunnyvale. Our Closing Cost Assistance Program has helped Santa Clara Countys teachers, engineers, nurses, cooks, and other qualified individuals and families buy their first home in Santa Clara County by providing 5% of the purchase price up to $20,000 towards the down-payment, closing costs or other transaction expenses associated with a home purchase. This loan is due on refinancing or sale of the home or 30 years, with a 3% deferred interest rate. No interest or principal payments are due during the term of the loan. Your loan officer or mortgage broker will submit an application on your behalf to the Housing Trust if you qualify Mortgage Assistance Program The Housing Trust has established the Mortgage Assistance Program to help homebuyers finance their first home, condominium or townhome. Second loans of 17% of the purchase price up to $85,000 are available under this program. The MAP is an amortizing 30-year second mortgage, with interest and principal payments due monthly. For buyers up to the Tier 1 income limit the MAP rate will be equal to the rate of the first loan. For buyers between the Tier 1 and Tier 2 limits the MAP rate will be 1% above the rate of the first loan. Your loan officer or mortgage broker will submit an application on your behalf. Gap Assistance The Housing Trusts GAP loan is funded by the State of California Department of Housing and Community Development’s CalHome Program. GAP is a deferred second loan up to a maximum 20% of the purchase price up to $50,000 to help with the purchase of homes in Santa Clara County. The GAP is a 30-year loan with an interest rate of 3%. Payment is deferred until the expiration of the term, sale of the home, or refinance of the first mortgage. There are no monthly payments on a GAP loan. California Housing Finance Agency aka: CalHFA CalHFA has both 1st mortgages and Down Payment assistance programs. We can pair the assistance with either Conventional or FHA. CalHFA also offers their own FHA financing that can be paired with Down Payment assistance. There are some programs specifically offered for Teachers that are nice. CalHFA has one program that doesnt base income limits on family size. This is nice because in Santa Clara County the limit is $141,800. The first liens can be as high as 97% LTV and 105% CLTV, this of course depends on specific guide lines. The Zip program offers 3% of the 1st loan amount and the ChDAP offers 3% of purchase price. Here are the links to the Web Sites for each Agency Housing Trust of Silicon Valley - housingtrustsv.org/ CalHFA - calhfa.ca.gov Please let the agents know to feel free to call me to go over any of the information in this email, or any information from the web-sites. I am more than happy to run as many scenarios as needed.
Posted on: Sun, 05 Oct 2014 05:54:42 +0000
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