Saving for a down payment is difficult, and can delay the benefits of homeownership. Our Down Payment Assistance progams are designed to overcome the traditonal obstacles of home ownership. Buyers with past credit problems may still qualify to buy a home woth no down payment. Below you find helpful information on a few of the Down Payment Assistance Programs we offer, along with other programs we have available.

The Redlands Down Payment Assistance Program

• Provides up to $75,000 to be used for down payment and closing costs
• Available if you purchase in the City of Redlands
• 50 year deferred loans

CHDAP(California Homebuyers Down Payment Assistance Program)

• Provides a deferred-payment junior loan up to 3.% of purchase price to qualified borrowers to be used towards down payment and closing costs
• No minimum down payment is required except for loans on manufactued homes
• No borrower cash contribution is required

CalHFA(California Housing Finance Agency

• 30 year fixed mortgages, interest only PLUS, and 40 year fixed mortgages
• Offers Homeopeners Mortgage Protection which will cover up to 6 months of $2,500 mortgage payment should you lose your job

CalPERS(California Public Employees Retirement System)

• 10- to 30- year terms are available. All terms must be in 12-month increments.
• Fannie Mae conforming loan limits apply
• Maximum CalPERS Personal loan is $18,421

FHA Financing

• Only 3.5% down payment required, which can come from a gift
• Non-Traditional credit history ok
• Non-occupant Co-borrowers allowed

VA Financing

• Qualified Veterans can get a no down payment purchase loan
• Ability to finance the funding fee
• Closing costs are comparable with other financing types, and can be lower
• No mortgage insurance premiums
• Right to prepay without penalty
• VA assistance to Veteran borrowers in default due to financial difficulty

 Reverse Mortgage

• Enables homeowners age 62 and older to tap the equity they have in their home and receive tax-free income
• No repayment is required until the home is no longer their principal residence and all terms and conditions of the program are met
• There are no income, asset(other than the home), employment or credit requirements to participate
• Cash advances can be used for any purpose
• Tax-free proceeds will not currently affect Social Security or Medicare benefits

USDA

• 100% financing. No down payment required.
• Property must be located in eligible rural area, typically any town with a population of 25,000 or less that is not adjacent to a large metropolitan area.
• No loan limits or sales price limits.
• Income limits: 115% of U.S. median
• One time 2% USDA Guaranteed Fee.
• Maximum loan amount is 102% of appraised value. USDA fee may be financed into loan amount regardless of appraised value.
• Loan can include closing costs if appraisal higher than sales price.
• No monthly mortgage insurance premium.

 203K

• Insures mortgages covering the purchase or refinancing and rehabilitation of a home that is at least a year old.
• A portion of the loan proceeds is used to pay the seller, or, if a refinance, to pay off the existing mortgage, and the remaining funds are placed in an escrow account and released as rehabilitation is completed.
• The cost of the rehabilitation must be at least $5,000, but the total value of the property must still fall with the FHA mortgage limits for the area
• The value of the property is determined by either (1) the value of the property before rehabilitation plus the cost of rehabilitation, or (2)  110% of the appraised value of the property after rehabilitation, whichever is less
• All persons who can make the monthly mortgage payments are eligible to apply.

Should you require any addtional information please feel free to contact by phone @ (909) 307-2388, or if you prefer by email at jessica@redlandsmortgage.com