For this week’s blog we wanted to highlight some of the assistance programs we feature here at Broadview. Below is a chart broken down by assistance program, the type of assistance offered, and what it takes to qualify.
We also wanted to mention some changes to the Mortgage Credit Certificate (MCC) program. Due to the tax reform we were unsure if the program would still exist but fortunately the final version of the bill allowed for MCCs to continue, albeit with changes. The major change is that CalHFA MCCs for non-credit qualifying purposes will continue until CalHFA’s MCC allocation has been exhausted. MCCs for credit qualifying purposes are not available. This means that, once CalHFA’s MCC allocation has been exhausted, the program will no longer be available. However, GSFA MCC and County/ City MCC programs will resume in full, which is much better than completely losing the program.
Please review the chart below and reach out to your local branch if you have any questions.
We will also go into more detail on some of the individual programs below in future blogs. Stay tuned!
|Assistance Name||Assistance Type||Amount||FTHB*||LTV/CLTV Limits||Layering Capabilities|
|CalHFA FHA||First Mortgage||3.5% Down Payment||No||≤ 96.5% /105%||FHA Approved Seconds; MyHome or MCC|
|CalHFA VA||First Mortgage||0% Down Payment||Yes||≤ 100% /105%||VA Approved Seconds; MyHome or MCC|
|CalHFA CalPLUS ZIP||Deferred Second, No Interest Rate Loan||3% of 1st Loan||No||N/A /105%||CalPLUS Conv. (mandatory), FNMA Approved Seconds: MyHome or MCC|
|CalPLUS Conventional||First Mortgage||5% of Down Payment||No||≤ 95% /105%||FNMA Community Seconds: MyHome or MCC|
|CalHFA Extra Credit Teacher Program (ECTP||Deferred Seconds, Low Interest Rate Loan||$7,500 or $15,000||Yes||N/A /105%||Any CalHFA First Mortgage, FHA Approved Second and MCC|
|GSFA Platinum Conventional, FHA, VA||Home Buyer Grant||5% of 1st Loan||No||N/A||Conventional, FHA, VA, and MCC|
|GSFA Platinum USDA||Home Buyer Grant||3% of 1st Loan||Yes||N/A||MCC|
|SCHFA Homebuyer Grant||Home Buyer Grant||4% of 1st Loan||Yes||N/A||FHA, VA, & MCC|
|HomeReady||First Mortgage||3% Down Payment||No||97% /105%||FNMA Community Seconds|
|Home Possible||First Mortgage||3% Down Payment||No||97% /105%||Affordable Seconds approved by FNMC, and MCC|
|Mortgage Credit Certificate Program (MCC)||Tax Credit||20%||Yes||N/A||Universal Tax Credit to All First Time Home Buyers|
|MyHome Assistance Program||Silent Second, Low Interest Rate Loan||5% of Lesser of sales price of appraised value||Yes||N/A /105%||Any CalHFA First Mortgage, FHA Approved Second and MCC|
*FTHB = First Time Home Buyer
**Programs based on date of blog post. Subject to availability and change at any moment.