How do down payment assistance programs work?

• There are multiple programs that can be combined with FHA loans (3.5%) or with Conventional loans (3%).
• These programs are called Down Payment Assistance Programs (DPA) — they provide the money for the down payment, anywhere from 3%-5%. 
• The money to cover the closing cost can come from other sources:
  • Another DPA program.
  • The seller.
  • Lender assistance.
• It all depends on the best option(s) that you qualify for.

Who is considered a First Time Home Buyer?

• Someone who has not owned and occupied their own home in the last three years.

There are multiple Downpayment Assistance Programs. Some of them are:

• The California Housing Finance Agency (CalHFA)
  • MyHome Assistance Program
  • CalPLUS FHA Program (ZIP)
• CBC Mortgage Agency (FHA)
  • Chenoa Fund
  • Zero Edge FHA
• Golden State Finance Authority (GSFA)
  • GSFA Platinum Down Payment Assistance Program
  • GSFA Open Door Program

**The ZIP, Chenoa Fund and GSFA Platinum Programs are not limited to first time home buyers**

For more information on these programs, please contact us:

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