Home Buyer Assistance Program For The Inland Empire
RPM Mortgage recently announced the roll out of a program designed to help San Bernardino/Riverside homebuyers achieve home ownership through this down payment assistance program…CHF Platinum Program. This program is designed to assist low to moderate income home buyers with the purchase of a home, by providing closing cost and/or down payment assistance in the form of a grant.
The CHF Platinum Program is for the purchase of an owner occupied property in the state of California. This unique program is not limited to first time home buyers, but is open to all eligible applicants using FHA or VA loan programs (USDA with some lenders).
Just like most down payment assistance programs, there are strings attached to the money coming from NHF (National Homebuyers Fund). Unlike most community grant funds that have no payment schedule and the money is considered a silent second; the grant money from this program is a true gift. The downside to this program is the interest rate may be higher than what I would normally quote on an FHA or VA loan. But if you are having difficulties in saving enough money for the down payment…the CHF Platinum Program may be for you.
Here are just some of the program highlights:
Loan Terms
- The first mortgage loan features a 30 year fixed rate that is fully amortized.
Assistance Grant
- May not exceed 3% of the first mortgage loan amount, including up-front mortgage insurance premium (MIP).
- Proceeds may be used for down payment and/or closing costs.
- There cannot be cash back to the borrower from the Grant Fund proceeds.
Property Eligibility
- Owner occupied primary residence in the state of California.
- Single family residence, 1-Unit.
- FHA/VA approved condos.
- PUDS
Borrower Eligibility
- Be a U.S. citizen, permanent resident alien or qualified alien.
- Occupy the property as their primary residence; non-occupant co-borrowers are not allowed.
- Borrower(s) income cannot exceed CRHMFA’s income limits established for the eligible county in which the borrower(s) is purchasing (120% AMI-area medium income).
- San Bernardino County $84,480
- Riverside County $84,480
- Orange County $101,04
- Los Angeles County $84,480
- San Diego County $89,880
Homebuyer Education
- Not required at this time.
The CHF Platinum Program has many restrictions and guidelines that may prevent you from qualifying for this program. It is always best to consult with a seasoned mortgage professional to help determine your eligibility of this program.
Please contact me anytime if you have any questions about this program or any other home financing options.
June 14, 2011 by Mark Estermyer · Leave a Comment
Mark Estermyer is a Senior Loan Officer with over 14 years experience in the mortgage lending industry. Mark's team works for RPM Mortgage, a private mortgage banker. At RPM Mortgage, we offer FHA, VA, all conforming and non-conforming loans. However our specialty are the Jumbo and High-Balance Conforming Loans. Mark can be reached at (909) 863-0000 or by email marke@pchfund.com.
