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Downpayment Assistance for First Time Homebuyers – You Have Options

January 30, 2012

One complaint that I get from real  estate agents out there is how their eager and motivated client needs money for downpayment assistance but the one program that they looked into doesn’t work for their buyer.   The fact of the matter is however, there are multitudes of down payment assistance programs out there and it’s all about having access.  Here is a list of some of these programs that I’m able to offer to my borrowers and real estate partners:

CHDAP program offered by CalHFA:
-3% towards downpayment and/or closing costs/1% minimum investment from the buyer
-640 Minimum FICO
-Co-Signers Allowed/No Additional Restriction on Debt to Income Ratios
-Lenders offering this program: Guild Mortgage Company, Sunwest, First Mortgage Corporation

CHF Access
-3% towards downpayment and closing costs/0.5% minimum downpayment from the buyer
-580 Minimum Credit Score
-No Restrictions on location
-Lender(s) Offering this Program: First Mortgage Corporation


FHA W.I.S.H Program
-Up to $15,000 Grant/Matches up to 3 times borrower investment
-640 Minimum FICO
-No Restrictions on Location/No Additional Restriction on Debt to Income Ratios
-Lender(s) Offering this Program: Pacific Mercantile Bank
-Allows Co-Signers, 1-4 Unit Properties allowed
County and City DownPayment Assistance Programs
-Up to $60,000 in assistance
-Geographical Restrictions

By its very nature, downpayment assistance program operate within their own box and restrictions but when you have access to a group of them, you see that there is flexibility with income, credit and reserves along with other factors that could make the difference in your buyers qualifying and being able to realize their goal of homeownership.    If you’re reading this, by now, I’m sure you’re excited about the prospects of helping out your clients and you have many questions specific to their situations.
Written By:

Onur Coskun: CA DEPT OF REAL ESTATE – 01893073 / 322100
Mortgage Loan Officer / Real Estate Agent With Platinum Mortgage Company

Website :
E-mail: onur @

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