Premier Funding Network operates differently than the big mortgage companies. As mortgage brokers, we are free to look outside the box and investigate all of the financial tools available to homebuyers.
This increased flexibility enables Premier Funding Network to take as much time as is necessary to make sure that our clients are taking advantage of every appropriate option and buyer program currently available.
Many first time homebuyers can use a little help to strengthen their purchasing power. Here are the basic criteria for some proven programs available to our clients:
GROW & DAISY PROGRAM
This program is designed as a conventional, community lending mortgage that offers underwriting flexibilities to qualified borrowers who meet specific income criteria or properties that meet certain geographic location eligibility requirements.
Grow 30 year fixed:
- 97% LTV / 99% CLTV
- No MI
- Maximum loan amount of up to $424,100 for single unit and $543,000 for two units
- First time home buyer is defined as not owning a home at the time of closing – so you can have a home that will close concurrently with another home.
Daisy 2nd Trust Deed – down payment assistance program:
- 3 year fixed term, 0% APR
- No payment is required
- Forgiven over 3 years, 25% year 1, 25% year 2 & 50% year 3. No mortgage lates on 1st trust deed and must be living in the home.
- Purchase only in conjunction with 30 year fixed product, Grow program loan
- Maximum loan amount of up to $8600 for single unit and $11,000
Counties available in Southern California:
- Available only in Orange County & Los Angeles
- Maximum income for Orange County: $137,440.00
- Maximum income for Los Angeles County: $100,800.00
All members in household unless located in designated LMI Census Tract (by FFIEC.GOV)
MCC – MORTGAGE CREDIT CERTIFICATE (SPONSORED BY CALHFA)
MCC is a 20% tax credit for first time buyers.
- Increase your disposable income.
- Increase your buying power.
- Decrease your tax liability
- Each CalHFA MCC Tax Credit Applicant must be a US citizen or permanent resident alien.
- All CalHFA MCC Tax Credit Applicants must meet the credit, income and loan requirements of the CalHFA MCC Tax Credit program handbook, the Lender, and the mortgage insurer/guarantor.
- No minimum FICO
- Sales Price Limits – see CalHFA sales price charts
- Income Limits – see CalHFA MCC income charts
- Ownership status – 3 years tax returns will be required.
Exception to a 1st time homebuyer
- Home is located in a Targeted Area – A targeted area has been identified as an area where 70% of the families have an income which is 80% or less than the statewide median income.
It’s easy to think of these programs as complicated or confusing, but we will walk you right through them and be there to answer questions and help every step of the way. At Premier Funding Network, we like first time homebuyers because we know they will be future homebuyers as well.