Down Payment Assistance

Platinum Down Payment Assistance Program

This homebuyer assistance Program currently provides families and individuals with a grant that does not have to be repaid. Many times this allows them to purchase a home much sooner than they thought possible.

This Program is available for the purchase of an owner-occupied single-family residence or approved condominium located in California.

The grant made possible through the Program, can be used towards the homebuyer’s down payment and/or closing costs on a 30 year fixed rate FHA or VA loan.

The Program is available for purchases of both new and existing homes and is NOT limited to first-time homebuyers.

§  Down payment assistance in the form of a grant
§  For the purchase of primary residences in California
§  New or existing properties are eligible
§  Program is NOT limited to first-time homebuyers

This is an example of a borrower buying a home, receiving the 3% Down Payment Grant using the Platinum Program along with a seller credit for closing costs and a gift from a family member.

$432,000 Sales Price Example

$15,120 Down Payment of 3.5% on an FHA Loan

$12,000 Closing Costs Required Including Impounds

$27,120 Total Funds Typically Required

Using the Platinum Program

$12,631 Platinum Grant

$10,000 Seller Credit

$4,500 Relative Gift

$0 Needed to Purchase a Home

$3,173 Estimated Total Payment (PITI + MIP)

The only assumption is the gift from a relative. The seller can pay any or all of the closing costs thereby not requiring a gift. The Grant is non-repayable.

The Platinum Program is not limited to first-time homebuyers. The maximum income limit in Orange County is $104,640.

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