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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