 Southern
California
Home Financing
Authority
Single Family MRB 2010
First-Time Homeowner Program
|
Total
Program Funds |
$25,000,000 |
|
Allocations |
30 year, fixed rate
4.700%- Low Rate Loan
5.125%- Assisted Rate
Loan - 3% grant for DPA
|
|
Origination
& Discount |
1.00% can be used
for either the origination or the discount |
|
Eligible
Areas |
Los Angeles and Orange Counties
except the City of Los Angeles
IF A PROPERTY IS LOCATED IN LOS ANGELES COUNTY AND HAS A CENSUS
TRACT NUMBER OF 2999.00 OR LOWER, THAT PROPERTY IS LOCATED IN
THE CITY OF LOS ANGELES AND IS NOT ELIGIBLE IN THIS
PROGRAM. |
|
Eligible Homebuyer |
First
time homebuyer (someone
who has not owned their principal residence in the last 3 years). |
|
Loan Types |
FHA, VA,
USDA-RD (RHS) |
|
Assistance
|
5.125% rate comes with 3% of the Note
amount as Grant |
Time Line
|
Reservation to Underwriter Certification
= 45 days
Reservation to Closed & Delivered to
Servicer = 85 days
Within 30 days of the
Mortgage Loan closing, the Lender will submit a closed Mortgage
Loan package for final
compliance review to the Servicer.
Reservation to Exceptions Cleared,
Loans Purchased = 115 days
|
|
Income
Limits
|
 See
Administrators Guidelines
for details by county |
|
Acquisition
Limits |
See
Administrators Guidelines
for details by county |
|
Final
Purchase Dates - |
12/31/2010 |
Program Information and Materials-
Administrator's Program Guidelines,
ALL Program Forms, Shipping Checklists and Stacking Sheets, Guidelines
(Underwriting, Delivery & Funding, Fannie, Freddie, FHA) All Presentations,
Homebuyer Education, Bulletins, DPA & Second Mortgages, Manufactured Homes,
PMI, Closing Docs, Marketing Materials.....
PROGRAM DETAILS
|
Copyright ©
2009 Housing and Development Software.