20% CALIFORNIA

DOWN PAYMENT ASSISTANCE

AVAILABLE AS OF MARCH 27TH, 2023

CONTACT US NOW TO START YOUR PRE-APPROVAL

NorCal Mortgage is a DBA of NCMP Service Corporation. NCMP Service Corporation has corporate offices at 1127 13th Street, Suite A Street, Modesto, CA 95354. NMLS #1629802. Loans made or arranged pursuant to a CFL license under the Department of Financial Protection and Innovation, License #1629802.

• 30-Year Term with a Fixed Interest Rate
• 1st Loan (CalHFA Conventional)
• 2nd Loan - 20% of the Purchase Price or Appraised Value (whichever is less) to be used for Down payment or Closing Cost (This is a 0% interest loan and payments are deferred indefinitely).
• Shared Appreciation Loan 15% or 20% - If your home increases in value, you pay the shared appreciation to CalHFA. Your income will determine if you pay 15% or 20%. The payback is triggered by Title Change or selling or refinancing property.
• Permitted to Refinance one time after 12 months seasoning (Cash back cannot exceed $2,000).
• The Shared Appreciation is capped at 2.5 times the original loan amount.

• First Time Homebuyer (haven’t owned a primary residence in the previous 3 years)
• Occupy the property as a primary residence within 60 days
• 680 Minimum FICO with income greater than the HomeReady 80% AMI income limit
• 660 Minimum FICO for borrower with income less than or equal to HomeReady 80% AMI
• Debt to Income Ratios up to 50% with 700 FICO or Above
• Debt to Income Ratios up to 45% with FICO between 680-699
• No minimum borrower contribution. All funds may come from Down Payment Assistance
• Homebuyer Education Course Required
• Must have Valid Social (ITINS are not allowed)
• Non-occupant co-borrowers and co-signors are not allowed
• Acceptable residency Statuses:
• US Citizen
  
• Non-US Citizens who are lawfully present in the US
  
• DACA borrowers permitted
  

• 1-unit Primary Single Family Residence
• Townhomes
• PUD’s
• Condominiums
• 1-unit ADU, guest houses, “granny” units, and “in-law” quarters are eligible
• Guest Houses, Granny Unit & In-law quarters eligible
• Manufactured Housing is permitted
• Condominium & Planned Unit Developments
• Fannie Mae Area Median Income Lookup Tool - CLICK HERE
  

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