California Housing Finance Agency (CALHFA) 

An eligible first time homebuyer borrower can purchase a home with little or no money out of pocket with a Conventional or FHA loan. Combine the down payment and closing  cost assistance together for max assistance.

• Down Payment Assistance: 2nd lien position, deferred payments. 

  • Down payment assistance program available to anyone who has not had ownership in a property in the last 3 years

  • FHA - Maximum down payment assistance program not to exceed 3.5% of the purchase price or appraised value, whichever is less.

  • Conventional - Maximum down payment assistance program not to exceed 3% of the purchase price or appraised value, whichever is less.

  • VA - Maximum down payment assistance program not to exceed 3% of the purchase price or appraised value, whichever is less

• Closing Cost Assistance: Can be in 2nd or 3rd position, deferred payments.

  • Maximum closing cost assistance up to 2% or 3% of the purchase price

• Credit Score: Conventional Loan 680 Minimum, FHA Loan 640 Minimum

• Program paired with: Conventional, Conventional High Balance, FHA or VA

Nevada Rural Housing Authority (NRHA)

Home At Last down payment assistance can also be used for closing costs or principal reduction.  The  assistance is provided in the form of a 3-year forgivable, 0% interest, no scheduled payment second  loan.  It is paired with a 30-year first mortgage and a fixed interest rate.

 

• Conventional – Max assistance up to 5% of the purchase price

• FHA - Max assistance up to 4% of the purchase price

• No first-time buyer requirement

• No asset limits

• No purchase price limits

• Credit Score: 640 Minimum

• Program paired with: Conventional or FHA