Down Payment Assistance Santa Clarita

A new program designed to assist home buyers increase ownership opportunities is now available. Down payment assistance Santa Clarita program will allow many families to enjoy home ownership. With a new mortgage Santa Clarita and very little down payment.

Mortgage Santa Clarita is mainly designed for low income buyers. For people who make less than $80,000 per year. People with low income require more amount of down payment.

FHA Home Loan Santa Clarita

In a example of buying with a Santa Clarita FHA home loan, the buyer would need to put 3.5% as the down payment to buy the home. With the new assistance program the down payment assistance would grant funds to cover the down payment or most of it based on each individual situation. The new FHA loan would be a fixed rate for 30 years and all the other qualification requirements of a normal FHA loan would apply.

Some of the requirements for the assistance are:

• Occupy the home as their primary residence
• Not make more than 115% of the Area Median Income
• Have a maximum DTI of 45%
• Have a credit score of a minimum 640
• Meet all FHA/ VA lending underwriting criteria

Non FHA loans may have some slightly different requirements.

Apply For A Home Loan Santa Clarita

You will need to work with an approved lender to get the down payment assistance Santa Clarita program. Call 877-244-9190 for a approved lender near you. Before you make an offer on a new home it is ideal to get pre-approved home loan.

Letter from the lender to show you have been approved to buy and then amount your new Santa Clarita mortgage amount.