The FHA Access Program now can benefit California Homebuyers with the opportunity to purchase an owner occupied primary residence with little (.5%) for down payment. The program combines the traditional FHA 30 Year Fixed 3.5% down loan with a 3% second loan. The second loan is a 15-year fully amortized loan. The lower down payment offers homebuyers the opportunity to get back in the housing market sooner than the traditional FHA loan program.
- Purchase price $300,000
- 1st loan amount 96.5%
- 2nd loan 3.5%
- Total financing 99.5%
- Down payment .5%
- Eligibility: Borrowers must owner occupy the subject property. No first time home buyer requirement. Maximum income requirements apply (120% of HUD Area Medium Income).
- Property Eligibility: Single Family Residences, PUDs, and FHA approved condos.
- Credit Score: No minimum credit score required.