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SCHFA ~ First-Time Homebuyer Program

The Southern California Home Financing Authority’s (SCHFA) First-Time Homebuyer Program Started in February 2013 with eHousingPlus as the Program Administrator.  The eligible areas of this program are all of Los Angeles and Orange Counties, excluding the City of Los Angeles.  This exciting new program provides homebuyers an additional 4% DownPayment and Closing cost assistance, with an initial interest rate of 4.5%† for the first mortgage!  †Rate as of 1/31/2014

PROGRAM FUNDS $25 Million
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY: Underwriter must Certify the loan on line 15 days after Reservation!

  • Reservation to UW Cert: 15 days
  • Reservation to Close and Delivery: 45 days
  • Reservation to Loan Purchase: 70 days
ELIGIBLE AREAS All of Los Angeles County (excluding the City of Los Angeles),  and all of Orange County.
ELIGIBILITY CRITERIA
  • First-time Homebuyers
  • Borrower(s) & Spouses, occupant or non-occupant
  • Must be able to permanently reside in the U.S.
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
  • IRS filed returns for past 3 yrs – all borrower(s) & spouses
ELIGIBLE LOAN TYPES FHA, VA, USDA-RD
AVAILABLE DOWN PAYMENT ASSISTANCE Assistance payment equal to 4% (non-repayable) of the note amount to apply toward down payment or closing costs. Cash back is not allowed.
INCOME LIMIT CRITERIA Household income is considered for ALL Borrower(s) , spouses and anyone else liable on the Note.
Los Angeles County:  1-2 Persons = $99,360  and 3+ Persons = $111,515
Orange County:        1-2 Persons = $109,800 and 3+ Persons = $128,100
HOME ACQUISITION LIMITS 1 Unit dwellings (2-4 Not Permitted)
Non Target =  $673,615
Target = $823,308
HOME BUYER EDUCATION Required, see eligible providers
FICO SCORE & CREDIT REQUIREMENT Mid FICO score must be 640 or higher
Max 45 debt-to-income (DTI) ratio
CO-SIGNERS Permitted for FHA loans, use FHA guidelines
May NOT have ownership interest
May NOT reside in the residence
LENDER PARTICIPATION Approval by Southern California Home Financing Authority & UB Bank
FORMS AND DOCUMENTATION Log into system, under FORMS
EXTENSIONS Loans have a maximum of 70 days from Reservation to Purchase by Master Servicer.  A one-time 30 day Extension can be requested for a fee of $375, which must be requested prior to loan reaching the 70th day.  The timeline requirements for UW Certification, etc. are in full effect and the extension does not negate this requirement.
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