The CHF Platinum Program is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California.
CHF Platinum Program Benefits:
- Minimum 620 FICO score
- 3% of total loan amount may be used for down payment, closing costs, prepaid items, or earnest money
- Not limited to first time homebuyers
- For FHA, VA and Rural Housing
- Only borrower income is used to qualify
CHF Platinum Program Eligibility Requirements
- Minimum 620 FICO score
- Must occupy residence their primary residence
- Meet all required FHA, CA, USDA-RHS underwriting criteria
- Income must be below $85,200.00 (San Bernardino/Riverside County)
CHF Platinum Program Key Highlights
- 30-Year fixed term with full amortization
- Grant Funds available from CHF:
- May not exceed 3% of the First Mortgage Loan amount
- Proceeds may be used for down payment and/or closing costs
- There must be no cash back to the borrower from the Grant Fund proceeds
- Maximum loan amount the lesser of $417,000 (not including MIP) or maximum loan amounts permitted by HUD
- Program is only available for SFR owner occupied units, agency approved condos and PUD’s
- Up to 6% seller concessions allowed