I am pleased to announce that Comstock Mortgage is rolling out our new Platinum Plus Down Payment Assistance Program! Very good news indeed, this program will help those without even the minimum 3.5% down payment as required by FHA to buy a house during this historic period of home affordability.
The Platinum Plus Program is a First Mortgage Loan with a Down Payment Assistance Grant. The mortgage is an FHA 30-year fixed rate (purchase loan only) with a 2% grant behind it. The grant is 3% of the loan amount and can be used for…
- down payment
- closing costs
- prepaid items (taxes, insurance)
- earnest money
This grant is NOT a 2nd lien and has no monthly payment. It’s really a win-win. However there is ONE catch; income limits. Yep, because the grant is administered by the NHF your total household income has to be below a certain level to qualify. This is as high as $120,000 in some counties and as low as $85,000 in others (it is $87,720 in both Sacramento and Placer Counties). This still affords A LOT of Roseville and Sacramento area buyers a chance at getting this grant and into our special program.
Properties allowed are: owner-occupied, single family, primary residences in the state of California, FHA-Approved Condominiums, and Planned Unit Developments (PUDs).
Properties not allowed are: 2-4 unit properties, rental homes, Co-ops, investment properties, recreational, vacation, or second homes, and manufactured housing.
Comstock Mortgage underwrites these loans in-house as well, so rate/fees are super-competitive and tight closing times as often demanded by sellers are definitely do-able.
I’m so excited that I can bring this product to my clients and Real Estate partners I’m giddy! This is a real game-changer that will change a lot of people’s lives by helping them achieve the American dream and everything that comes with home-ownership (it makes more sense than any other financial deicision most of us will ever make).
~ Greg Cowart