Down Payment Assistance Income Limits Increase

Posted on Posted in First Time Homebuyers, Loan Progams, Mortgage Knowledge

San Diego NetwrokingBIG News- CalHFA just announced a huge change to their down payment assistance income limits. CalFHA offers down payment and closing cost assistance to first time homebuyers purchasing in California.

The program is intended to help low and moderate income families which means that there are income limits that must be met. Up until the recent change (1/16/2018) the income limits were based on the location of the property and the number of people in the household. The new limits are a flat amount based on the county the property is in.

Down Payment Assistance Income Limits – Details

Let’s take a look at the income limit changes for San Diego and surrounding areas.

Limits effective until 1/15/2018

Based on # of people in household

NEW Limits effective 1/16/18

San Diego County

1- $77,700

3- $99,900

5- $119,900

7- $137,650

2- $88,800

4- $111,000

6- $128,750

8- $146,500

$157,050

Riverside County

1- $63,700

3- $81,900

5- $98,250

7- $112,800

2- $72,800

4- $91,000

6- $105,550

8- $120,100

$128,700

Orange County

1- $86,200

3- $110,850

5- $133,050

7- $152,750

2- $98,550

4- $123,200

6- $142,900

8-$162,600

$174,200

Imperial County

1- $50,300

3- $64,650

5- $77,600

7- $89,100

2- $57,500

4- $71,850

6-$83,350

8-$94,850

$118,500

The new increases mean that more families will meet the income limits and could be eligible for down payment and closing cost assistance.
Want to see the limits for your area? Check them out HERE

What is CalHFA and could it be the right program for you?

First, let’s find out if the CalHFA program might be right for you and your family.

Are you planning on purchasing in California?
Are you a first time homebuyer?
Is your income below the limits shown above?

If you answered yes to all three questions then you might be eligible for the CalHFA programs. Click HERE to find out more.


So, there you have it. A quick look at the newest update to the CalFHA program.

If you have any questions on this topic or any other mortgage-related topic, by all means reach out to me.
Send me an email
Give me a call – (858) 3-LOAN-SD (356-2673)
Text LOANINFO to 44222
Connect with me on Social Media.Laura Borja on Social Media

 

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