Game-Changing Down Payment Assistance Program for California First-Time Homebuyers!

Are you a California resident dreaming of owning your first home but struggling to save for a down payment? Citizens Financial is thrilled to introduce our revolutionary Down Payment Assistance (DPA) Program designed to make your dreams of homeownership a reality. With our program, eligible first-time homebuyers across California can now purchase a home valued up to one million dollars with a fully forgivable second mortgage, turning your aspirations into tangible milestones.

How Does Our DPA Program Work?

Our DPA program offers incredible benefits, making it stand out from traditional assistance programs. Here’s what you need to know:

1. Fully Forgivable Second Mortgage: Upon enrolling in our DPA program, you’ll receive a second mortgage, which becomes fully forgiven after making six consecutive payments. This feature ensures that you receive essential financial support while maintaining flexibility and freedom in the long run.
2. Seller/Homebuilder-Covered Closing Costs: We understand that closing costs can be a significant burden for first-time homebuyers. With our DPA program, you can breathe a sigh of relief as we offer up to 100% coverage of closing costs by the seller or homebuilder of your choice, allowing you to focus on the joys of homeownership.

Eligibility Criteria:

Our goal is to assist as many California residents as possible in achieving their dream of homeownership. To be eligible for our DPA program, you need to meet any one of the following categories:

1. First-Time Home Buyer: If you’ve never owned a home before, you automatically qualify for our program.
2. Current/Retired Employment or Volunteer/Non-Paid Member: Details on the eligibility criteria for this category can be found on the next slide.
3. Income Limit: Your household income should not exceed 140% of the county’s Area Median Income (AMI).
4. Underserved Census Tract Military Personnel and First Responders: This category includes military personnel, police officers, firefighters, public safety officers, paramedics, EMTs, educators, medical personnel, and civil servants in Federal, state, or local municipalities.

Eligible Programs to Combine with DPA:

Our DPA program can be used in conjunction with the following eligible programs:

• FHA 203(b)
• FHA Limited 203(k)
• FHA Standard 203(k)
• FHA Repair Escrow

Program Parameters:

We aim to make our DPA program accessible to many potential homebuyers while ensuring responsible lending practices. Here are the key parameters:

• Minimum Qualifying Credit Score: 620
• Loan Term: 30-year fixed
• Purpose: Purchase only
• Loan-to-Value (LTV)/Combined LTV (CLTV)/High CLTV (HCLTV) Limit: Maximum 96.50%
• Debt-to-Income (DTI) Limit: Maximum 48.99%

At Citizens Financial, we believe that homeownership should be within reach for every Californian. Our DPA program is designed to empower first-time homebuyers with the financial support they need to take that crucial step towards owning their dream home. With fully forgivable second mortgages and covered closing costs, our game-changing DPA program is here to transform your aspirations into reality.

Don’t miss this opportunity to turn your homeownership dreams into a delightful journey. Contact us today to learn more about our DPA program and start your exciting journey towards becoming a California homeowner!

NMLS 1401042 | [email protected] | 707-800-6047

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