Purchasing a home is an exciting milestone, but it's crucial to consider more than just…
Citizens Financial’s Down Payment Assistance Program: Helping Californians Achieve Homeownership
Owning a home is one of the most significant financial decisions a person can make in their lifetime. However, for many Californians, the dream of homeownership seems out of reach due to the high cost of living and the ever-increasing home prices. Fortunately, Citizens Financial has created a Down Payment Assistance (DPA) program that could help make homeownership a reality for eligible borrowers throughout California.
The DPA program is designed to assist eligible borrowers with the down payment and closing costs associated with buying a home. What sets this program apart is that it allows borrowers to purchase a home valued up to one million dollars with a fully forgivable second mortgage. This means that the borrower can have up to 100% of the closing costs covered by the seller or homebuilder of their choice.
The program’s second mortgage is fully forgiven after the sixth payment has been made, making it a valuable financial tool for borrowers who need assistance with upfront costs but also want to avoid carrying significant debt for an extended period.
To be eligible for the DPA program, borrowers must meet one of the four following categories outlined by Citizens Financial
- First-Time Home Buyer: This category is self-explanatory, and borrowers must provide proof that they have not owned a home in the past three years.
- Current/Retired Employment or Volunteer/Non-Paid Member: Borrowers who are currently employed or have retired from specific occupations or volunteer organizations are eligible for this category. More information on the specific occupations and organizations can be found on the Citizens Financial website.
- Income Limit of 140% of the County’s AMI: Borrowers whose income falls below 140% of the county’s Area Median Income (AMI) are eligible for this category. This income threshold varies based on the county, so it’s crucial to check the income limit for your specific county.
- Underserved Census Tract: Borrowers who reside in an underserved census tract are eligible for this category. An underserved census tract is a geographical area where residents have limited access to banking services, and the median family income is less than 80% of the AMI.
The DPA program is a fantastic opportunity for eligible borrowers to achieve homeownership and build wealth through homeownership. It’s important to note that this program is only available through Citizens Financial and that there are limited funds available. Therefore, interested borrowers should act quickly to take advantage of this program.
In conclusion, Citizens Financial’s Down Payment Assistance program provides eligible borrowers in California with a unique opportunity to achieve homeownership with little to no down payment and closing costs. If you are interested in this program, contact Citizens Financial or visit their website to learn more and determine your eligibility.