Hemet Down Payment Assistance
City of Hemet Down Payment Assistance Program
Basic Borrower qualifications:
Borrowers must be first time home buyers
They must qualify for a standard FHA loan
The household income cannot exceed 120% of the county median income
Credit over 620 with no current collection or charge off accounts
City has restrictive DTI limits
¡ 35-45% Includes a utility allowance
Buyers must take 8 hour home buyer education course
There are two programs available
The NSP Loan:
Only available on homes in the neighborhood stabilization program
Assistance of $5,000 in the form of a 2nd mortgage
Can be used for down payment and closing costs
City-wide DPA loan:
All homes in the city limits are eligible up to a price of $362,790
DAP up to $30,000 in the form of a second mortgage
Buyer must pay for their own closing costs and prepaid items, cannot use the DPA for these costs
I am a preferred lender for the program so feel free to contact me with any questions or to pre-qualify borrowers.
