City National Bank offers a unique loan program to help boost home ownership in certain neighborhoods. Below are homes that qualify for the $50,000 closing-cost assistance grant in the East San Gabriel Valley. The loan program allows a 3% minimum down payment with no mortgage insurance, which saves a lot on the monthly payment. Also, the closing cost assistance can be a big help for buying down the interest rate, reducing your total cash needed for closing, and possibly even helping you get a better price by covering some closing costs a seller might ordinarily pay. For people who need a hand reducing both the up-front cash and the monthly payment for buying a home, this is a really good tool.
Here are some other important notes about the program:
- Residential property that the owner will occupy
- Multi-family up to 4 units is allowed
- Income limits apply, and they vary between counties
- Buyer/borrower cannot own another home at closing. You could own a home now and sell it to buy another home using this program
- 660 Minimum FICO score required
- Buyer/borrower must complete a HUD-approved homeowner education course
If you’d like to see if this program is a fit for your situation, send us a message letting us know you are interested in the closing cost grant program. We’d love to help you explore what’s possible!
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