City National Bank offers a unique loan program to help boost home ownership in certain neighborhoods called the Ladder Up program. At the bottom of this page, you’ll find links to view the eligible homes in various cities. There are a lot of workable homes in Southern California.
Depending on the area, they’re offering either a $50,000 grant or $20,000 grant for down payment or closing cost assistance. 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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Eligible Homes on the Market
Los Angeles County
$50k Closing Cost Grant Program
South Gate
$20k Closing Cost Grant Program
Whittier