ICFA Approves Down Payment Assistance Program

On April 10, 2013, the ICFA board voted to approve the ICFA Advantage Down Payment Assistance Program.

As a joint powers authority (JPA), ICFA is empowered by the Department of Housing and Urban Development (HUD) to provide home buyers with down payment and/or closing cost assistance in connection with 30-year fixed rate FHA, VA, and USDA mortgage loans for the purchase of homes within ICFA’s jurisdiction.

This program is not limited to first-time home buyers. Rather, the Advantage Down Payment Assistance Program will be available to individuals with a minimum credit score of 620, who will personally reside in the home, and whose qualifying income does not exceed 115% of the county median. Assistance will only be available in ICFA member cities.

The program will provide grants of up to 3% of the final loan amount and an additional 1% in closing cost assistance.

ICFA is proud to help more Californians step into home ownership.