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The program is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California.
All borrowers are eligible
FICO scores as low as 640
Total Down Payment Assistance up to 5.5% total (based on total first loan amount)
Manufactured homes eligible
*All loans subject to credit approval and some restrictions may apply. Sierra Central fees include, but are not limited to, 1.25% origination fee, processing fees, underwriting fees, and closing documentation fees. Maximum loan amount of $806,500. APR = Annual Percentage Rate. All mortgage rates are based on a 60-day rate lock. Rates are subject to change at any time. LTV = Loan to Value ratio. Private mortgage insurance is required for loans over 80% LTV and are subject to certain restrictions for approval. Example First Mortgage Loan. Purchase a property, with a loan amount of $160,000 and an estimated property value of $200,000, with a 20% down payment equal to $40,000. The property is in Yuba City, CA. The property is an existing single-family residence and will be used as a primary residence. The assumed credit score is 740. At a 7.125% interest rate, the APR for this loan type is 7.466%. The payment schedule for a 15-year loan would be approximately $1,077.95 (Principal and Interest) per month. The example was based on 80% LTV and program allows up to 97% LTV. We reserve the right to correct printing errors. Membership is open to anyone who lives, works, worships or attends school in any of our branch location counties. Membership and/or participation fees may apply. Other restrictions may apply; must meet account opening criteria to join. Any rates, fees and terms subject to certain criteria and may vary. Equal Housing Opportunity. NMLS#786202
