California
Gold is a program that offers a 20-year fixed rated 2nd mortgage at the same
interest rate as the 30-year fixed rate first mortgage, and is available to homebuyers
with incomes that do not exceed 120% of the Area Median Income OR 120% of the Statewide
Median Income, whichever is greater. A qualified homebuyer is allowed to take
a second mortgage of up to 6% of the sales price of the home to cover downpayment and
closing costs.
Loans using the California Gold product have a slightly higher than market interest
rate. There is no first-time homebuyer restriction. |
