Long Beach, California (PRWEB) February 26, 2014
Broadview Mortgage Long Beach has announced that CHF Platinum is now offering a conventional loan program. CHF Platinum is a grant program that offers money to California homebuyers that can be applied toward the down payment and closing costs of an owner occupied home.
This program separates itself by the fact that it now offers both FHA and Conventional options, and does not require that homebuyers be purchasing for the first time.
Prior to February 2014, CHF Platinum offered two options for homebuyer assistance:
3% Grant using CHF FHA, VA or USDA First Mortgage
5% Grant using CHF FHA, VA or USDA First Mortgage
The only difference between the 3% Grant and a 5% Grant is the interest rate. The rate is higher if using the 5% Grant. The buyer need only be aware of DTI (debt to income ratio), as the rate and payment increase, so does the debt to income ratio.
As the DTI increases, the purchasing power is decreased. Other than this possible flirtation with the affordability ceiling, there are no other differences between the 3% and 5% Grant options offered with FHA, VA and USDA loans.
The big news of 2014 so far is the announcement that CHF Platinum is now offering a Conventional Grant option, in addition to FHA,VA & USDA.