There’s no place like home.
We make a significant impact in the communities we serve with our affordable housing loan programs.
The Grow loan program makes purchasing or refinancing a home affordable. Available for first time home purchase and rate & term refinance of owner occupied single family residences/condos and 1-2 unit properties. Program details include:
- Competitive fixed rate
- Low down payment of 3% for purchase (2% may come from a gift or subsidy)
- As little as 5% equity on refinance transactions
- No mortgage insurance requirement
- Prior to closing on a first time purchase, borrower must attend a homebuyer or landlord education session conducted by a HUD-approved counseling agency
- Maximum loan amount of up to $548,250 for single unit and $702,000 for two-unit properties
- Property must be located in a low or moderate-income census tract (designated by the FFIEC.gov website) or borrower(s) annual income must be equal to or less than 160% of the Area Median Income
- Eligible properties must be located in specific California or Washington counties*
When applying for a Grow loan for first time home purchase, borrowers may also take advantage of the Daisy program which can reduce out of pocket closing costs and down payment to less than 1% of purchase price.
Designed to provide down payment and closing cost assistance exclusively to Grow program borrowers, Daisy is a forgivable second trust deed loan. Program highlights follow:
- No payment required, balance of note is forgiven after 36 months
- Minimum loan amount of $3,000
- Maximum loan amount of $11,304 for single unit and $14,474 for two-unit properties
*California: Alameda, Contra Costa, Los Angeles, Marin, Orange, San Francisco, San Mateo, Santa Clara, Sonoma;
Washington: King, Pierce, Snohomish
The Workforce Initiative Subsidy for Homeownership (WISH) program provides grants to qualified first time homebuyers. WISH funds may be used toward down payment or reasonable and customary closing costs:
- Grants up to $15,000 — matching $4 for each $1 contributed by the borrower up to $22,000
- Borrower must successfully complete a HUD approved homebuyer counseling program
- Borrower's income must not exceed 80% of the HUD area median income, adjusted for household size
- Housing must be used as the primary residence of the homebuyer
Financing subject to credit and collateral approval by Luther Burbank Savings. Loan programs subject to change without notice. NMLS# 449241
For more information on how we can help you purchase or refinance your home, call us today at 855-903-2479.