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 $453,100 for single unit and $580,150 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 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 $9,342 for single unit and $11,961 for two-unit properties
* Alameda, Contra Costa, Los Angeles, Marin, Orange, San Francisco, San Mateo, Santa Clara, Sonoma
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 $3 for each $1 contributed by the borrower
- 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.