Down Payment Help for Home Buyers
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The Ventura Cities Mortgage Finance Authority has begun a new assistance program, offering help with down payment and closing costs up to 4% of the entire amount of a home loan.
The program is meant to help families who have the income to make mortgage payments, but have not been able to save enough money for down payments, closing costs and escrow fees, the agency said.
The money is a grant secured by a zero-interest second note and mortgage. Those who sell their homes and pay off their loans within 10 years could be required to pay the amount back.
The cities of Camarillo, Fillmore, Moorpark, Ojai, Simi Valley, Thousand Oaks and unincorporated areas of the county are participating in the program.
The following lenders are participating and can answer questions about the program and qualifications: International Home Capital Corp., Larry Manfre, (818) 831-6620; Lancaster Mortgage Services Inc., Geoff Betzing, (800) 576-0201; Pacific Partners Mortgage Corp., Dan or Lori Bonfiglio, (805) 531-1818 or (805) 523-6644.
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