California Mortgage Associates

is an approved lender for the

City of Modesto's Neighborhood

Stabilization Program 2 (NSP2)!!!

The City of Modesto has received a $25 million grant award under the American Recovery and Reinvest Act of 2009 (ARRA), which includes a $10.5 million for the purchase and acquisition of foreclosed and/or abandoned properties within the city limits of Modesto.

The goal of this program is to help stabilize the local housing market and transfer foreclosed/abandoned residential properties into economically viable homeownership or rental opportunities for households earning less than 120% of the area's median income (AMI).

Foreclosed, abandoned, or short sold residential properties are purchased by for-profit and non-profit developers and rehabilitated to meet HUD Housing Quality Standards.

California Mortgage Associates will approve home buyers that meet the program criteria.  Some of the requirements are...

·        Homebuyers must be at or below 120% of the area median income, but cannot be lower than 50% AMI

·        Homebuyers must be a Modesto residence or work in the city of  Modesto for the last 6 consecutive months

·        Homebuyers must complete 8 hours of homebuyers counseling

·        Homebuyers must have a minimum FICO score of 620 or above

·        Homebuyers are required to put down 1%, all other closing costs can be financed into the loan

·        Home being purchased must have been purchased and repaired using the City's NSP2 funds

	1 person household	2 person household	3 person household	4 person household	5 person household	6 person household	7 person household	8 person household
50% of AMI	$20,850	$23,800	$26,800	$29,750	$32,150	$34,550	$36,900	$39,300
120% of AMI	$50,000	$57,100	$64,250	$71,400	$77,100	$82,800	$88,550	$94,250