Platinum is Back: First Mortgage Corporation's Re-Launch Benefits Borrowers

ONTARIO, Calif.--(BUSINESS WIRE)--

With the departure of Bank of America from the correspondent lending market, California lost one of its most vital benefits to low- and moderate-income borrowers – CHF's Platinum Program. This week, with the re-launch of the Platinum Program by First Mortgage Corporation (FMC), California borrowers can once again benefit from the 3% grant that helps fund down payment and closing costs.

The Platinum Program offers borrowers a fixed-rate, 30-year first mortgage combined with a grant of up to 3% to cover closing costs and/or down payment assistance. To be eligible for the Program, borrowers are required to carry a credit score of at least 620 and meet income guidelines set by CHF for each county within California. Grant funds do not require repayment. The program is extended to California buyers only.

“The need for this program is huge,” said FMC President Clem Ziroli Jr. “While the program was administered by Bank of America, loans to borrowers totaled roughly $100 million per month. Californians were without this resource following Bank of America's departure from the market. Now, Platinum is back through FMC.”

Ziroli said he expects the return of the Program to benefit California as well as individual borrowers.

“The potential impact on California's economic turn around is substantial,” said Ziroli. “At our average home loan level, and considering past loan volume for the Program, we can place 600 families in homes each month. That's 600 families that might otherwise not have the cash on hand to move from renting to owning their own home --families that will now invest in the state's future as well as their own.”

Funding for the program is open and without budget restrictions. Those who qualify are encouraged to apply through FMC.

About FMC:

First Mortgage Corporation (FMC) is a residential mortgage lender licensed in the State of California by the California Department of Corporations. FMC is licensed in 10 states with branches throughout the West. As a top-ten FHA lender in the State of California, FMC has helped more than 100,000 families realize the dream of home ownership. FMC offers conventional, FHA, VA, CHF Access (99.5% CLTV loans), CalHFA, CHDAP, jumbo/non-conventional, manufactured home, Platinum and Energy Efficient Mortgage (EEM) programs.