Learn how you can qualify for up to $50,000 in grants! In this episode of Own More Doors, we sit down with Chris Fenoglio to uncover an incredible opportunity for first-time homebuyers, investors, and anyone looking to purchase up to 4-unit properties.
In a recent episode of Own More Doors, we sit down with Chris Fenoglio to discuss this innovative program and how it’s transforming the real estate landscape in California and beyond. Here’s everything you need to know to take advantage of this limited-time opportunity.
What Is the Ladder Up Program?
The Ladder Up Program is designed to help first-time homebuyers and those looking to re-enter the market after selling a property. It offers up to $50,000 in grant money that can be used toward down payments, closing costs, or rate buy-downs. This program is available for properties in California, New York, and New Jersey, with plans to expand to other states in the future.
What sets this program apart? The flexibility. Unlike other grant programs, Ladder Up expands eligibility to include higher-income borrowers, multi-family properties (up to 4 units), and even properties in high-cost areas.
Who Is Eligible?
To qualify for the Ladder Up Program, you’ll need to meet the following criteria:
- Homeownership Status: You must not currently own another home. If you’ve recently sold your home, you’re eligible.
- Credit Score: A minimum FICO score of 660 is required.
- Income Limits: Income thresholds vary by county. For example:
- Los Angeles County: Up to $297,400
- Orange County: Up to $383,000
- Property Type: Single-family homes, condos, and multi-family properties (up to 4 units) qualify.
Why It’s a Game-Changer for Multi-Family Investors
One of the most exciting aspects of this program is its application to multi-family properties. Investors can purchase duplexes, triplexes, and fourplexes, live in one unit, and rent out the others. Not only does the grant reduce the upfront cost, but the program’s portfolio loan rates—which lack traditional rate penalties—make these properties even more affordable.
For example, on a fourplex priced at $1 million, a $50,000 grant effectively reduces the price to $950,000. With no mortgage insurance and reduced loan-level pricing adjustments, you’re saving significantly on monthly payments.
The Secret Weapon: No Mortgage Insurance
Mortgage insurance is often a hidden cost that adds hundreds of dollars to monthly payments for buyers who can’t put 20% down. With the Ladder Up Program, mortgage insurance is waived entirely, saving buyers an estimated $400 per month on an $800,000 loan.
Additionally, the program provides portfolio loan rates, which are typically lower and more stable than traditional Fannie Mae loans. For example, if conventional rates hover around 7%, this program might offer a rate closer to 6%—a significant difference over the life of a loan.
Refinance Options: Another Way to Save
The Ladder Up Program isn’t just for purchases. Current homeowners with higher interest rates can also take advantage of the program to refinance. This includes a $20,000 grant for eligible borrowers, which can be used to cover closing costs and even reduce the principal balance.
As Chris explains, if you’re sitting on a loan with a 7% rate, refinancing through this program could bring it down to 6% while significantly lowering your out-of-pocket costs.
How to Check Property Eligibility
Not every property qualifies for the full $50,000 grant—it’s address-specific. However, the majority of properties in areas like Long Beach, Lakewood, and Gardena fall within the eligibility zones. For example, a $375,000 condo in Long Beach might qualify for the maximum $50,000 grant, making it an unbeatable deal.
Chris and his team use a simple online tool to verify eligibility. If you’re interested in learning more, reach out to schedule a quick consultation.
Why You Should Act Now
While the $20,000 grant portion of the program is expected to remain available, the enhanced $50,000 grant has a finite pool of funds. Chris estimates that this specific offering may only last another 18 months.
In addition, market conditions are constantly changing. As more buyers become aware of this program, competition for eligible properties is expected to increase. Acting sooner rather than later ensures you don’t miss out on these incredible savings.
Schedule Your Consultation with Chris Fenoglio:
📅 https://calendly.com/chris-2754
📞 (714) 206-0990
Final Thoughts
The Ladder Up Program is a once-in-a-lifetime opportunity for first-time buyers, homeowners, and multi-family investors to make their dreams of homeownership more affordable. From reduced down payments and lower interest rates to waived mortgage insurance, the financial advantages are undeniable.
If you’re serious about buying or refinancing a home, don’t wait. Contact Chris or one of our agents today to learn how you can take advantage of this life-changing program.
