California Down Payment Assistance Programs that Are A Blessing To Home Buyers

IntoDoors.com

Discover How to Find all of Your Real Estate Needs in One Place! Visit IntoDoors.com Now!

California Down Payment Assistance Programs that Are A Blessing To Home Buyers

Posted by intodoorsblog — December 16, 2020

Buying a home is a worthwhile experience for most homeowners. The entire process of purchasing a home can be overwhelming since it involves a lot of work! Now imagine buying in a market where real estate prices are the highest! Yes! I’m talking about the real estate market in California. If you are looking to become a homeowner in the ‘Golden State’ consider taking advantage of the several programs that are there for you. These programs were launched to support new homeowners with managing their down payments and closing costs.

The California Housing Finance Agency (CalHFA), and other organizations offer a handful of these down payment assistance programs that enable buyers to make a move for their home. In California, you are a first-time homebuyer if you haven’t owned a home in three years.

Since these programs are offered by the government as well as other lenders, let’s draw a line between the two and look at them separately.

California Down Payment Assistant Programs Offered by CalHFA

Most new homebuyers in California face the challenge of meeting the down payment and the closing costs requirements. This is where CalHFA steps in and offers programs to bridge the gap. These programs are also commonly known as “junior” or “subordinate” loans. Both these terms mean that the payments are deferred until your home sold, refinanced, or paid in full.

Here are the two main programs offered by the CalHFA:

MyHome Assistance Program

This assistance program provides up to 3.5% of the purchase price/appraised value to assist with down payments. Most first-time homebuyers combine the MyHome assistance program with CalHFA’s loan programs to get the maximum benefit.

The School Teacher and Employee Assistance Program

This program is specially crafted for first-time homebuyers who are offering their services at schools in California. People eligible for this program are teachers, administrators, staff members, and district school employees at K-12 public schools across California. The loan offers up to 4% of the purchase price towards making a down payment and can only be used by people who are eligible for CalHFA first mortgage loan.

Other Worthwhile Programs

As discussed already, several entities assist first-time homebuyers with managing their down payment and closing costs expenses. So, without further ado, let’s see what they have to offer.

GSFA Platinum

Over the past 25 years, the Golden State Finance Authority has helped several people achieve their goal of buying a home. The GSFA Platinum Program assists people by providing assistance of up to 5% to be used as a down payment. The best part is that you don’t have to qualify as a first-time buyer to apply.

Programs for Specific Areas in California

Some programs cater to a specific region/county of the state. Here is a list of the most prominent ones.

Brentwood Down Payment Assistance Program – This program is offered by the City of Brentwood to assist first-time buyers with their down payments. The program works on a first-come, first-served basis. There’s a maximum limit of $10,000 for the loans given through this program.

CalHome – The CalHome program is also referred to as the Homebuyer Down payment & Closing Assistance (DCCA). The San Diego Home Consortium is offering this program. It offers up to 17% in financial assistance to homebuyers for down payments and up to 4% in closing cost assistance.

Monterey County Down Payment Assistance Program – This program is offered by the Country of Monterey to assist first-time homebuyers. The program is mostly referred to as FTHB Down Payment Assistance Program. The best thing about this program is that it offers a loan of up to 20% of the purchase price.

Other than these programs, you can also check out Riverside Down Payment Assistance Program, Santa Ana Down payment Assistance Program, and the Emeryville First-Time Homebuyer Loan Program. These programs not only empower buyers but also tell a great deal about the interest of different states in helping their residents.

Visit IntoDoors.com Now

Go To Website Now

All Your Information is Protected When You Sign Up

About Into Doors

Award Winning Service from the Pros who know... To go from surfing to purchasing, Click Here To See What Into Doors Can Do For You!