Not sure how you will afford a down payment on a new home? You will discover there are a lot of options out there that can bring homeownership within reach.
Along with mortgage products like FHA, VA and USDA, you can consider applying for down payment assistance.
Get Down Payment Assistance Through CalHFA MyHome
The down payment assistance we can connect you to is offered through the MyHome Assistance Program created by the California Housing Finance Agency (CalHFA). Here are the details for both as explained on the CalHFA site:
- CalHFA Government Loans (FHA): MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs.
- CalHFA Conventional Loans: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs.
To be eligible for this program, you must be a first time homebuyer. Keep in mind that so long as it has been at least three years since you last owned and occupied a home, you are considered to be a first time homebuyer. There are a few additional requirements as well which we can go over during your consultation.
Contact Us to Explore Down Payment Assistance Options
Not being able to afford a large down payment does not have to stop you from making your dreams of homeownership come true now. We will work with you until we find a solution, whether it is through down payment assistance or a mortgage product that does not require a large down payment.
Please contact us today at (951) 531-1399 to schedule your mortgage consultation. We work with homebuyers throughout California, Florida, Oregon, Nevada, Colorado and Washington State.