3 First Time Homebuyer Programs You Must Know in California
Did you know there are first time homebuyer programs in California that provide down payment assistance? Well, there are and especially if you live in these communities or in the Los Angeles, Orange County, Riverside, San Bernardino and San Diego county.
If you’re a looking for first time homebuyer programs in California, we’re sure you are seeing prices of home become more affordable and within home ownership reach. When have we seen real estate prices and interest rates any better, right? Speaking of interest rates, did you also know rates for many first time homebuyers are as low3.625% -3.875%? Yes, its true!
If you’re searching homes for sale in Los Angeles, Orange County, Riverside, San Bernardino and San Diego you have the best of both worlds…affordability and down payment assistance programs to help qualify for your new home.
3 First Time HomeBuyer Programs You Must Know in California
1. California Housing Finance Agency (CalHFA FHA & CHDAP) – BEST PROGRAM
The California Housing Finance Agency offers a below market mortgage option to first time homebuyers. The CalHFA FHA 30-year Fixed Mortgage provides up to 96.5% financing with a low, fixed interest rate that never changes during the life of the loan. This first mortgage can be combined with CalHFA’s down payment assistance programs for added benefit.
CHDAP, Down Payment Assistance That Works
CalHFA can also help with your down payment or closing cost. Payments on these one-of-a-kind loans are deferred, meaning you don’t have to pay them back until you sell, refinance or pay off your home.
California Homebuyer’s Downpayment Assistance Program (CHDAP) – offers up to 3% down payment or closing cost assistance and can be combined with any of CalHFA’s first mortgages.
2. National Homebuyers Fund – CHF Platinum Grant
The CHF Platinum grant program provides down payment assistance for low-to-moderate income individuals and families purchasing a home. Homebuyers can receive up to 3% of their first mortgage to be used as a down payment and/or closing costs.
- Primary residence, owner occupied
- Does not have to be a first-time homebuyer
- Minimum 620 credit score
- Income limits apply
- FHA loan only
- 30-year fixed rate
- Grant funds can not exceed 3% of the first mortgage
- Grant funds can be used for down payment or closing costs
3. CRHMFA Homebuyers Fund (CHF) – CHF ACCESS
This is a very unique program being operated by all the lenders working under the California Rural Home Mortgage Finance Authority. Similar to the federally guaranteed loans, the CHF ACCESS loan program requires the borrower to make a down payment of 3.5%. The attractive part of this loan program is only .50% is needed for down payment and 3% of it can be available at low interest rate of only 8.5%.
Voila and there you have it.
The 3 Hottest First Time Homebuyer Programs in California with Down Payment Assistance for Inland Empire, Los Angeles, Orange County, San Diego homebuyers.
There are many lenders that are not aware or choose to say, “there are no programs available” or “we can’t do those programs” So, keep in mind, it’s important to work with a lender that is approved and has knowledge of qualifying individuals for these programs.
For more information to schedule a showing or discuss selling your home contact Ric & Pamela Dizon, RE/MAX Tiffany Real Estate (714)698-9895