Californian’s can take advantage of CALHFA’s new 10% down payment assistance program. The requirements to be eligible for this program is quite beneficial to first time home buyers looking to purchase a home anytime in the foreseeable future.
Every single first time home buyer in California should be looking at this great opportunity as something they may be able to qualify for. It is pretty much free money, with some requirements to be met of course.
Some lenders and realtors have the perception that this program is only possible with a very low loan amount, but they are quite wrong. Each mortgage loan that someone has should be personally tailored to meet their financial goals. For example, the down payment assistance can also be used as a rate buydown instead of pure down payment. If someone is planning on owning that home for the entire life of the loan. This rate buydown can potentially decrease their payments more than a higher down payment and also save them more money in the long run.
Here are some basic requirements that people should consider about their own financials if they would like to qualify:
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The actual CalHFA loan page can be found here: https://www.calhfa.ca.gov/homebuyer/programs/forgivable.htm