California Downpayment Assistance with Only .5% down!
SO this year has been a very hot housing market. Steadily increasing home prices severely limit a buyer’s purchasing power. Are you a first time homebuyer? Have you been looking to purchase a new home in California? Are high rent prices stressing you out? Have you been thinking about purchasing a home? Then you thought about it but you don’t have money for the 3.5% to 5% down? Just think about it! If you are looking at a $300,000 dollar house, the downpayment would be anywhere from $10,500 to $15,000. With shockingly high rent prices, it is very difficult for the average family to save up any money for a downpayment.
What is California downpayment assistance?
Many potential homebuyers are not aware that millions of dollars in downpayment assistance go untapped each year! Downpayment assistance is a deferred payment junior loan that assists with downpayment and/or closing costs. Additionally, downpayment assistance is used to help homebuyers move into a home with assistance of up to 5% of the purchase price of a property. The loan becomes due when the property is sold or refinanced or the first mortgage is paid off. Can you believe that you can move into your own home for as little as $2,000?
How do I qualify for Downpayment assistance in California?
The first step to getting prequalified for downpayment assistance is speaking with a qualified mortgage loan officer. You should have stable employment, steady income, and a decent credit score. Furthermore, in order to get prequalified, the lender will ask for paycheck stubs, income tax returns for the last 2 years, and two months of bank statements. Finally, you must meet the income limitations, meaning you cannot make more than the CALHFA income restrictions established for each county.
About the author:
Arlene Disessa is a loan officer in Sacramento County that specializes in helping low to moderate income individuals with mortgage loans. She resides in Sacramento County. Through superior customer service and access to multiple loan programs specific to each clients’ needs she is dedicated to guiding her clients through the home buying process. Arlene Disessa has an MBA in Finance from Chadron State College in Nebraska and has over 20 years of experience in taxation and accounting. In addition, she is experienced in working with credit challenged borrowers and has helped many individuals purchase homes when they thought they couldn’t. Arlene is available 7 days per week at 530.813.0661. You can also email firstname.lastname@example.org. Call today 530.813.0661 to get rates.