How Do I Qualify for California Downpayment Assistance?


Are you ready to buy a New Home but need California Downpayment Assistance?

Are you  looking to buy a new home and want to know what California Downpayment Assistance programs are available ? Inventory of new homes is at an all time low.  This means that for each house listed on the market, there will be multiple offers from prospective buyers.  Buying a house while interest rates are low will give you more buying power. Why rent and put equity into your landlords pocket when you can possibly get a mortgage payment that is lower than you monthly rent payment.  Are you ready to buy a new house?

Are you Saving up For a Downpayment?

Are you wanting to buy a home but do not have enough money saved up for a downpayment? Are you waiting on the sidelines to buy a home while you struggle to save up for a downpayment? IF you are waiting to buy a home because you do not have a downpayment there is good news for you.

Downpayment Requirements

In order to buy a home you generally need a downpayment of up to 5%. The amount of the downpayment depends on the loan program you are qualifying for.  FHA loans require a 3.5% downpayment, while conventional loans require 5% down.

Downpayment Assistance in California

The downpayment assistance programs available in California are nothing like the downpayment assistance or second loan programs that were around prior to the housing bubble burst in prior years.  These loan programs and downpayment assistance were based on stated income or no doc loans.  Meaning the borrower did not have to prove their income.  This meant that someone would get a home loan but not be able to make their monthly payment.

Qualifying for Downpayment Assistance

The downpayment assistance programs today do require a minimum credit score of at least 620.  These programs allow credit qualified borrowers to purchase a home.  Your income will be verified.  Meaning you will need to provide two years of income tax returns, most recent paycheck stubs, and your last two W2 wage statements.

What are these downpayment assistance programs?

There are several downpayment assistance programs.  These programs will help you with your downpayment if you do not have a downpayment. One type of downpayment assistance acts as a second lien against your property.  Meaning, you will have another payment that is separate from your primary mortgage loan.  Another type of downpayment assistance acts as a second loan against the property but does not need to be paid monthly. However, if you sell the property, you will need to pay it back.  There are grant programs that do not need to be paid back and these programs pay up to 5% in downpayment assistance.

California Downpayment Assistance

If you are seeking downpayment assistance in California you will want to speak to a knowledgeable and qualified mortgage loan professional that specializes in downpayment assistance programs.

About the Author:
Arlene Disessa is a licensed mortgage loan consultant in California specializing in mortgage loans for people with credit challenges, self employed borrowers who are unable to prove their income, and individuals needing downpayment assistance.  Arlene Disessa is available 7 days a week to answer your questions and to provide you with a free, no obligation consultation.  Call her today at 530.813.0661 or email her at


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