Down Payment Assistance Programs

I just found a new program that is local and provided by a local lender. It is a 5% Grant! This is huge because it places you face to face with the decision maker and not with some third party that can only communicate through email.

The amount is 1% less than the other programs would have provided. The probable success is much higher, having control is priceless.

First time home buyers can receive down payment assistance. The American dream is still alive to spite what you hear on the news.

When the term “ZERO DOWN” is used I often hear the response, “Here we go again”. Bad loans are coming back. The truth is there are several down payment assistance programs available where you can achieve zero down. These programs do not have regular payments that will over extend you; some do not have to be paid back at all.

The safe sweet spot looks like 3.5% down of your own money and the programs will add to that 6% plus about $6,000. 3% is forgiven if you stay in the home for a period of time, the other 3% accumulate 3% simple interest which is paid back when you sell or refinance and the $6,000. is a silent second mortgage.

There is assistance for families, teachers and just about everyone. Guidelines are set at about $95,000. for family of two.

I asked seven lenders for current information on these programs in the past two weeks. I received a lot of acronyms over the phone. CHAPDA, ZIP, CALHAFA, ZIPPLUS, TEACHHA.  They have a nice rhythm but did nothing to help my clients. I want to give a big shout out to Otto Kobler of Summit Funding for taking it to the next level by hosting a luncheon with the details of many of the programs available.

I study this stuff all the time but it sure was nice to have all the info in one place. The lending industry is becoming more and more regulated every day so an expert is needed.

Give me a call and I will direct you to the proper expert for assistance tailored to meet your needs.

http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm

There was a lot of information provided during this research with various requirements and I have provided a snapshot of the best parts for you. My goal is to provide hope and resources in an area which was like a mirage. When searching for the programs demand links to the resources from the lender via email.