Obtain your Down Payment and Get Approved for Buyer Assistance.

Obtain your Down Payment and Get Approved for Buyer Assistance. The State of California is well known for having first time home buyer down payment assistance programs available to help pay for the Down Payment and Closing Costs of First Time and Eligible Home Buyers.  The main programs that are currently available in the State of California are:

State of California Buyer Assistance | Grant Programs

The minimum qualifying requirement for Buyer Assistance is that you qualify for the first mortgage.  Once your lender has approved you for the First Mortgage, you can look into the specific qualifying requirements for these State of California Buyer Assistance programs.

First Time Home Buyer Down Payment Assistance Programs can be Combined with an FHA Insured Loan

An FHA insured loan is a US Federal Housing Administration backed mortgage provided by a FHA approved lender. FHA insured loans are in fact a type of federal assistance in themselves in that they allow for lower income families to finance the purchase of a home that may not otherwise be affordable.  FHA mortgages require an upfront mortgage insurance premium (UFMIP) equal to 1.75 percent of the base loan amount at closing.  There is also a monthly mortgage insurance premium (MIP).  Together, these mortgage insurance (MI) premiums, make financing with an FHA insured mortgage more expensive, but an FHA mortgage requires a much lower down payment.

Buyer Assistance Loan Limits

Most first time home buyer down payment assistance programs have maximum loan limits.  Some may also have purchase price limits at the City or County level.  the two programs stated above are currently available and have been consistently available to Home Buyers.

Buyer Assistance Loan Limits

Many Buyer Assistance programs use AMI (Area Median Income) plus a % as the maximum income limit for the program.  Following the links above for the State of California programs will get you the income and loan limits for these programs.

First Time Home Buyer Requirement

Not all programs have a first time buyer requirement.  Those that do, the definition is “Someone who has no owned a primary residence in the past 3 years.”

This is great timing since the opportunity to buy again after Bankruptcy, Foreclosure or Short Sale is 3 years.   This is great news for boomerang buyers coming back into the Real Estate Market, who are now eligible for First Time Buyer Assistance like the CalHFA CHDAP.

Speak to your Loan Officer during the interview about what Buyer Assistance Programs are the Lender approved to offer.  All programs make the income and loan limits available.

You can search on your own or ask your Lender for their experience with this Buyer Assistance Program.  The approval time for this program should not affect your Pre-Approval.

Assistance Approval

3 to 24 hours for live Loan Officer.  Call or complete the short form below.

Get Pre-Approved Now

Get started with the Pre-Approval process by completing the short form that best describes your goals.

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Buyer Assistance Eligibility Finder
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