Well almost when you can purchase a $250,000 home for only $1,250! Down Payment Assistance Programs (DAPS) are loan programs designed to assist first-time home buyers with the required down payment and closing costs required by the FHA loan program.
These types of down payment assistance programs are typically broken into two types of loan programs. These are the 501 (c) (3) Non-Profit organizations or county, city, state backed down payment assistance programs.
All of these types of down payment assistance programs use a FHA loan. Since you must be able to obtain FHA financing in order to use any of these programs consult a lender for pre approval. Over the past year these programs have been phased out…until now.
As of June 8th California Homebuyer's Downpayment Assistance Program (CHDAP) has restarted their program. For a family of 4 living in Napa Valley if your income is below $98,150 per year you qualify for the CHDAP program which will cover a 3% down payment on a FHA loan.
What this means is a buyer of a home in California can now purchase with ½ % down. On a purchase of $250,000 the buyer would only need a $1,250 down payment!
Broker Associate Mike Bolen works as the team lead for the Bolen Team with RE/MAX Marina Downtown. Our term services Napa, Solano and Sonoma county selling homes, luxury estates, condos, land and multifamily. You can conduct a FREE MLS search for all listed properties including foreclosures, REO and short sales by visiting www.mikebolen.com