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By Yeprem P. Davoodian, M.A. | Agent in Encino, CA

Article: How to Get Help with your Down Payment



How to get help with your down payment

By Lily Leung9:19 a.m.Feb. 20, 2013
A new home in Carmel Valley. A new home in Carmel Valley. — Howard Lipin / Union-Tribune staff

Did you know there are programs out there that can help homebuyers with their down payments?

Consumers in San Diego County and throughout California can see if they're eligible for any of them through a new web tool that scours for public and private aid.

A down payment is the amount of money consumers have to provide when they're making a big-ticket purchase such as a home. It's a percentage of the price tag. Generally, lenders ask for 20 percent, but there are certain loans that require much less.

Still, some potential homebuyers view coming up with the down payment, which can be tens of thousands of dollars, as a challenge. More than 20 percent of Better Home and Garden readers said it's an obstacle to homeownership, according to a January survey.

Enter down-payment assistance programs. They're not new but few consumers know about them. And those who are aware of them may have had trouble finding and navigating them.

The California Association of Realtors, a real estate trade group, this week introduced a new tool that aims to make that process easier.

To access the down-payment tool, visit mortgage.car.org, put in some basic information -- such as where you want to buy and the estimated sale price -- and it spits out programs that may help.

If one of them piques your interest, click the "Next Step" button to find out more information.

"Millions of dollars go unused every year because home buyers are unaware of the various buyer assistance programs available to them," said Don Faught, president of the Realtors' association, in a statement.

“With California Mortgage Resource Directory," he added. "Realtors and buyers can quickly connect with any number of home buyer resources without having to search within each municipality individually."

Roughly 20 programs are available for San Diego County residents, according to Atlanta-based Workforce Resource, which created the web tool presented by the Realtors' group. Some programs are offered through non-profits and local governments, including La Mesa and National City.

The tool, called Down Payment Resource, is also used by other Realtors' association in the nation.

Have story tips, a hot property listing or a question? Email me: lily.leung@utsandiego.com | Tweet me: @LilyShumLeung | Subscribe to this blog.

Comments

By Torang | Save $10,000's,  Tue Mar 12 2013, 12:13
Great Blog & Thanks for sharing !
By Jamie Tian,  Sat May 24 2014, 18:15
Great Info! Thanks!

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