Financing in California>Question Details

Dan, Home Buyer in Bakersfield, CA

California Downpayment Assistance Program: how does it work?

Asked by Dan, Bakersfield, CA Mon Oct 13, 2008

I have been researching about the California Downpayment Assistance Program but can't find detailed information about it. Can someone explain it to me? How much is the assistance and what are the requirements? Is it a credit?

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It is a 2nd loan. 3% of the sales price is what you can get. You have to be a first time home buyer, and fall with in their income limits. You do not make payments on the 2nd loan for as long as you are living in the home. It will come due when you sell or refi out of the loan. let me know if you have any other questions.
1 vote Thank Flag Link Mon Oct 13, 2008
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0 votes Thank Flag Link Sat Oct 25, 2008
The state of California does not currently offer first time home buyer grants. They do, however, offer low-interest loans to first time home buyers who meet certain income limits. To find out more, visit the California Housing Finance Agency website at http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm. Also visit HUD’s Homeownership Assistance website at http://www.hud.gov/local/ca/homeownership/buyingprgms.cfm for other available first time home buyer programs.
0 votes Thank Flag Link Sun Oct 19, 2008
Dan, I think you're asking about the CalHFA program. You'll find info here http://www.calhfa.ca.gov/homebuyer/ or you can ask a qualified lender who handles this type of loans.

Happy house hunting!

Linda
0 votes Thank Flag Link Mon Oct 13, 2008
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