Home Buying in Sunnyvale>Question Details

Alana S., Home Buyer in Sunnyvale, CA

How does down payment assistance programs work?

Asked by Alana S., Sunnyvale, CA Sun May 4, 2008

My husband and I have B rating credit. No down payment. We pay 2200 in rent for 3 years. We make about 150k a year together. We would like to buy, but don't know if this is possible for us.

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5
Hello Alana,
You certainly can buy if you make 150K per year. However, the loan will be much higher if you don't have a down payment. You are on the right track with thinking that a down payment assistance program will help you to obtain a much better loan. I can explain home ownership assistance programs and develop a strategy with you to achieve home ownership. There are many different down payment assistance programs available from government agencies and non-profit agencies. Please contact me and I will help you get started. 650.380.5141 Jeanne
0 votes Thank Flag Link Wed Aug 13, 2008
I have a lender who has qualified my buyers for a $75k down payment program. Contact me if you're interested. The only catch is that you need at least 3% down?
0 votes Thank Flag Link Tue Jul 29, 2008
Yes, as Linda recommended, definitely talk with a lender. There are some downpayment assistant programs that have "equity share" stipulations and you'll want to make sure you understand what you are getting yourself into before you start looking.
0 votes Thank Flag Link Mon May 5, 2008
Alana, I work with a great mortgage broker who has several government programs you may qualify for. If you're interested I can put you in contact so you can see what programs you qualify for. Feel free to send me an email with your contact information.
0 votes Thank Flag Link Sun May 4, 2008
Hi Alana,
You should talk with a lender who works with first-time home buyers and is versed in the various programs available out there. With the HFA programs available for homebuyers, this is a program that may will work well for you, based on the income you make.
I would also suggest looking at your lifestyle, expenses, and figure out how to increase savings and/or decrease debt. This is one of the best buying markets we have seen in over a decade, and you need to be positioned to take advantage of it.
If you would like referrals to a great lender, feel free to ping me and I will pass on their names.
Happy house hunting,
Linda Baker
LBaker@apr.com
408.712.3432
Web Reference: http://www.LindaBaker.net
0 votes Thank Flag Link Sun May 4, 2008
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