Jeri Creson

There are down payment assistance programs available. Depending on your income level, you may qualify for the City of Los Angeles American Dream Downpayment Initiative program, which is a 6% assistance program. There are also WISH funds, Nehemiah, CalHFA Chdap funds, amongst others. I specialize in first time homebuyer programs, and buyers with disabilities. Virtually all of my clients receive some form of down payment assistance. I have had success with both REO and Short Sale properties with down payment assistance, however, you must be realistic. It's important to understand that the seller will take the offer that offers the most overall value. Sometimes that value isn't always the highest price. Sometimes it's more favorable terms or a more reliable loan package that can be closed in a shorter time frame. So expect some disappointments, and be prepared to make a few offers. It can be disheartening to lose a property that you had your heart set on, but eventually, you can succeed. Keep trying and don't give up! Find an agent who understands these programs and is willing to stick with you for the long haul -

I recently closed a transaction for a disabled buyer who purchased a free standing home in Torrance, layered three different down payment assistance programs plus a special subsidized interest first mortgage (4%), and came in with a PITI under $1,900 per month. It CAN be done - Good luck to you! - Wed Jun 25 2008, 20:20