Need a down payments assistance program?

Asked by Maria, 92376 Sat Mar 22, 2008

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Yalmar Zelaya, , Rialto, CA
Sun May 27, 2012
Maria, the state of California has the CALFHA program which helps you with your down payment by giving you a silent second loan. This loan helps your financing move up from 96.5% to 99.5%. Their is also the USDA program which finances 100% of the purchase price of the home you buy but you have to buy in an area that has a population of less then 25,000 residents. Cities that qualify nearby are: Adelanto, Bakersfield, some parts of Lake Elsinore and parts of the city of Perris. If you qualify for an FHA loan you can qualify for this programs. I work with specific lenders that have this program available today.
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Oscar Espino…, , Colton, CA
Fri Apr 11, 2008
What stage of buying are you in? This is very important because once you have a Realtor or a licensed real estate agent, in the very beginning of buying a house, your agent should be able to either give you possible choices for mortgage brokers, or an in house lender to qualify you before hand and find out how much of a house or a mortgage you can afford, by the same token they will help you with the Down payment assistance programs, their guide lines and filling up the paperwork. I'm local, should you need more information I'll be glad to help you sort things out.
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CJ Brasiel, Agent, San Jose, CA
Sun Mar 23, 2008

There are many different programs in California to assist home buyers with down payments. Your local lending professional will be able to help you compare to see which one will work best. Sometimes, the assistance programs do not help as much as they limit the options of type of loan you can receive.

Take a look at these links for more resources.

Good luck
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Linda Ginex, Agent, Newport Beach, CA
Sat Mar 22, 2008
Through FHA, you only need 3% down of the purchase price and the good news is the conforming loan limit in your county is upwards of $620k. You will also need to put money aside for closing costs since FHA may or may not allow for seller contributed closing costs. The bottom line, you need money now to buy a home and live comfortably taking into consideration near future costs like furniture, utilities, and appliances. Talking to a Lender in your area who is versed on down payment assisted mortgage programs will be your best bet.
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