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.

Help the community by answering this question:

+ web reference
Web reference:


Jeanne, , Palo Alto, CA
Wed Aug 13, 2008
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
Bay Area Pro…, , Santa Clara County, CA
Tue Jul 29, 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
, ,
Mon May 5, 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.
Web Reference:
0 votes
Realtor, ,
Sun May 4, 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
Linda Baker, Agent, Los Gatos, CA
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
Web Reference:
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more