i am first time buyer what are the programs out their

Asked by marcoslbc, Long Beach, CA Sun Apr 7, 2013

my friend bought a house a couple years ago.so i my self is in the search for one.he said that first time buyer their is different programs.and he said also that they will give a $10,000 check for 1 time buyer.but what is the proper term call for the 10,000

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Michael Cheng’s answer
Michael Cheng, Agent, San Jose, CA
Sun Apr 7, 2013
I'm not sure what program your friend is referring to. A couple of years ago, there were more home purchase assistance programs available to first-time home buyers. Now, there aren't so many programs. With the strength of today seller's market, those needing assistance are out-competed by cash buyers or those with 20-50% down in cash.
Web Reference:  http://www.archershomes.com
0 votes
Glenn Gaspar, Agent, Signal Hill, CA
Mon Apr 8, 2013
Hello! The most common DAP's, down payment assistance programs, are as follows: CHDAP offers a 3% down payment program with deferred payment. So your down payment is .5% of the sales price. There is also the CHF Platinum HomeBuyer Program which offers 3% for your down payment and it is a grant. Also many banks offer their own niche DAP to first time buyers such as Citi bank and Wells Fargo for example. Some cities do offer their own down payment program such as Long Beach though theirs targets specific homes and/or neighborhoods.
1 vote
Alex Montelo…, Agent, Seal Beach, CA
Tue Apr 16, 2013
Your friend may be referring to the CHF Platinum, Chfa or SCHfa Down Payment Assistance programs. In the past two years each of these programs have been restructured somewhat. They are still available though. So thats the good news. I do have a lender that i use quite often. Together we have closed many of these types of loans on properties in Long Beach and Lakewood.
There is also the NSP1 Neighborhood Stablization program where the City of Long Beach covers 50% of the loan amount as a silent second mortgage. Amazing right?
The loan programs that you seek are out there. It is a matter of finding the right Broker/Lender team that can get you what you want. Let me know if I can be of service.

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
DRE lic#01456982
0 votes
Kawain Payne, Agent, Seal Beach, CA
Sat Apr 13, 2013
I do not know of ANY program that gives you a $10,000 check.

As a first time buyer you cane get loans with as little as 3% to 5% down.

Some cities do have down payment assistance programs, but with today's budget cuts many of these programs no longer have funding.

If you are thinking of buying in the near future, and need a buyer's agent , I would love to meet with you to discuss the home buying process, and get you referred to a loan officer for pre approval.

The best advice I can give you is, get information. The more info you have the better decisions you can make. Buying a home is too big and important to rely on hear say. You will need facts:)

Best Regards,

Kawain Payne, Realtor
Prudential California Realty
0 votes
Barbara Robb…, Agent, Long Beach, CA
Mon Apr 8, 2013
On my home page of my website I have the website for different city first time home buyer programs. Feel free to check it out and see what may work for you.

My website is http://www.barbararobbinsolexa.com.

If I cn help in any other way feel free to contact me at 714-296-7270 or email me at bstreaaltor@aol.com

Barbara Robbins-Olexa, Broker, e-Pro(R), SRES(R)
DRE Lic#797560
L B Brokerage
0 votes
Jeremy Lehman, Agent, Garden Grove, CA
Mon Apr 8, 2013
First time buyer programs a far and few these days. I haven't personally seen any success with these programs in the last couple of years. The assistance is usually used to help with your down payment or closing costs. The really unfortunate part about these programs is that if you need one to buy, there's a high likelihood you won't have any success in purchasing a home in current (April 2013) market conditions. Properties are receiving multiple offers and many of the buyers have a substantial down payment. Sellers are choosing strong offers and buyers over the rest. I don't mean to discourage you, and I'm sure the market will eventually normalize again, but this is important info for first time buyers to understand.
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