Down Payment Assistance

[Skyler Heimer]

With my apartment lease coming up soon I would like to buy a house. However, with the way housing prices are currently, finding enough money for a down payment has proven to be somewhat of a hurdle. I was wondering if anyone had suggestions that would relate to down payment assistance. From what I can see, using a loan to cover the cost of the down payment can be not the best idea.

I have also been informed about a new California program where CALHFA will give a buyer 10% of the sales price, that can be used for a down payment. If light could be shed on this topic it would be greatly appreciated.

https://www.calhfa.ca.gov/home...

[Will Fraser]

Have you considered using one of the PowerBuyer programs?

[Erik Browning]

Hi @Skyler Heimer, sending you a DM. The CALHFA program is quite selective however you still may be able to qualify for it. We can explore your personal situation and see if it's something worth pursuing.

As far as the down payment option goes outside of CALHFA, there are other cheaper and even zero down options - like USDA and VA.

[Adeva Edobor]

@Skyler Heimer Look up Bank of America. I've heard they have a program. I don't personally know anyone who's used it but I've seen a lot of people talk about it on YouTube

[Vera Spektor]

Quote from @Adeva Edobor:

@Skyler Heimer Look up Bank of America. I've heard they have a program. I don't personally know anyone who's used it but I've seen a lot of people talk about it on YouTube

 Hi I actually went to BOA and if you go on their mortgage website they will show you which properties qualify for their version of downpayment assistance they will give you up to $7,500

[Will Fraser]

Have you considered using one of the PowerBuyer programs?

[Robert Reynolds]

Your best bet might be the FHA 3.5% down program. Sometimes you can get a loan from your companies retirement or 401k plan. We've been very successful at getting our clients into condos and homes with FHA financing, just make sure that when you look that the condo is an FHA approved building. Your agent should be able to look into that for you or you could check yourself on the FHA website.

[Dave Skow]

@Skyler Heimer- fyi - many lenders offer a conventional loan program that only requires a down payment of 3% of the purchase price ...FHA only requires 3.5% of the price ....there is also USDA loans that require 0 down payment for rural properties and if you are a VET - Va loans require 0 down ...just making sure you were aware as these are all worth exploring before dealing with the down payment assistance programs

[David Kelly]

@Skyler Heimer

I have a WISH Grant available for up to $22,000 as a forgivable grant.  Its available in 48 states.  Please reach out if you are interested in going over the details.

[Skyler Heimer]

Quote from @Dave Skow:

@Skyler Heimer- fyi - many lenders offer a conventional loan program that only requires a down payment of 3% of the purchase price ...FHA only requires 3.5% of the price ....there is also USDA loans that require 0 down payment for rural properties and if you are a VET - Va loans require 0 down ...just making sure you were aware as these are all worth exploring before dealing with the down payment assistance programs

 thank you for the input

[Upen Patel]

@Skyler Heimer I actually still have FHLB grant funds available (will likely run out soon) and I have a 100% financing FHA program (3.5% down FHA 1st + 2nd to cover the 3.5% down payment).

So there are alternatives. Lets speak.