ONE COOL THING.
Each month we’ll send you one cool thing to know about California real estate.
This Month it’s all about Down Payment Programs. According to a recent Carrington Mortgage Services, LLC poll of 2,000 Millennials, 64% viewed a down payment as being a major hurdle to home buying.
The good news? There are options. The California Association of Realtors’ Down Payment Resource site let’s Buyers find assistance based on where they’re searching. Enter a street address or zip code to find matching programs.
I’ve had several Buyers take advantage of both State of CA and County of San Diego programs in the last two years. Buyers using these programs must qualify and use approved Lenders, but there are a variety of ways to find savings.
Learn who qualifies after the jump…
Think You Can’t Qualify? Think Again.
- The Federal Housing Administration (FHA) guidelines consider any person who has not owned a principal residence in three years a first-time buyer, regardless of whether or not their previous home sold or was foreclosed on. It also does not matter if you’ve recently owned an investment property. And…if a person does not qualify on their own, but their spouse does, then they both likely qualify as first-time home buyers.
- FHA also considers some who have only owned a home with a spouse as first-time buyers. For example, single parents who are now divorced. Many of these individuals may have been on the deed for a home without being on the mortgage.
- California’s Housing Finance Agency (CalHFA) also allows Buyers in certain “target areas” to qualify as first-time Buyers even if they’ve owned homes within the last three years.
Is someone you know thinking about buying or selling?
Have them call me. I’ll help them get started!
Laura Sechrist Molenda