Coming up with the required down payment to qualify for a home mortgage loan can be a barrier to home ownership, but it doesn’t have to be with various down payment assistance programs in California.
With these programs that offer financial help, dreams of home ownership can come true.
When you’re ready, the Foxen Realty team is here to help make those dreams a reality.
MyHome Assistance Program
The California Housing Finance Agency (CalHFA) offers several MyHome Assistance Programs, including FHA, VA, and USDA.
These programs provide deferred-payment loans to help homebuyers with down payments and/or closing costs. The amounts of these loans range from 3-3.5% of the lesser of the purchase price or appraised value of the home, with a cap of $11,000.
To qualify, applicants must be first-time homebuyers who meet CalHFA income limits. The property must be the applicant’s primary residence. And the applicant must take a Homebuyer Education and Counseling course.
GSFA Platinum Program
The Platinum Program, created and run by the Golden State Finance Authority (GSFA), awards grants of up to 5% of the total loan amount to low-to-moderate income California homebuyers.
These grants are designed to help with upfront costs such as a down payment and closing costs. They do not have to be repaid.
There are strict eligibility requirements, including a credit score of at least 640 and a maximum debt-to-income ratio of 50%. The property being purchased also must be the applicant’s primary residence, not an income property or rental.
GSFA Platinum Program applicants do not have to be first-time homebuyers.
The Foxen Team is Here to Help
Getting the financial help you need from these down payment assistance programs in California is just part of the equation. You also need to find the right home to make your dreams a reality.
And that’s where Fresno’s top real estate experts at Foxen Realty come in.
We know Fresno area real estate inside and out. We’ve helped countless people become homeowners. And we’re here to help you, too.
Send us a message or call us at 559-490-0207 today to learn more and get started.