A down payment assistance program that's working for California first time home buyers
The California Housing Finance Agency has millions of dollars for first time home buyer down payment/closing cost assistance and they need your help to spend it.
One percent down payments for California first time home buyersAccording to a recent report from the National Association of Realtors (NAR) the average [One-Percent1] down payment made by first time home buyers is 12%. Unfortunately this type of reporting has led many first time home buyers to believe that homes can only be purchased if they have a substantial down payment.
More protection for first time home buyersFirst time home buyers will have a new cop on the beat effective July 1.
Know what you owe! Help for first time home buyersUnderstanding the mortgage process and its costs will be getting easier for first time home buyers.
I thought I made too much money to qualify for down payment assistance!FirstTimeHomeBuyersNetwork.com, an association of Mortgage and Real Estate professionals who specialize in helping first time home buyers find the right first time home buyer programs and incentives,
Great information. This probbably gives many potential homeowners some hope. Thanks for posting.
Rich, thanks for stopping by. There is so much opportunity for first time home buyers but unfortunately most are influenced by the negative press. There’s a lot more to owning a home than whether the value goes up or down.
Pingback: I thought I made too much money to get first time home buyer … | First Time Home Buyer Home Loans
Good Post.
There is a lot of negative press about buying homes. I think some of that could be minimized however if proper home buyer education was something that more potential home owners looked into.
Kevin, thanks for stopping by. I agree, it’s the most important investment that most families will make. First Time home buyer programs require education and I don’t think it’s a bad idea to require of every first time home buyer.
Thanks for stopping by
This is BS. My husband and I just tried to qualify for first time home buyer programs and were told he makes too much money.They said you had to average in what you made the year before and this year. According to that my husband made around $73,000. I don’t understand all of this because he barely made in the $30,000 range, and she kept saying for the loan she couldn’t add in his overtime, but she did. I just don’t understand how we didn’t qualify. How can you figure out what he is going to make thi year based onvertime,when even we don’t know what overtime he will have.
Hi Britt, not sure what state your in but every first time home buyer program calculates income differently and have different requirements.
That being said, the distance between $73,000 and $30,000 seems like quite a bit.
There are two different levels of qualification one for the down payment assistance and the other for the underlying FHA loan. While the DPA may calculate the overtime, the lender (unless there is a two year history) may not.