California Home Buyer Assistance Programs

Did you know there are first time home buyer programs in California that provide down payment assistance?

Well, there are and especially if you live in the Los Angeles, Orange County, Riverside, San Bernardino and San Diego county area.

If you’re a looking for first time home buyer programs in California, we’re sure you are seeing prices of home become more affordable and within home ownership reach. When have we seen real estate prices and interest rates any better, right? Speaking of interest rates, did you also know rates for many first time home buyers are as low3.25% -3.375%? Yes, its true!

If you’re searching homes for sale in Los Angeles, Orange County, Riverside, San Bernardino and San Diego you have the best of both worlds…affordability and down payment assistance programs to help qualify for your new home.

First Time Home Buyer Programs You Must Know in California

1. California Housing Finance Agency (CalHFA FHA & CHDAP) – BEST PROGRAM CalHFA FHA

The California Housing Finance Agency offers a below market mortgage option to first time homebuyers. The CalHFA FHA 30-year Fixed Mortgage provides up to 96.5% financing with a low, fixed interest rate that never changes during the life of the loan. This first mortgage can be combined with CalHFA’s down payment assistance programs for added benefit.
CHDAP, Down Payment Assistance That Works

CalHFA can also help with your down payment or closing cost. Payments on these one-of-a-kind loans are deferred, meaning you don’t have to pay them back until you sell, refinance or pay off your home.

California Homebuyer’s Downpayment Assistance Program (CHDAP) – offers up to 3% down payment or closing cost assistance and can be combined with any of CalHFA’s first mortgages.

2. Southern California Housing Finance Agency (SCHFA)

The First Home program is designed to help homebuyers purchase a newly constructed or existing home by providing a below market mortgage loan interest rate 3.25% with a 3.00% gift for down payment and closing cost assistance. This program is targeted to low and moderate income households. Funds are available on a first come, first served basis.

3. CRHMFA Homebuyers Fund (CHF) – CHF ACCESS

This is a very unique program being operated by all the lenders working under the California Rural Home Mortgage Finance Authority. Similar to the federally guaranteed loans, the CHF ACCESS loan program requires the borrower to make a down payment of 3.5%. The attractive part of this loan program is only .50% is needed for down payment and 3% of it can be available at low interest rate of only 8.5%.

Voila and there you have it.

The 3 Hottest First Time Homebuyer Programs in California with Down Payment Assistance for Orange County, Inland Empire, Los Angeles, San Diego homebuyers.

There are many lenders that are not aware or choose to say, “there are no programs available” or “we can’t do those programs” So, keep in mind, it’s important to work with a lender that is approved and has knowledge of qualifying individuals for these programs. Contact me for a list of lenders who know these products and can help you immediately!

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