Moderate Income Buyers can now receive Down Payment Assistance for their Home Purchases using FHA Financing through E Mortgage Capital, Inc. Saving funds for a down payment has always been a challenge and this can delay a buyer’s ability to qualify for a new home mortgage, no matter what the interest rate.
FHA Home Loans require a small down payment. These funds must come from the buyer’s funds, a gift from a Relative, a loan or withdrawal from the buyers 401K or other retirement account, or from an approved “Down Payment Assistance Program”.
Currently there are TWO options for this assistance. Some down payment programs can be an additional loan to be used for down payment. As any other loan, this will need to be repaid at some point. The second option is a Grant that does not have to be repaid, but may require you to remain in the home for a minimum of 3 years in order to be forgiven. Both options are subject to county limits for income and purchase price. Current income and purchase price ceilings for these programs will vary per county in California. Please call me anytime and I can provide that specific information for you.
First Option: CalHFA for First Time Buyers. (California Housing Fund Agency) There are several options using FHA, VA or Conventional loans, combined with secondary financing. Must be owner-occupied and requires that you have not owned a primary residence for the past 3 years. Homebuyer Education Course is required and must be completed on-line prior to close of escrow.
Second Option: As a California Mortgage Broker, I can place your loan through several lending sources that now offer very competitive programs for down payment assistance.
With the help of these down payment assistance programs, and a seller willing to help with the buyers closing costs, a Qualified Homebuyer can purchase a home and close escrow with very little up front investment. If they are a bit short of their own funds, a gift from a Relative is allowed. So What Are You Waiting For? Time to go out and buy a house today!
