Written by Jon Long on July 24th, 2020
As many already know, the main loan programs available are the FHA, VA, and conventional loans, though these aren’t necessarily for first time home buyers. For these loans, your eligibility depends on your credit, income, and how much you have to put down. Many who don’t have much for a down payment will go with the FHA program, which requires as little as a 3.5% down payment.
But, if you’re a first time home buyer learning how to buy a home in search of a down payment assistance program or similar in the state of California, you should know about the CalHFA program.
Some cities, like Brea California, may have local programs available for qualified Brea homes and homebuyers with certain income criteria. Not all cities may offer a program.
CalHFA stands for the California Housing Finance Agency, and through this program, you can get down payment assistance when you purchase a home. There are a ton of different guidelines to follow under this program that vary by county. In general, however, you have to meet certain income and credit qualifications **to be eligible, and the property itself must be under a certain value.**
For example, to be eligible here in Orange County, your income cannot exceed $174,200. There is a catch, though: You cannot have a cosigner on the loan if they don’t occupy that property alongside you.
Ultimately, there are plenty of special programs that specifically benefit first time home buyers. If you have any questions about the specifics of these programs or about real estate in general, don’t hesitate to reach out to Jon Long.