One of the most popular Down Payment Assistance Programs, the Cal HFA DPA, is gone. This last week they announced that they are no longer providing those funds to home buyers. While they certainly weren’t only game in town they may have been most popular. Many lenders used this program for years and were very familiar with it. Last week I got 2 calls from folks saying that they had been pre-approved with this program and now didn’t know what to do. Well the good news is that there are other options. Depending on your situation you may qualify for Grants, Loans, Silent 2nds… There’s a ton of stuff out there, the trick is finding the right one for you. So if you, or someone you know, was hoping to use a Down Payment Assistance Program to buy your home it’s time to revisit that. Let us help you by using our resources to sift through the programs that are available, and put the right plan together. Simply shoot me an email by clicking here or call so we get you back on the path toward owning your own home. Jeremy Beck Mortgage Planner Blog Title Rhymer 858-863-0262
When I meet with clients for the first time, most of them, of course, are excited about the idea of Down Payment Assistance (DPA). However, as soon as they start learning that there are income and purchase price limits, many become discouraged. Well, make sure that’s a realistic discouragement! What I find is that Down Payment Assistance is Easier Than You Think. Now there is a wide variety of programs and they are all different. But for this article I’m going to pull examples from one of the easiest programs we offer. Income limits – Let’s give a quick example here. Depending on how many people live in the home, income limits vary. * If it’s just one person you can make as much as $63k/year. * If it’s 8 people then is $120k/year. * For an average family of 4 – you can make $91k/year and still qualify for these homes. Purchase Price Limits – This particular program also has a purchase price limit, but it’s quite generous! Rather than depending on how many people live in the home, these limits are based on where the home is. For example, in San Diego County * $534k max purchase price for “non-targeted” areas * upto $653k for “targeted” areas Target and non-target areas delineate specific areas in the county that the program is designed to give extra assistance to. Of course
Episode 33 | The GreenHouse Group on Down Payment Assistance Have you thought to yourself, I can’t afford to buy a home yet? We’ll i’ll bet that your wrong! Tune into this weeks episode to hear from Jeremy Beck, David Hughson, and Jesse Ibañez, from The GreenHouse Group as they talk about down payment assistance programs. They talk about all the steps necessary to get yourself some help including grants which you dont have to pay back! You can get you and your family into your new home with as little as $0 down! Don’t believe me? Check out the video for yourself and check out the free tool they have provided at http://TheGreenHouseGroupInc.com/DPA!
This is actually nothing new. Down payment assistance programs have been around a long time and very few people take advantage of them. What is new is how many programs there are at the local, state, and federal level. Some programs are even allowed to be combined. With all this opportunity to assist home buyers it is surprising that 70% of buyers are unaware of down payment assistance programs. Mortgage Professionals bear some of the responsibility here and this includes me. There are so many programs that it can quickly become overwhelming trying to keep up with which ones are funded, which programs actually apply to a particular buyer, and then finding lenders who will allow the programs to be combined with the right loan. I came across this website http://downpaymentresource.com/ that is probably the best place to start when looking for DAP programs. It’s essentially a down payment assistance search engine. By entering a few pieces of information it will tell you which programs you qualify for and this can be used for any home in any county nationwide. By David Hughson 858-863-0264
The GreenHouse Group INC is a full service Real Estate & Mortgage Planning Firm located @ 3111 Camino Del Rio North, Suite 400, San Diego, CA 92108. We'd love for you to drop by and say "hello" to us here at our beautiful offices in Mission Valley. Or, if you'd prefer to drop us a line you can call us anytime @ (858) 863-0261. We look forward to meeting you!
