Down payment assistance in conjunction with the purchase of a primary
residence is becoming more and more popular! The reality is this - there
is a lot of money out there to be used to help potential homeowners take
advantage of this amazing time of LOW home prices and LOW interest rates.
Down payment assistance is making buying a home more affordable than ever. In fact, the affordability Index, which measures the ability of the median
income earning family to purchase an average-priced home, is near an
all-time high. This means that buying a home and making a mortgage payment
can cost less than paying rent!
Thousands of people dream of becoming homeowners, but often times they are
short on cash for the down payment or closing costs. Down payment
assistance can bridge that gap.
There is a specific Grant that is used in conjunction with the FHA loan that
seems to be taking the State of California by Storm - the great news,
the buyer doesn't need to apply themselves for the actual grant, the loan
officer will reserve the funds for the buyer upon them having an accepted
offer on a home.
Highlights of this Grant Program:
1. |
3 percent grant for homebuyers to use for closing costs, down payment or pre-paid loan expenses.
|
6. |
Property must be in California. |
2. |
Grant does not have to be repaid. |
7. |
30-year fixed-rate term
|
3. |
All other FHA guidelines apply, including 6 percent in seller-paid closing cost assistance. |
8. |
Condos, PUDs and single-family residences
|
4. |
This loan only requires buyers to contribute percent toward the purchase.
|
9. |
Income restrictions apply (Contra Costa and Alameda County income limit is $110,760 annually) Wow, that is 120% of the Area Medium Income!!! |
5. |
Primary residence, owner-occupied purchases only |
|
|
To get pre-approved and see if you qualify for the grant please visit www.MyProspectMortgage.com/jchroust
Julie Chroust
Prospect Mortgage
925-516-5809
This article is written by Julie Chroust and first published on July 1, 2011 so some information may be outdated after some time. It is posted as an informational and promotional piece by Julie Chroust and does not necessarily reflect the opinion of the publishers EverythingBrentwood.com.