However, home-buyers can rest a little easier by knowing more about down payment assistance programs and which they may qualify for. Whether you’re looking to purchase a home in the lovely San Fernando Valley, relaxing Palm Springs or in growing Victorville, below you’ll find several great down payment assistance program choices to assist you in the home-purchasing process.
For Los Angeles County, home-buyers have down payment assistance options such as:
• Los Angeles City Low-Income Purchase Assistance Program (also known as “LIPA”)
• Los Angeles County HOP
The current Riverside County down payment assistance program available is the First-Time Home-Buyer program, which is funded by the Economic Development Agency.
Like Riverside County, San Bernadino down payment assistance program options can also be limited, however the San Bernadino Home Ownership Assistance Program is available.
As California is a large and diverse state, other additional programs are available on a broader scope. Southern California home-buyers can find help from efficient state-wide down payment assistance programs. Specifically, the California Housing Finance Agency (CalHFA) provides several choices for down payment assistance programs and the aiding of closing costs.
More times than not, this form of assistance is referred to as a second or subordinate loan. Payments on subordinate loans are deferred and keep monthly mortgage payments affordable since homebuyers do not need to make a payment until their home is sold, refinanced or paid in full.
Additional downpayment assistance programs possible for California residents include:
Contact Golden Empire Mortgage today to speak with one of our professionals about your options regarding down payment assistance programs at (909) 457-0257.