Down Payment Assistance
Minimum Credit Score: 660
Best for people who cannot save their own downpayment within a year.
Frequently Asked Questions
Pros and Cons
Down payment assistance programs take several forms. They can be sponsored by governments, non-profits, or religious institutions. California has an excellent state-wide down payment assistance program that works anywhere in the state. The state funded agency that offers this assistance through lenders like us is called CalHFA.
Down Payment Assistance programs are not without their downfalls. There is "no free lunch" as they say. Below is a list of reasons why a California down payment assistance loan may not be right for you if you already have or can quickly save enough for your own cash to close.
The Bottom Line
If it's going to take you more than 1 year to save up for your down payment and closing costs then you may be better off utilizing a down payment program to secure your home and start realizing the benefits of home ownership.