Down Payment Assistance
Pros and Cons
Down payment assistance programs take several forms. They can be sponsored by governments, non-profits, or religious institutions. California has two state-wide down payment assistance programs that work anywhere. They are CalHFA and GSFA Platinum. We offer both of these down payment assistance home loans here in California.
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.