Down Payment Assistance Programs

So, you are ready to buy a home.  And now you speak with a lender who says, “how much money have you set aside for your downpayment and closing costs?”  Down Payment???  Closing Costs???  Oh my!

Well now, there are so many Down Payment Assistance Programs that can help you, a first-time homebuyer, if qualified, with downpayment assistance.

Here are some choices:

CalHFA offers

MyHome Assistance Program
CalHFA Government Loans (FHA): MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs.

CalHFA Conventional Loans: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs.

HomeBuyer.com offers

The Downpayment Toward Equity Act of 2023.  First-time home buyers may be eligible to receive a $25,000 cash grant to purchase a new home.

LAHD – Los Angeles Housing Dept

LAHD offers a first-time homebuyers low income purchase assistance LIPA for buying homes in the city of Los Angeles.

There are others which offer second mortgages with zero interest as long as you live in the house for a specified period of time.  These are known as Forgivable Loans.  Rocket Mortgage offers these.

And now, there is a new way to save for your downpayment!

For those who are familiar with a “GoFundMe” account.  There is a now a “Home Fundit” account.

As in the GoFundMe proposal, you are now requesting donations from your family & friends to help you with a downpayment for your future home.

Here’s how it works:

For example, you have just graduated from College.  You can request monetary gifts to your HomeFundIt account.

Or instead of signing up for a Wedding Registry, create your Homefundit account and ask your friends and family to donate a gift.

How does that sound?

Start a HomeFundit account here!

There are 3 ways to save for your downpayment

1- Down Payment Gifting

Collect down payment gifts instantly from family and friends through the easy-to-use, online platform.

2- Shop to Save

Get extra pledges toward your down payment when you shop at over 1,000 participating online retailers.

3- $2,000 Closing Costs Grant

Earn up to $2,000 toward your closing costs. Match down payment gifts $2 for every $1 received plus get BONUS dollars when you shop and share.

So whether you will be working with your mortgage lender to include a Federal or State or Local Down Payment Assistance Program or you will start saving money for your downpayment thru your HomeFundit account, get started TODAY!

Carol Gilles, Realtor, has been assisting first-time home buyers since 1980. She works side-by-side with her buyers throughout the transaction, answering questions and guiding them through the process from of home buying.  Contact Carol at her direct line – 310-864-9738 today.