California Down Payment Assistance
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California Down Payment Assistance Programs
California offers several down payment assistance programs to help first-time homebuyers overcome the financial barriers of purchasing a home. Among the most prominent are the California Housing Finance Agency (CalHFA), the Golden State Finance Authority (GSFA), and the Chenoa Fund. These programs provide various types of financial support, including grants, low-interest loans, and deferred-payment options, to help buyers secure the down payment and closing costs required for homeownership. Each program is designed to address the unique needs of buyers in different situations, from those with low to moderate incomes to those in need of specialized assistance. With these resources, aspiring homeowners in California can find the financial support they need to make homeownership more accessible.
For homebuyers looking to take advantage of California’s down payment assistance programs, it’s highly recommended to contact Capital Home Mortgage California. As a California Down Payment Assistance Lender we have extensive experience in navigating these programs, and can help guide you through the application process to find the best option tailored to your financial needs. Our team is well-versed in CalHFA, Golden State Finance Authority (GSFA), and Chenoa Fund offerings, ensuring that you maximize your benefits and take full advantage of the financial assistance available. Whether you’re a first-time buyer or simply need extra support, Capital Home Mortgage California is committed to helping you achieve your homeownership goals with ease.
Benefits of California DPA Programs
California offers several down payment assistance programs to help homebuyers, especially first-time buyers, afford the upfront costs of purchasing a home.
General Features of California DPA Programs
General Features of California DPA Programs
- Eligibility:
- Income and purchase price limits apply, often based on the area median income (AMI).
- Most programs require buyers to be first-time homebuyers (defined as not owning a home in the past three years).
- Credit Requirements:
- Minimum credit scores range from 600 to 660, depending on the program.
- Property Types:
- Assistance is typically available for owner-occupied, single-family homes, condos, and some manufactured homes.
- Repayment:
- Many programs offer deferred loans, meaning repayment isn’t required until the home is sold, refinanced, or no longer the primary residence.
- Some programs offer forgivable loans or grants that do not require repayment if conditions are met.600
General Features of California DPA Programs
Benefits of California DPA Programs
- Lower Upfront Costs: Reduce or eliminate the need for a large down payment.
- Accessibility: Increase access to homeownership for low- and moderate-income families.
- Flexibility: Options for both first-time and repeat buyers.
- Broad Availability: Programs cover urban, suburban, and rural areas.
California Dream For All Shared Appreciation (CALHFA)
California Dream For All Shared Appreciation (CALHFA)
- What It Is: Offers up to 20% of the home’s purchase price as a loan for down payment and/or closing costs.
- Repayment Terms: No monthly payments; repayment occurs when the home is sold, refinanced, or transferred. Borrowers share a portion of the home’s appreciation with the program.
- Eligibility: Must meet income limits, Be a first-time homebuyer, Complete a homebuyer education course.
- Best For: Buyers needing substantial down payment assistance in high-cost areas.
MyHome Assistance Program (CALHFA)
MyHome Assistance Program (CALHFA)
- What It Is: Provides up to 3% of the purchase price (5% for certain categories like teachers and firefighters) as a loan for down payment or closing costs.
- Repayment Terms: Deferred payments until the home is sold, refinanced, or no longer the primary residence.
- Eligibility: Income limits based on county and household size, Must be a first-time homebuyer, Must use a CalHFA-approved lender.
- Best For: Buyers looking for flexible, low-cost down payment assistance.
California Dream For All Shared Appreciation (CALHFA)
Zero Interest Program (CALHFA)
- What It Is: Provides a zero-interest loan to cover closing costs. Works as an add-on to CalHFA loan programs.
- Repayment Terms: Repayment is deferred until the home is sold, refinanced, or transferred.
- Eligibility: Must pair with a CalHFA first mortgage, Meet income and property requirements.
- Best For: Buyers who need help with closing costs specifically.
Platinum Program (GSFA)
Platinum Program (GSFA)
- What It Is: Offers grants or forgivable loans (up to 5.5% of the loan amount) for down payment or closing costs.
- Repayment Terms: Grants do not need to be repaid. Forgivable loans are forgiven after three years if you stay in the home.
- Eligibility: No first-time homebuyer requirement, Meet credit score (usually 640+) and income requirements.
- Best For: Buyers seeking assistance without repayment obligations.
Open Doors Programs (GSFA)
Open Doors Programs (GSFA)
- What It Is: Provides up to 7% of the loan amount for down payment and/or closing costs.
- Repayment Terms: Loans have low-interest rates and are repayable over time.
- Eligibility: No first-time homebuyer requirement, Meet credit score and income guidelines.
- Best For: Buyers who need more substantial assistance.
Chenoa Down Payment Program
Chenoa Down Payment Program
- What It Is: Offers grants or forgivable loans (up to 3.5% of the loan amount) for down payment or closing costs.
- Repayment Terms: Grants do not need to be repaid. Forgivable loans are forgiven after three years if you stay in the home.
- Eligibility: No first-time homebuyer requirement, Meet credit score (usually 600+) and No income requirements.
- Best For: Buyers seeking assistance with income restrictions issues.
City Specific Programs
California’s major cities offer various city-specific down payment assistance programs to address the high cost of homeownership in these areas. These programs often provide more localized benefits tailored to their housing markets.
San Francisco DPA
- DALP (Downpayment Assistance Loan Program): A deferred loan up to $375,000 for first-time homebuyers who meet income and residency requirements.
- BMR (Below Market Rate) Housing Program: Provides homes at below-market prices with restrictions.
Los Angeles DPA
- LIPA (Low-Income Purchase Assistance Program): Offers deferred loans to help first-time homebuyers with down payment and closing costs.
- MIPA (Moderate-Income Purchase Assistance Program): Similar to LIPA but for moderate-income buyers.
- HOP Program (Deferred-payment loans up to $85,000 for down payment assistance): Income limits apply and Homebuyer education is required.
San Diego DPA
- San Diego Housing Commission First-Time Homebuyer Program: Offers deferred-payment loans and closing cost assistance for eligible buyers.
Oakland DPA
- First-Time Homebuyer Mortgage Assistance Program (MAP): Helps low-income families with deferred loans for down payment and closing costs.
Sacarmento DPA
- CalHome Program (through SHRA): Offers loans to assist with down payments, with eligibility based on income and residency.
Fresno DPA
- First-Time Homebuyer Program: Provides financial assistance for down payments and closing costs to eligible buyers within Fresno city limits.
San Jose DPA
- First-Time Homebuyer Program: Offers loans for down payment assistance and may include gap financing options.
Bakersfield DPA
- First-Time Homebuyer Program (City of Bakersfield): Offers deferred loans to cover down payment and some closing costs.
Santa Ana DPA
- Downpayment Assistance Program: Provides forgivable loans up to $80,000 for down payment assistance.
County Specific Programs
Alameda DPA
- AC Boost: A down payment assistance loan program for middle-income first-time homebuyers.
Santa Clara DPA
- Empower Homebuyers SCC: A loan program providing up to 17% of a home’s purchase price for down payment.
Riverside and San Bernardino DPA
- Neighborhood Partnership Housing Services (NPHS): Offers down payment assistance and affordable mortgage programs.
Contra Costa DPA
- First-Time Homebuyer Program: Offers silent second loans for down payment assistance.
How to Apply for California "DPA" Down Payment Assistance
How to Apply for California "DPA" Down Payment Assistance
- Complete a Homebuyer Education Course:
- Most programs require completing an approved course.
- Work with Approved Lenders:
- Programs often require you to apply through lenders or agencies partnering with the city.
- Submit an Application:
- Ensure you meet all income, credit, and property requirements before applying.
- Obtain Pre-Approval:
- Many programs require pre-approval to reserve funds.
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