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First-Time Home Buyers: The American Dream
Find Your Ideal LandLord - You!
Congratulations! You've made the wise decision to stop throwing your money away on rent! Purchasing your own home can provide you with many benefits, including:
Buying a home can be easier and more affordable than you think; there are many programs available for first-time home buyers, including programs requiring NO DOWN PAYMENT! Here are some of the available programs:
NHF Loan:
This loan for first-time home buyers only can provide you with up to 104% financing, with as much as 4% in the form of a non-repayable grant. There are income and sales price limits. If the loan is underwritten by Fanny Mae (FNMA), the seller of the home can contribute up to 3% of the sales price toward closing costs; if the loan is underwritten by the Federal Housing Authority (F.H.A.), the seller can contribute to up to 6% of the sales price of the home toward the closing costs.
CalHFA Loan
The most popular first-time home buyer program, the CalHFA loan provides 100% financing with one loan.
F.H.A. Loan
While the F.H.A. loan is not a "first-time buyer" loan, it is very first-time buyer-friendly. A 3% down payment is mandatory; however, down payment and closing cost assistance programs are available that can be used in conjunction with the F.H.A. loan. With an F.H.A. loan, the seller of the home can contribute up to 6% of the sales price of the home toward closing costs.
CHDAP Down Payment Assistance Program
This is a down payment assistance program that can be used for 3% financing when combined with the F.H.A. loan, and again, there are income and sales price limits.
CHAP Closing Cost Assistance Program
This is a closing cost assistance program that can be used for 3% financing and can be combined with both the F.H.A. loan and the CHDAP Down Payment Assistance Program. Income and sales price limits apply.
With the CHDAP and CHAP programs, the seller can't contribute any money toward the down payment; however, the seller may contribute to a non-profit organization such as AmeriDream, who in turn pays the 3% down payment.
Riverside County Down Payment Assistance Program
With this program, up to 20% of the sales price of the home is available in the form of a grant. There are income and sales price limits and not all cities in the county have this program available (email me for a list of approved cities). One stipulation with this program is that the buyer is supposed to stay in the property for at least nine years (in most cases) and sometimes even much longer (depending on the particular program guidelines).
City Down Payment Assistance Programs
There are also down payment assistance programs for the cities of Banning, Beaumont, Highland, San Bernardino and Rancho Cucamonga.
A home buyer education course is mandatory for all first-time home buyer and grant programs.
Free $500 Home Depot Gift Card or Free One-Year Home Warranty
Purchase a home through me and you will receive your choice of either a
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Free $500 Home Depot Gift Card, or
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Free One-Year Home Warranty from First American Home Buyers Protection Corporation (a $500 value)
upon close of escrow!
See, and you thought you couldn't buy a house! So what are you waiting for??? Contact me today to get started on your American Dream!
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