All About Down Payment Assistance Programs

By Buying a Home May 3, 2024
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Buying a home can be overwhelming and expensive! But Down Payment Assistance Programs can help by providing an opportunity to buy a home with lower out-of-pocket costs. Finding, applying for and getting money from these programs can be a challenge, however. Funds for these programs can go quickly, and if you’re not poised to take advantage of them when they are available, then it’s easy to miss out. If you’ve been struggling to save enough money for a down payment, then be sure to join us for a Free Down Payment Assistance Webinar at 6 p.m. Pacific time on Wednesday, May 15th.

Highlights from our Upcoming Down Payment Assistance Webinar

  • There are a number of down payment assistance programs and your location, loan amount, credit score, and income will determine what you qualify for. The best thing to do is connect with a lender who is well-versed in available programs so they help you determine what program will be the best fit.
  • Did you know that less than half of home purchases are made with  20% down or more?
  • If your loan amount is $766,550 or less, you can put as little as 5%, and even 3% in some cases.
  • If you qualify for an FHA loan (a type of down payment assistance program) you only need to put 3.5% down.
  • Don’t forget that the down payment isn’t the only payment you need to consider. You also need to account for closing costs and having a reserve of money once the buying process is over.
  • It is so important for buyers to educate themselves on what is required. Even with the right experts on your team, it’s still important that you understand the process. You don’t want to sign anything you don’t understand.
  • Curious about which loan programs you qualify for? Call a lender and they can help you find out. If you need help getting in touch with a trusted mortgage broker please reach out to us.

Links

Here are some useful links:

Ready to Buy a Home?

While down payment assistance programs are an important part of the process, there’s much more to buying a home! Check out these other helpful topics we’ve covered in our Home Buying 101 video series:

When you’re ready to buy a home we’ll be here for you. Please fill out the form below to get started or give us a call at 562.896.2456.

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About the Author
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Shannon Jones, Team Leader & CEO

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes. She has consistently been one of the top Realtors in the Long Beach area. Prior to her award-winning career in real estate with the Shannon jones Team, Shannon has had successful careers in journalism and public relations. She holds a bachelors degree from UC Irvine and a masters degree from UC Berkeley. Shannon holds E-Pro, CDPE (Certified Distressed Property Expert), and PSC (Pre-Foreclosure Specialist) certifications. Shannon is very personable and maintains a very strong moral compass, always putting the best interest of home buyers/sellers above monetary goals. A California native, Shannon enjoys gardening, travel, reading, cooking and poker when she’s not selling homes MY DESIGNATIONS Lic# 01247705 | CDPE (Certified Distressed Property Expert) | E-Pro | PSC (Pre-Foreclosure Specialist) MY SERVICE AREAS Anaheim Bellflower Buena Park Carson Cerritos Cypress Downey Fountain Valley Garden Grove Huntington Beach La Palma Lakewood Long Beach Los Alamitos Los Angeles County Norwalk Orange County Rossmoor San Pedro Seal Beach Signal Hill South Bay Westminster