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Are you a First Time Home Buyer?
Do you need help with your down payment?
Yes, there is help available for Sacramento home buyers needing assistance with their down payment. FHA requires you to put down 3.5% of the sales price of a home as your down payment but now, there is help with that down payment so you only have to put down 1%.
For example, let’s say the house for sale is $200,000. Typically, as a 1st time home buyer you would be required to put down as your down payment, $7,000 but if you qualify for this program, you would only be required to put down $2,000.
Now, to qualify for this program you must be a First Time Home Buyer who is actually going to live in the home as your primary residence and your income cannot exceed certain amounts. For example, if there is only one of you then your income cannot exceed $61,400, two of you – your income level cannot exceed $70,150 And if there are 3 of you in the family your income may not exceed $78,950 and so on.
These income restrictions are by county in California so the amounts may change depending on the county which you plan to buy a house. The example amounts above are for Sacramento County for those Sacramento home buyers buying a house or condo in Sacramento real estate.
This down payment assistance program can be used either for your down payment or toward the closing costs of the loan but cannot exceed 3% of the sales price of the house.
You might be asking yourself if this is FREE. Nothing in life is totally FREE. But this is the next best thing if you don’t have the money for your down payment to buy that house for sale in Sacramento real estate that you want or the condo for sale that you want to buy.
If you are a First Time Home Buyer needing help with either your down payment or closing costs and want to buy a house or buy a condo, give me a call and I can refer you to a lender who works with the program that can help you with assistance.
As a 1st Time Home Buyer you will be expected to pay back this money when you sell the house or refinance your loan. The interest rate for this money is fixed and what we call deferred until you sell or refinance. In other words you don’t pay on this money until one of those 2 things happens.
Give me a call and let’s see if your qualify for this assistance program and let’s look at Sacramento real estate.
Other First Time Home Buyer Help:
Why Home Buyers End Up With No House
How Much Money Do Home Buyers Need to Buy A House?
Great article.
This a big help for first time home owner in Sacramento.
Thanks for sharing this..