Explore Down Payment Assistance Programs
Saving up the substantial funds required for a down payment can be a roadblock for many clients looking to purchase homes. For low- and middle-income families, saving down payments of 20% or more simply isn’t a feasible option. At Cal Tech Mortgage, our experienced mortgage brokers work closely with clients to find loan options that work. As part of our portfolio, we help clients find down payment assistance programs available to clients in Irvine, Lake Forest, Mission Viejo and surrounding California. Contact Cal Tech Mortgage to discuss your home buying goals and explore down payment assistance options today.
CalHFA and Local Down Payment Assistance
The California Housing Finance Agency (CalHFA) is a government agency that offers programs to help clients purchase homes or refinance responsibly. Some of these programs are especially helpful with initial costs that come with getting a mortgage. Assistance from CalHFA works like a second loan that can be deferred until you fully pay for, refinance or sell your home. Conversely, it can be paid monthly as a second loan.
Cal Tech Mortgage is approved by CalHFA as a lender, and we can process your application for down payment assistance programs. CalHFA applicants must meet certain criteria to be accepted for down payment assistance, including:
- Income limits and credit requirements
- Completion of homebuyer education counseling
- Use of the home purchased as a primary residence throughout the term of the loan
- US Citizenship, residency or qualification as an alien
- Must be a first-time home buyer for some programs
- A minimum credit score of 620 (in some cases)
The MyHome Assistance Program is a loan of up to 3.5% of your home’s appraisal or purchase value. It can be used toward your down payment or closing costs.
The Extra Credit Teacher Home Purchase Program is for K-12 public school teachers who are first-time homeowners. This type of loan varies in value depending upon the location of the home.
Some first-time, low-income buyers can also qualify for city and county specific down payment assistance loans. Your broker at Cal Tech Mortgage can help you explore these dependent upon where you live.
Grant Programs for Down Payment Assistance
Grant programs exist for several types of home buyers. These state and locally provided grants do not have to be paid back in many situations. Many of these grants are restricted to first-time home buyers as defined by the Department of Housing and Urban Development.
Buying a Home: Now, Within Reach
Gathering a substantial down payment does not have to hold you back from home ownership any longer. Now, with deferred or minimal down payment through government programs and grants, you can afford to choose the home that you love. Contact Cal Tech Mortgage to talk about mortgage options with down payment assistance available to you in Irvine, Mission Viejo, Lake Forest and nearby counties. Our certified mortgage brokers have more than 25 years of combined experience, and we can help find the right fit for your home buying needs.