California has many down payment assistance programs available. With the help of these programs, you can buy a home for just a $1000 down and get up to 102% financing. Programs range from the state based to the county based and city programs.
Most California down payment assistance programs are targeted to first time home buyers with low to moderate income. Low income is usually 80% of the median income for the area while you can qualify for a moderate income assistance with up to 120% of median income for the area. What exactly you qualify for depends on the area and type of property you are buying.
All the California down payment assistance programs offer secondary financing. So your first step has to be finding out how much you can get as a first mortgage. The secondary financing allows you to buy more home - perhaps a larger house or one in a more upscale community.
California down payment assistance programs are of two main types:
- Low interest deferred payment loans
- Equity sharing grants
Long Beach and most cities have low interest deferred payment loans. These loans have a very low interest rate and no payments for 30 years or until you move out or sell the property.
In equity sharing grants like Los Angeles, the Los Angeles Housing Departments shares the increase in value of the property at the time of sale or transfer.
What the programs have in common is a home owner’s education class. The application process varies from city to city and county to county. We are knowledgeable in area programs and can help you get the most suitable program to meet your specific needs.
Long Beach Real Estate Experts
List! Buy! Save! is not your ordinary Long Beach real estate Brokerage. Unlike most real estate companies that force you to do things one way or their way, we believe you should have choices to pick and choose what best fits your individual needs.
We are always looking for new ways to make and Long Beach real estate more efficient AND less costly for our clients, without sacrificing quality or service. If you’re looking to buy a home in Long Beach or sell your existing Long Beach property, we will be happy to take care of your real estate needs. Our mission is to provide outstanding customer service while utilizing the best practices and systems available.
For more information about List! Buy! Save! real estate services and how we can best serve you, please fill out the online contact form or give us call today!
Maya Swamy, Ph.D
The No Excuses Agent
List! Buy! Save!