27 Apr The Bibel Team: How To Get Down Payment Assistance
How to get down payment assistance.
Hey everyone. Eric Bible, with the Bible team at Neo Home Loans. Today, I want to talk to you about down payment assistance. Tons of questions around this, how does it work? Who qualifies for it? Where do we get it? What do we do? What does it look like? Well, here, I want to answer those questions for you. Hey, and if you like our content, please like subscribe comment below to see more info like you’re seeing today.
So again, down payment assistance, we get tons of questions around it. What it looks like, what we qualify for. Ultimately, in order to be able to qualify for the classic down payment assistance, one must be a first-time home buyer. So we’ll start with that. Really, what defines a first time home buyer is one that has not owned, so had ownership or interest in a property, residential real estate real estate, in the last three years. Not on title. What down payment assistance is, is it’s effectively funds given to you on behalf of a grantor. So in most instances, it’s through some specific bond measure. So either through the County in which you’re purchasing, or through the state of California.
There are a couple of different options within that. When we look at what’s considered CalHFA, we look at Chenoa, there’s really a couple of different down payment assistance scenarios that become accessible to potential homeowners. So what it looks like is the ability to provide both the either three or three and a half percent down payment on the purchase price. And on top of that, there are additional options that allow for coverage of closing costs. So really truly the opportunity to come to closing and purchase a property with nothing out of pocket.
So, contrary to the a hundred percent financing option that the veteran community is awarded through their service to this country, those that may not have access or have not been able to save because of life circumstances. Maybe they don’t have the means to tap into retirement or a gift from a family member. These options become very viable in that it awards both coverage for a down payment, as well as for a closing cost. So here, you know, these are very intricate options where they are very, very useful and really have the opportunity to open doors for people where doors may have not been accessible in the past.
It’s best to sit and speak with a mortgage professional to ensure that these products, these services, these options are your most viable option. At the end of the day, when anyone contacts us to discuss what down payment assistant options are available, we want to make sure that we understand the entire financial profile of the individual to then provide them the most accurate and informative information so they can walk away and make the most informed decision for their family. We would love the opportunity to help guide you through this process. Please reach out to myself and my team today. If you’d like this information that you’re seeing, please like subscribe and comment below.