How To Get Down Payment Assistance To Buy A Home In Sacramento Valley.

Dated: 07/04/2018

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First, I'd like to clear up one common misconception about buying a home; the need to put 20% down. This no longer the case in today's market.  While paying 20% down does have it's benefits like having equity in the home, no mortgage insurance, it is no longer needed to qualify for a mortgage.  With an FHA loan the minimum down payment required is only 3.5% of the purchase price but there are even options to help with that.

Through the California Housing Finance Authority there is a program called the MyHome program which offers assistance of up to 3.5% of the purchase price to be used for down payment or closing cost assistance.  Since this is a state run program it is available throughout the state and not specific to Sacramento.

Another popular program is through the Golden State Finance Authority.  This program offers assistance up to 5% of the purchase price to be used for down payment and closing cost assistance. This is also a state run program and available throughout California.

Lastly, most major lenders are starting to provide their own custom down payment assistance programs or low down payment programs. I'm starting to see conventional loan that require a down payment as little as 3% of the purchase price. So if the down payment is one of the things holding you back from purchasing a home, reach out to a local real estate agent as they might help find a solution for you!

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Derek Jones

Husband and recent father to a beautiful girl. I got into real estate to make a difference on the consumer experience. I have a goal of bringing professionalism back to the industry. I service Sacr....

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