Buying a home can be a challenging task. The first step is trying to save up for a down payment for the house. For most mortgages, you will need at least 3.5% of the purchase price for the down payment. The average sales price in the A.V. is right around $300,000. So you will need $10,500 just for your down payment. Saving up for a down payment can be a challenge for most people.
Teachers and School Employees I have some excellent news for you! There is a new program that will help you get into a home with a zero down payment and almost nothing out of pocket! That’s right; you may be able to purchase your own home for cheaper than it would cost to rent!
How Does it Work
With this CalHFA Loan, you can get up to 4% of the purchase price as an assistance loan for the down payment and closing cost. This means you will take out a junior-loan for the down payment. This junior-loan will have deferred payments and only becomes due when once you sell, refinance the home or pay off the mortgage. You are essentially buying the house with the future equity it will accrue.
How Much are the Rates
Interest rates will always vary per individual depending on credit score. Interest rates for this program are lower than FHA loans. This is a historically low rate. Do not delay because this interest rate will not last!
How Do I Qualify?
Simple. Click HERE and fill out the form. We will call you and see how we can assist you with your home buying needs and see if this program works for you!