Our agents are educated about state and local down payment assistance programs. 

When buying your first home, it is possible to get down payment assistance in many forms, typically a grant or loan. Home Buyers Assistance helps you find down payment assistance options that fit your budget and circumstances.

How much is an average mortgage down payment?

• Typically 20% of purchase price
• Sometimes as little as 3.5%, but watch out for fees
• If you are an active service member or a veteran, VA loans are one of your best benefits.

MCC (Mortgage Credit Certificate)

This First Time Home Buyer program can reduce federal income tax liability creating additional net spendable income.  Funds on this program are limited and not guaranteed.  However, we have successfully used this program for years. You can visit their website directly, or download the income limit forms to review.

Gifts, Grants and Down Payment Assistance – What are the differences?

Only two specific groups can give a home buyer money to fund their down payment: Friend or Family OR Government Organization. If you are getting gift funds from a friend or family member, you need a letter to confirm your relationship and stating clearly that the money is a gift and not expected to be repaid. Both parties must sign the letter, and sometimes the lender may require further evidence. Learn more about securing your down payment.

For more information on the MCC program, contact Mortgage Consultant, Jim Langdon, at 916-717-5626. NMLS #228920

MyHome Down Payment Assistance Program

Need help with a Down Payment to buy a home?  This program is a deferred-payment 2nd mortgage used to assist with down payment and/or closing costs. It is offered through California Housing (Calhfa) approved lenders. This type of financing is offered with CALHFA first mortgage liens for Conventional and FHA loans. Limitations to income, or credit scores may be required.

VA Loans

The benefits of this type of loan include zero down payment needed, no Private Mortgage insurance, lower interest rates and easier qualifying standards. There are loan limits and certain fees required such as the VA funding fee which varies from 2.15% for first time users to 3.3 % for subsequent use. These fees can be financed under most circumstances. 

*Diclosures: You can see examples of different loans and their rate structures here.

ZIP (Zero Interest Program)

The ZIP Program is also offered through California Housing (Calhfa) approved lenders, but is primarily used to pay for closing costs. This is a deferred-payment second, or third mortgage.

For more information on Down Payment Assistance, call Mortgage Consultant Jim Langdon at 916-717-5626. NMLS #228920

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