California Down Payment Assistance Programs: A Guide for Homebuyers
Purchasing a home is a big investment, and for many people, the biggest challenge is coming up with the down payment. Fortunately, California offers a variety of down payment assistance programs to help eligible homebuyers achieve their dream of homeownership. In this blog post, we’ll take a look at some of the top California down payment assistance programs and what you need to know to get started.
California Housing Finance Agency (CalHFA)
The California Housing Finance Agency (CalHFA) is a state-run organization that provides affordable housing financing options to low- and moderate-income homebuyers. CalHFA offers several down payment assistance programs, including the MyHome Assistance Program and the School Teacher and Employee Assistance Program (STEP). Both programs provide eligible homebuyers with up to 3.5% of the purchase price as a deferred payment loan to be used for down payment and closing costs.
City of San Francisco Down Payment Assistance Loan
The City of San Francisco offers a down payment assistance program for eligible first-time homebuyers who are looking to purchase a home in San Francisco. The program provides up to $200,000 in deferred payment loans to be used for down payment and closing costs. The loans are interest-free for the first five years and then have a low-interest rate for the remaining term.
Neighborhood Assistance Corporation of America (NACA)
The Neighborhood Assistance Corporation of America (NACA) is a non-profit organization that provides down payment assistance to eligible homebuyers. NACA offers several down payment assistance programs, including the NACA Home Save program and the NACA Home Buyer Program. The programs provide eligible homebuyers with up to $15,000 in down payment assistance, which can be used for down payment and closing costs.
Purchasing a home can be a challenging process, but with the help of California down payment assistance programs, eligible homebuyers can make their dream of homeownership a reality. If you’re considering purchasing a home in California, it’s important to research all of your options and determine which program is best for you. With the right resources and support, you can achieve the American dream of homeownership.