California is the most costly U.S. condition in which to get a house. To illustrate, 15 of the top 20 most expensive U.S. cities have been in California. Laguna Beach tops the list with an average house price of over $5,600,000. This is not the best environment for non – to medium-income buyers to buy a house. The good thing is that there are programs that will help borrowers pay for their down payment, which is often the toughest payment to fund.
FHA Access Loan App
The FHA Access Loan Program helps borrowers in California and some counties in Nevada get a 103 percent loan of their property’s sale price. This is a combination of a FHA first mortgage, which requires a three percent down payment, and also the Access 2000 loan, which provides another mortgage for 6 percent of the selling price. An advantage of this program is it does not require the acceptance of the most important creditor to do the job. But, income and highest loan limits apply. In San Francisco, for example, the income limit for candidates is 103,320.
Affordable Housing Partnership Program (AHPP)
The California Housing Partnership Program helps low-income first-time homebuyers qualify for a house loan by offering them another loan to aid with down payments and closing prices. Income and sales price limits apply and vary by county. For example, in San Francisco the income limit for an individual purchasing a house is $81,300 and also the sales price limit for a resale cost is $656,775.
California Homebuyer’s Down Payment Assistance Program (CHDAP)
The California Homebuyer’s Downpayment Assistance Program (CHDAP) helps budding buyers with low to moderate incomes pay for the down payment on their property. The program grants up to 3% of the sales price for a deferred-payment junior loan. As a result, that you do not need to pay back the loan if you don’t refinance or refinance the property.