Did you know that in October 2012, there was a five month high in California home sales? Now that the economy is picking up, many Californians are on the market again for a new home. Many people will need help with understanding their options for home loans and are wondering about down payment assistance programs they can qualify for. What are some things you should keep in mind?
First, if you are a veteran or married to a veteran, you might qualify for Veterans Administration Home Loans. These are usually provided by private lenders. VA home loans are guaranteed, in part, by the VA, allowing you to gain more favorable terms for your loan.
Second, there are many down payment assistance programs available that might be useful for your situation. The California Home Buyer Down Payment Assistance Program, for example, can help provide a deferred payment junior loan, that can be used for closing costs or a down payment. It can be up to three percent of the purchase price or the appraised value, whichever is less.
Third, although down payment assistance programs are useful, many people find that they can get Cherry creek loans so long as they take their hopes down a step and look for homes more suitably in their budget.
Fourth, keep in mind that even if a lender is FHA approved, that does not mean all FHA home loans and lenders have the same interest rates and costs as others, so it is a good idea to shop around before deciding on anything. Read more like this.