C.A.R. launches Down Payment Assistance Tool
California Association of Realtors launched a new search tool to help consumers identify available down payment assistance programs.
The Down Payment Assistance search tool allows the consumer to enter information to better identify what programs would best suit their situation.
The consumer is able to enter specific property information to identify what down payment assistance programs are available in that specific area.
Information on the size of the household, first time home buyer status and annual household income are also provided to filter through the different income limits for down payment assistance programs.
In addition, a home buyer seeking information on down payment assistance can specify special circumstances that might affect the eligibility for some of the programs available for down payment assistance.
For example, a home buyer shopping in San Diego County for a $250,000 home, with a household size of 3 people, annual income of $65,000 and no special circumstances would have the following program results
CalHFA California Homebuyer’s Down Payment Assistance Program (CHDAP) for use with FHA, VA, USDA and Conventional Financing. This program is a second mortgage in the amount of 3% of the purchase price. The funds can be used for down payment and/or closing costs
CRHMFA Homebuyers Fund (CHF) Platinum Program. This program is a grant equal to 3% of the loan amount and it does not need to be repaid. The funds can be used for down payment and/or closing cost and can be used with FHA loans, VA loans and USDA financing.
Please call/text/email me with any questions about this or any other Down Payment Assistance program questions.