More Down Payment Help For First-Time Buyers

Recently, CALHFA, the California Housing Finance Agency, announced their plans to provide additional down payment assistance for first time homebuyers.  The additional amount will be $6,500 according to a recent report.  The assistance will be provided through the CalPLUS Conventional program.  The agency continues their efforts to help first time homebuyers step into the real estate market.

 

Currently, the CalHFA Zip Extra down payment assistance program reduces the amount of money needed to purchase a home for buyers who may not have enough funds for a large down payment and closing costs.

 

This new program which has already begun will include the additional $6,500 on top of the 3 percent down payment it currently offers as part of it's CalPLUS Conventional with Zero Interest Program (ZIP).  The ZIP program provides 3 percent of the loan amount at 0 percent interest on a fixed rate 30-year mortgage.  The additional $6500, ZIP Extra, is zero percent interest also.

 

An added benefit to working with CALHFA is that their various programs can be combined.  This new assistance is available only for first-time home buyers.  Although non-first-time buyers are not eligible for this latest addition to the program, it is important to discuss all possibilities of financing with a trusted LOCAL lender.  

 

You are welcome to contact me anytime with your real estate questions. I always enjoy hearing from you! Nancy Puder is a Real Estate Broker in Arroyo Grande CA with Nancy Puder & Associates. If you have questions or concerns regarding your own property, contact Nancy at (805)710-2415 or email Nancy@NancyPuder.com.  You may also go to Facebook.com/Nancy Puder Realtor and "like" her page to access other real estate related articles.