Down Payment Programs in Los Angeles County, Orange County

Buyer Down Payment Assistance and Loan Programs

Down Payment Finder

To help buyers find a program through the wide array of offerings for a given address, go here to find your options:  http://downpaymentresource.com/are-you-eligible/

FHA Loans for Fixer Properties 

Did you know that the foreclosure/bank-owned property (REO) market and inventory is constantly changing? There are several reasons for this, but basically, it may be the buyer's opportunity to get a very good deal on the right property under conditions acceptable to the seller. Many bank-owned properties may not meet a conventional loan requirement because of its condition, but if you're not a cash buyer, using the right loan program could be the key.

 

Did you know that the FHA 203(k) Residential Rehab Loan may offer financing in conjunction with several types of buyer program (but not all) and is a great way to gain up front financing to remodel or repair the home of your choice. If you find a fixer property in an area you would like, but the house needs work, this loan is a way to accomplish those repairs within your overall mortgage qualification, so that you're not paying for repairs out-of-pocket, but amortizing them over time. Repairs may include flooring, fencing, roofing, windows, foundation, appliances, heating, A/C and termite. These loans have specific structuring and time requirements--call me to find an experienced lender for this loan.

 
Turn a fixer into a palace.  These programs are just some of the ways a first-time, or return buyer, may find a new home under very advantageous conditions.

First Time Homebuyer Assistance

City-based buyer programs are available on a cyclical basis according to available funding. Cities with buyer assistance programs include Long Beach, Bellflower and Fountain Valley, and various programs for residents who live and work in Orange County. Contact me for current status.

 
There are special 1st time homebuyer programs under CalHFA with FHA loans and CHDAP (California Down Payment Assistance) programs with low interest rates and down payment amounts, especially when combined with FHA loans.
 
  • CalHFA is essentially an FHA 1st mortgage with a 3% “silent second” mortgage, limiting the borrower’s need for a standard 3.5% down. Seller contributions are allowed up to 6%  towards closing costs, minimum buyer contribution of 1% toward down payment; there are sales price and income limits. 
  • CHDAP may be used with conventional loans also. Contact me for lender provider information, specific lenders must be used for this program.

VA Loan

While FHA loans and other low down payment buyer assistance loans, including VA loans, are challenging at the lower market levels due to competition.  However,VA loans for qualified veterans can be a very good loan for some condominium buildings and in the higher priced selling ranges for homes.  Homes over $500,000 in particular may be more willing to consider a buyer with an approved VA loan qualification because that is currently a slower-moving market.  VA loans for condominiums may be easier to obtained for a VA-approved condominium than an FHA loan. VA loans are available for anyone who served in the military.  Please contact me for a lender referral for this type of loan. 

Fannie Mae HomePath

This is a 3% down conventional loan on eligible Fannie Mae-owned properties only. This can be a great program for condominium buildings as there are few lending restrictions (unlike FHA and other conventional loans).  The loans must be obtained through specific lenders. This program also has a home renovation loan for eligible properties.
 

Freddie Mac Home Possible

Freddie Mac’s Home Possible program does allow lower down payments of 5 percent on a duplex and 10 percent on three- and four-families for income-qualified borrowers. Borrowers’ income may not exceed 100 percent of the area median income, which means there are income guidelines to satisfy for this loan.  "Lender overlays" may be different with each source, so it pays to search for the lender for you.
 

PLEASE CONTACT ME AT JULIA@JULIAHUNTSMAN.COM FOR A LIST OF HOMES THAT ARE ELIGIBLE FOR THESE PROGRAMS. NOT ALL SUCH HOMES MAY NECESSARILY BE FOUND THROUGH THE MLS. I CAN ALSO HELP POINT YOU TO THE RIGHT AREAS THAT APPLY TO THESE PROGRAMS.

 

CHECK BACK TO THIS PAGE AS THE INFORMATION MAY CHANGE OVER TIME.