(909) 503-5600
What Does it Cost to Buy a House in California
How to Purchase a Home With No Money Down!
How to purchase a home in Rancho Cucamonga and other cities in California with no money down or with very little out of pocket for the down payment. You can do it with home loans such as FHA with a down payment assistance that covers the 3% of the required 3.50% down payment, VA and USDA are also 2 additional options to purchase a home with zero down payment. Lets explore these 3 options below:
FHA Loan with Down Payment Assistance
FHA Loan requires 3.5% down payment of the purchase price and you can qualify for a down payment assistance program with CHDAP, Platinum Grant program, Dream Maker Grant or the Access home loan program. Each of these home loan programs has income limits based on the county you are looking to purchase in, household size that will be living in the property and may have to be a first time home buyer for 2 of these programs. I am well versed with all four down payment assistance home loan programs, I prefer the CHDAP program because it has much more flexibility in terms of income, credit and lender credit towards closing cost. If you have limited funds to close escrow on a home lets explore a down payment assistance home loan program offered in the state of California.
VA Loan at 100% Financing
VA Loan at the moment is the best performing home loan program on the market today. This program is open to active and retired military personnel who are in good standing with Veterans Affairs. As an active or retired military hero you have a benefit available to purchase a home with absolutely no money down, that is one loan with zero down payment, no prepay penalty and with no monthly mortgage insurance.
100% NO Money program that you can finance the closing cost with!
USDA loan is another great no money down home loan that is available in a particular city designated in the county in which you are looking to purchase a home in. The benefit to this program is it offers zero down payment and if the appraised value of the home is higher than the agreed upon purchase amount, we can finance the closing cost into the loan making this a very low cost way to own a home. The program also has income limits per individual that is going to live in the home, the more people living in the home the more money the borrower(s) can earn (allows a a good size income) and the income calculation is based on county the home is located in.
Lets explore these no money down home loans to purchase a primary residence with no to very low down payment. If you are short on funds to purchase a home in Rancho Cucamonga or any other city in California and think you may fit in one of the programs above, lets talk at 909-503-5600. I welcome the opportunity to make you a homeowner.
How to Purchase a Home With No Money Down!
by Nathan Rufty
Related posts
