Southern California Home Buyer Assistance Programs

House on the horizon

Home buyer assistance programs are readily available, but most people fail to use them. There is an assumption that only first time buyers may use these programs, but that is certainly not true for all of the programs. If you are considering a home purchase, here is some useful information on Southern California home buyer assistance programs.

Program Qualifications

Southern California home buyer assistance programs are provided on a national and local level. Qualification criteria are program-specific, so you can qualify for multiple programs. Qualifications might include level of income, family size, property type, property location, or building repairs needed. Programs are also offered based on military service, disability status, ethnicity, REOs, or connection to specific organizations.

Types of Assistance

Since all Southern California home buyer assistance programs are different, they also offer different types of assistance for participants. Some programs will award gifts for closing fees and down payments. For some programs, repayment is not necessary if specific criteria is met. Some programs offer lower mortgage rates or less stringent underwriting standards. For properties requiring work, rehab grants are also available.

How Southern California Home Buyer Assistance Programs Have an Effect on Real Estate Purchases

Some people qualify for financing based on credit and income level, but do not have enough savings for the up-front costs. These people then delay a home purchase in order to save enough funds. During this time, mortgage rates and/or real estate values may rise, making it more difficult to purchase. Programs that include down payment assistance enable potential buyers to purchase sooner and take advantage of todays low interest rates.

Finding Southern California Home Buyer Assistance Programs

All Southern California home buyer assistance programs are intended to make home buying possible for more people. The real estate market typically impacts the economy, so such programs may help improve the economy. Surprisingly, it may be difficult to locate such programs. To search for programs, visit DownPaymentResource.com. This website asks you to answer some questions then receive a report of programs for which you might qualify. You may then call your loan consultant for further details on any options that you are interested in. Keep in mind that some require that you use approved lenders.