Major Changes to Down Payment Assistance Programs

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Recently, there have been some major overhauls in some of the down payment assistance programs that have been commonly used for new homeowners. If you are planning to buy a home and trying to figure out how to come up with the down payment that is needed, then it is important that you understand your options to get the optimal financing for your purchase.

Income Requirements for Down Payment Assistance

Here is the backstory that explains the situation: in years past, the income limits for these down payment assistance programs were quite low. As a result, the down payment assistance was available to only those people who met these requirements.

Now, in Riverside County, you can make about $128,000 per year and still qualify for these programs that help with your down payment. These programs provide you not only the down payment needed for the purchase, but they can also help with the closing costs as well.

First-Time Home Buyers

If you are a first-time home buyer and you are looking to get more information on these programs, then it is time to talk to a lender to see if you qualify. Too often, people assume that they won’t qualify for down payment assistance. New home buyers think that they need to wait to purchase because they need to save up for a down payment. Plus, it can feel like a burden to have the cash to pay for closing costs.

But, don’t assume that you need to wait a few more years before buying a home. These programs can make it possible for you to get into the home of your dreams, even if you don’t have the cash available to pay a big down payment. Options are available, and a good lender can help you find the right solution.

What are your questions about buying a home? Talk to me right away; I’m always here to assist! I’m happy to help you find the right property, and I can also refer you to a great lender in the area. For more information about Temecula real estate, call, text or email any time: (951) 473-0390 or [email protected]