Consumption and Real Estate
Down payment assistance for first time home buyer?
Question : Down payment assistance for first time home buyer?
We are wanting to buy a home but can’t come up with all of the down payment, plus inspection and moving costs. Is there any Down payment assistance programs left? I can’t seem to find any, or 100% financing. We are in CA.
Thanks
home inspection program
Best answer:
Answer by acermill
Why would you expect down payment assistance? You are expected to SAVE enough for a down payment, and finance the remainder. These days, the best you can do is 3.5% down under a FHA loan.
Because lending it so tight right now due to credit markets being frozen, it is tough to get approved without decent credit and some equity up front. Your best bet might be going through FHA loan requirements, and you may be able to get approved on the property with less equity required. 100% finance deals are very tough right now because banks and mortgage companies have so many bad loans on there books already, that it is a tough sell to take on more risk.