Owning a home in California
is a dream come true for most. Unfortunately, the conventional loan requires you to prepare a 20% down payment because, for many, the whole endeavor remains in the realm of dreams. But here’s the good news! Several programs help residents buy a home in California.
Some offer loans that require a 0% – 3% down payment, and others provide grants that help prepare the necessary down payment. Here are some of the most convenient ones.
Programs that offer loans that require lower down payment amounts (if any)
Unless you have savings covering the purchase costs, getting a loan is the first step to buying your new California home
. Those that do not have the cash for the down payment will be happy to learn that some of the loans do not require it
. Here are two options of those:
- VA loan. Among programs that help residents buy a home in California is a VA loan that only takes care of the veterans and service members. This is the best loan out there with a 0% down payment and no mortgage insurance after closing. If you qualify, look no further; it’s your best option.
- USDA loan. Those buying a property in the designated rural area whose income can be defined as low to moderate can apply for a USDA loan. The amount of down payment they should pay is zero, and the mortgage interest rate is low. A good choice.
Without having to spend a usually large amount on the down payment, you can redirect those funds to other important aspects of your relocation
. Even a residential relocation is a stressful event that can be much easier with the help of professional movers. With an expert team at your side
, your move will be smooth and stress-free.
Programs that help residents buy a home in California by helping them pay the down payment
- Forgivable Equity Builder Loan program. This loan offers funds for both down payment and closing costs of up to 10% of the property price. Unless buyers sell or leave the property in less than five years, they are forgiven the junior loan.
- CalHome Awards program. Low and very low-income owners will be happy to hear about this one as it aims to help with various aspects of home buying, such as deferred-payment loans and home rehabilitation.
Various programs help residents buy a home in California by offering grants for the down payment and other costs.
Understandably, getting a home of your own seems like a mission impossible to you. But the fact is that this and other programs help residents buy a home in California. Do a bit of research and bear in mind the saying of Pablo Picasso: “All that you can imagine is real.”