Since 2008, I have worked intimately with Community Housing Works, which is a local San Diego Non-Profit housing agency.
2 years ago I began to work at Community Housing Works full time as a buyer’s agent. As such, I have helped many families become first time home buyers using a variety of down payment assistance programs.
I have seen families become home owners using minimum down payment and receiving up to $78,000 in down payment assistance, depending on where they purchased.
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As a first time home buyer there are many options available in regards to first time home buyer classes, which provided an excellent education into the home buying process and also, you are eligible for special loan programs which are only available to first time home buyers.
In the home buyers class you will cover everything from shopping for your home loan to what to look for when you are out previewing homes to shopping for home owner’s insurance.
This class is an invaluable service that many times you can attend for free or for a small fee.
The great part about this class is that once you have completed the required eight hours you will receive a certificate which will make you eligible to receive down payment assistance loans.
In the city of Chula Vista for example, the city offers up to $40,000 in down payment assistance and if this is coupled with the $38,000 in down payment assistance that you can receive from the State of California Cal-loan, then that would total $78,000 in down payment assistance.
As an example, if you qualified on your own for a $200,000 loan and you qualified as a first time home buyer for these down payment assistance programs you could theoretically purchase a $278,000 home and only pay the $200,000 mortgage, as many of the down payment assistance loans are not due until 30 years after the loan is made.
At that point or prior you could either sell the home and payback the loan or there will have been enough equity built into the home that you can easily pay back the loan.
In one case, I helped a single mother, first time home buyer, purchase a home for her and her son where she only put down $500 as her down payment and the only other out of pocket expense was the home inspection. This particular sale was a short sale and there were some items discovered during the home inspection that would have to be cured before the sale could go through.
At first the seller was reluctant to perform any repairs but after some tough negotiating, we were able to get the seller to agree to perform the necessary repairs so the sale could go through.
Now that mother and her son have a home of their own. They were able to move out of her father’s house where they were sharing a room in the home where her brother and his family also lived.
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