Down Payment Assistance is Still Available
The days of easy credit are gone, but home-buyers can still get mortgages with little to no money down if they know where to look.
From down payment assistance grants to interest-free second mortgages and other special mortgage programs, there is a growing number of options for people who want to buy a home without a down payment.
Often, potential buyers have what it takes to qualify for a mortgage but haven’t managed to save enough for a down payment or simply don’t want to spend all of their savings on a down payment. Meanwhile, money from the many types of down payment assistance programs, available through state and local housing agencies, goes unused because buyers think they don’t qualify for help.
Equinox Home Financing has direct relationships with all the different California Housing authorities and can obtain interest free loans or grants for our home-buyers. Contact us today to see if you can qualify for a zero down payment program.
Income Requirements and How Much Will You Qualify For
Buyers can earn as much as 120 percent to 140 percent of the median area income and still qualify for some down payment assistance programs.
For instance, a buyer living in Orange County, Calif., can earn nearly $98,000 a year and qualify for a grant of up to 5 percent of the purchase price of the home, according to the requirements of one down payment assistance program available in the state.
Every county has a different income limit and it depends how many people are in each household. Call Equinox Home Financing today to get qualified.
Different types of Down Payment Assistance Programs
Buyers in California have a few different options when it comes to Down Payment Assistance. Depending on your credit and income, there are different loans or grants to fit almost everyone as long as they meet the income requirements set by each county in California.
Equinox Home Financing has access to all the loan and grant programs for home-buyers.