Get Creative With Your Down Payment By Using These 2 Programs

San Diego Real EstatePodcast with Max Folkers

If you think you have to save a lot for your down payment, think again. I have two down payment assistance programs to share with you that will allow you to buy a home sooner than you think.

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It’s getting late in the summer, and we’re seeing the same slump in sales activity we usually do this time of year. This slump, though, provides a great opportunity for buyers—especially if you’ve been frustrated throughout the year by multiple offer situations. There isn’t as much competition in the market right now, but inventory is growing.
If you’re a buyer and you’re saving up for a down payment because you think you currently can’t afford one, I have a couple great down payment programs to tell you about.
The first is an equity share program. There’s a company that will match up to 14.5% of your down payment in exchange for an equity share in your home. You need to put down at least 10% for an equity share program, and it’s capped at a $638,000 mortgage.

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These are two great down payment options.

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The second is the California Homebuyer’s Downpayment Assistance Program. This option is great for first-time homebuyers because it contributes up to 3% of the purchase price. This is primarily geared toward FHA buyers, and it allows you to put as little as 0.5% down. Since this program is a grant, it’s completely forgivable. This program does require you to take a class on homeownership, and there are income requirements, as well. You must also own the property for a certain amount of time.
Lastly, I want to share with you an app we agents use called Homesnap. This app offers real-time information about properties for sale (and even properties that aren’t for sale). All you have to do is take a picture of the house with your phone and it will provide you the information you need. It also lets you communicate with us if you want more specific information or would like to schedule a showing.
To download this app, visit www.homesnap.com/Max-Folkers.
If you have any questions about down payment options, the Homesnap app, you’re thinking of selling your home, don’t hesitate to give me a call or send me an email. I’d be happy to assist you.