Tag Archive for: down payment assistance

California Giving Away Down Payment Funds For Free!

We have received a ton of questions recently regarding the California Housing Finance Agency's (CalHFA) new program that offers a 10%, forgivable, interest-free loan to first-time homebuyers. So, we want to clarify the program's guidelines and touch on some serious tradeoffs buyers should consider.Read More

5 Problems With Housing Grants And Down Payment Assistance Programs

Years ago, my wife Heejin and I drove to San Francisco for dim sum and a housing grant certification program. The dim sum was awesome, as it always is in San Francisco, but the grant certification went nowhere – and below are a few reasons why. I should first add that I take no issue […]Read More

Gift of Equity Instead of Down Payment – When Family Sells to Family

Gift Of Equity This is a reminder that sellers can “Gift Equity” as all or a portion of a down payment. If the entire down payment is a “Gift of Equity,” it needs to comprise at least 20% of the purchase price. If the Gift of Equity is less than 20% of the purchase price, […]Read More

Down Payment Assistance – Requires Seller Credit for “No Cash Out of Pocket” Closing

I blogged Thursday about Down Payment Assistant Programs and about the Chenoa program in particular. We received a lot of positive responses but I still sensed some confusion in regard to one of the points I made. THE NEED FOR SELLER CREDITS If buyers have very little cash on hand, they will need a seller […]Read More

Unison – 10% Down Payment Assistance For Small Share of Appreciation

Unison is a company that contributes funds towards a purchase in exchange for a percentage of a property’s appreciation. Again – Unison only takes a share of a property’s appreciation, and not a share of the “total equity” like many people mistakenly believe. This type of down payment assistance is excellent for: Buyers with tight […]Read More

First Time Homebuyer Program Limitations; First Time Homebuyer Programs = FHA

Our first time homebuyers almost always ask about special financing programs for first time homebuyers. With the exception of a few down payment assistance programs and city-specific programs, there are no effective first time buyer programs other than good old fashioned FHA. JVM has access to various first time buyer programs, but they have significant […]Read More