The housing downturn affected various areas of the nation differently. As a result, many states are offering financial aid for home purchases such as loan financing, down payment assistance, state tax credits and even programs that focus on help with finances for monthly home ownership expenses. These programs are meant to supplement the federal government’s efforts to stimulate the housing market. In California, there are a variety of different ways one can find assistance and education on how to make the dream of home ownership a reality.
The California Housing Finance Agency offers several options for subordinate loans, more commonly known as down payment or closing cost assistance, as well as tax credit programs, and Individual Development Accounts. IDA’s are special savings accounts that help low income borrowers on their road to home ownership by nonprofit organizations and eligible banks matching contributions made to the account. They also have HUD vouchers to assist with monthly home ownership expenses and programs to help you defer the cost of making your home more green as well as programs that provide weatherization assistance to help with heating and cooling costs.
Neighborworks ofAmerica Organizations in California offer credit reports and credit scores, home buyer counseling, IDA’s, and down payment assistance. Home buyer counseling or in many cases referred to as home buyer’s education classes are especially helpful in that these programs or courses teach you all the ins and outs of homeownership and how to make it happen. With some of these programs, a lower down payment will be allowed after completion of the program.
HUD Approved Housing Counseling Agencies in California can offer home buyer education and counseling, IDA’s and credit repair counseling. HUD, if you may not know, is the Department of Housing and Urban Development.
So, if you’re moving to California or already live there and are a first time home buyer or low income family, there are so many options to help you in your endeavors. Some programs vary and depend on availability of funds. Such as the tax credit that California offered…they burned through their allocation of $100 million in two months! So, be sure to contact the state’s housing authority or us to make certain what kind of help is still available and what programs will best suit your needs.
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