I responded to a question posted on a consumer forum this evening, and it inspired this blog post. There are MANY programs for first time home buyers in the Sacramento and surrounding neighborhoods...some are income based, some are based on the location (city/county) of your home, etc.
CalHFA has programs available in Sacramento County for existing resale and new construction homes based on your income. If you have a household that is 1-2 people, your household income can not exceed something like $85,200. If your household is 3+, your income can not exceed roughly $99,400. CalHFA has a few loan programs, and downpayment assistance grants. CalHFA offers a special loan program for the purchase of REO properties from participating financial institutions!
CHDAP (California Homebuyer's Downpayment Assistance Program) offers a deferred-payment junior loan of an amount up to the lesser of 3 percent of the purchase price or appraised value to be used for a down payment or closing costs.
The City of Roseville has a First Time Homebuyer Downpayment Assistance progam for low income buyers. It is a 0% deferred payment loan. Eligible participants must have annual incomes at or below 80 percent of the median income for the Sacramento area adjusted for family size
The Sacramento Housing and Redevelopment Agency offers CalHome First-Time Homebuyer Mortgage Assistance Program. It is designed to provide financial help to low-income homebuyers (max household income is $65,900 for a family of 6) by reducing the amount of the first mortgage loan and helping to pay non-recurring closing costs on home purchases in certain eligible neighborhoods and properties of the City and County of Sacramento...They also offer the American Dream Downpayment Initiative Program (ADDI), which is designed to provide financial help to low-income, first-time homebuyers by providing down payment, closing cost, and rehabilitation assistance on home purchases within the City and County of Sacramento (this program is out of funds for 2008).
The National Homebuyer's Fund offers two first time buyer loan programs - the "First House Loan" and the ACCESS Loan. Both of these were originally designed to offer up to 105% financing, although I believe the loan to value has been reduced to 100% now.
There are many programs out there...you might try calling Marlena Olson with the Vitek Mortgage Group at 916-486-6931. She can assist you to determine which ones you may qualify for, and ultimately which program is the best fit for you.
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