Wednesday, April 20, 2016

Downpayment Assistance: not just for low income buyers...

It is a common misconception that downpayment assistance is only available to home buyers who are low income. While it is true that most downpayment assistance programs are based on a buyer's income and family size, the income limits are much higher than most people think. This is the perfect example. I attended a presentation by the California Housing and Finance Agency (CalHFA) where they discussed their available programs. For a family of four, the annual income limit is $91,300 for a conventional loan program, and $87,500 for an FHA loan program. And for their Mortgage Credit Certificate (MCC) program, the income limit is $100,100! The photo shows the sliding scale based on income and family size for Sacramento. There are some great programs and great homes available!

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