{"id":1203,"date":"2022-12-02T14:50:09","date_gmt":"2022-12-02T22:50:09","guid":{"rendered":"https:\/\/governmentloanpros.com\/california\/?p=1203"},"modified":"2022-12-02T14:50:09","modified_gmt":"2022-12-02T22:50:09","slug":"california-fha-loan-down-payment-assistance","status":"publish","type":"post","link":"https:\/\/governmentloanpros.com\/california\/california-fha-loan-down-payment-assistance\/","title":{"rendered":"California FHA Loan Down Payment Assistance"},"content":{"rendered":"<p><strong>California FHA Loan Down Payment Assistance<\/strong><\/p>\n<p>Why do we offer <strong>Down Payment Assistance for FHA Loans in California?\u00a0<\/strong>That answer is simple. Many families and individuals save up money for the down payment on their FHA Loan. Usually 3.5%, the most common down payment for an FHA Loan. The problem is that may not be enough money to cover the closing, settlement, and prepaid costs associated with a home purchase loan. FHA loans, just like any other home purchase loan, will incur costs including closing costs from both the Lender and third parties such as title insurance, escrow agents, notary, recording, appraisal,\u00a0 prepaid property taxes and homeowners insurance to set up your impound account (so the monthly payment will include property taxes and insurance so you don&#8217;t have to pay that separately), and up to 30 days of per diem interest (this is what keeps your first house payment at least 31 days from the closing date.<\/p>\n<p>Many Families and Individual home buyers have the income and credit character to qualify for an FHA home loan, but don&#8217;t have the funds saved up for the down payment, closing, settlement and prepaid costs.<\/p>\n<p>There are several ways to help cover the amount of these funds needed:<\/p>\n<ul>\n<li>Gift from family<\/li>\n<li>Negotiate a seller credit<\/li>\n<li>Utilize a higher interest rate to receive a Lender Credit<\/li>\n<li>Negotiate with your Realtor to reduce their commission<\/li>\n<li>A combination of any\/all the above<\/li>\n<\/ul>\n<p>Some interest rate and real estate environments make some of these options less favorable or even unlikely for a home buyer. We have a solution.<\/p>\n<p>Our <strong>Down Payment Assistance option for our California FHA loans can provide up to 5.5%<\/strong> of the purchase price toward your closing costs, settlement costs and prepaid items for your home purchase.\u00a0 The Down Payment Assistance is in the form of a 2nd Loan.<\/p>\n<p><strong>Here are some of the features of our Down Payment Assistance for California FHA Loans:<\/strong><\/p>\n<ul>\n<li>First Loan Amounts up to $726,200 maximum or your <a href=\"https:\/\/www.vandykfunding.com\/CA-FHA-LOAN-LIMITS\">County FHA Loan Limit &lt; click here to search<\/a> if that is lower than $726,200<\/li>\n<li>NO INCOME LIMITS<\/li>\n<li>A portion of the 2nd loan may be forgivable for certain occupations<\/li>\n<li>All California County cities and census designated areas eligible<\/li>\n<li>All Underwriting is done in house with VanDyk &#8211; No outside agency approval required<\/li>\n<li>Fast closing times as we Underwrite and Fund 100% in house<\/li>\n<\/ul>\n<p>We offer an option to get you Fully Underwriting Approved prior to finding a home.\u00a0 This is not a prequal or pre-approval, but a fully Underwritten Approval.\u00a0 \u00a0This can reduce stress while in the purchase contract period (aka Escrow period), allows for quicker closing timelines, and can put your offer in the lead as you have already been vetted, documented and Underwriting Approved.<\/p>\n<p><strong>The following types of properties are eligible:\u00a0<\/strong><\/p>\n<ul>\n<li>Single Family Homes<\/li>\n<li>Condominiums<\/li>\n<li>Townhomes<\/li>\n<li>Rowhomes<\/li>\n<li>Manufactured Homes<\/li>\n<li>Attached Homes<\/li>\n<li>Duplex or 2 unit homes<\/li>\n<li>3 or 4 unit homes &#8211; Triplex or Fourplex\/quadplex<\/li>\n<\/ul>\n<p><strong>The following occupations may be eligible for the forgivable gift portion of the 2nd loan:<\/strong><\/p>\n<ul>\n<li>Medical and Healthcare workers<\/li>\n<li>Police Officers, Peace Officers, Sheriffs and Deputies, Border Patrol Agents, Correctional Officers and others serving in a Law Enforcement capacity.<\/li>\n<li>Firefighters, CalFire, Paramedic,\u00a0 EMTs, and administrative staff that support these occupations.<\/li>\n<li>Teachers and Employees of California Public Schools, Private Schools, Charter Schools,\u00a0 California State University,\u00a0 University of California, Junior College, Private Colleges and Universities, including administration and staff.<\/li>\n<li>Current Members of CalSTRS &#8211; California State Teachers Retirement System, or UCRP University of California Retirement Plan.<\/li>\n<\/ul>\n<p>We have been helping California families purchase and refinance homes since 2002 throughout our service areas.\u00a0 \u00a0 <strong>Give us a call at 866-900-2342 Toll Free or call \/text Brian direct at 760-752-4480 to get help with your FHA Loan, or to get your FHA Loan Questions answered.\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>California FHA Loan Down Payment Assistance Why do we offer Down Payment Assistance for FHA Loans in California?\u00a0That answer is simple. Many families and individuals save up money for the down payment on their FHA Loan. Usually 3.5%, the most common down payment for an FHA Loan. The problem is that may not be enough [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[804,803,16,805,38],"tags":[196,197,806],"class_list":["post-1203","post","type-post","status-publish","format-standard","hentry","category-california-down-payment-assistance-fha-loans","category-california-down-payment-assistance-loans","category-california-fha-lender","category-california-fha-loan","category-fha-loan-fha-jumbo-loan-info-direct-lender-california","tag-california-fha-lender","tag-california-fha-loan","tag-california-fha-loan-down-payment-assistance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>California FHA Loan Down Payment Assistance - California Government Loan Pros - VA, FHA, USDA Loans<\/title>\n<meta name=\"description\" content=\"California Down Payment Assistance Loans. No income limit. Call or Text Brian Skaar at 760-752-4480. Over 20 years experience to help you.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/governmentloanpros.com\/california\/california-fha-loan-down-payment-assistance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"California FHA Loan Down Payment Assistance\" \/>\n<meta property=\"og:description\" content=\"California Down Payment Assistance Loans. No income limit. Call or Text Brian Skaar at 760-752-4480. 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