Low-Cash Home-Buying Options

Here are some common types of loans with low down payments:

Federal Housing Administration (FHA)
• 3.5% minimum down payment
• Generally can be combined with down-payment assistance programs

Conventional

• 3% minimum down payment
• Generally cannot be combined with down-payment assistance programs

Here are some special programs that require no down payment:

Neighborhood Assistance Corporation of America (NACA)
• $0 down payment
• Low closing costs, so other assistance is not needed

Veteran’s Affairs (VA)

• $0 down payment

To get connected with a loan adviser that we know and trust who can help you understand which programs could be a fit for you, call or text Caleb at 626.328.4199.

Here are some down-payment assistance programs that are available:

CalHFA My Home Assistance
• 3% of the primary loan amount or $10,000, whichever is lower in the form of a junior loan
• No payment until you sell, refinance, or 30 years pass, whichever happens first
• Enough to cover a down payment when combined with an FHA loan to create $0 down
• Must have not owned a home in the last three years

CalHFA School Teacher and Employee Assistance Program

• 3.5% of the primary loan in the form of a junior loan
• No payment until you sell, refinance, or 30 years pass, whichever happens first
• Interest accrues along the way, but you don’t make payments
• Enough to cover a down payment when combined with an FHA loan to create $0 down
• Must have not owned a home in the last three years

CalHFACalPLUS Zero Interest Program (ZIP)

• 2% or 3% of the primary loan amount toward closing costs in the form of a junior loan
• No payment until you sell, refinance, or 30 years pass, whichever happens first
• No interest accrues
• Must not have owned a home in the last three years

GSFA Platinum Grant

• Not only for first-time buyers but for others as well
• Up to 5% assistance for down payment or closing costs
• No repayment required

Down-payment gifts:

• The relatively small amount of money that may still be needed after combining some of the programs outlined here can come as a gift from another person. Supportive family members are often glad to help another family member buy their first home.

To get connected with a loan adviser that we know and trust who can help you understand which programs could be a fit for you, call or text Caleb at 626.328.4199.