First time California homebuyers can now get $150K for down-payments — but the clock is ticking - New York Post

California's Down Payment Assistance Program for First-Time Homebuyers

In a bid to alleviate the financial burden on first-time homebuyers in California, the state has revamped its down payment assistance program. This initiative aims to make homeownership more accessible and affordable for those who have been struggling to save for a down payment.

Key Features of the Revived Program

The revived program offers up to $150,000 in down payment assistance to first-time homebuyers. Here are some key features of the program:

• Down Payment Assistance: The program provides up to $150,000 in down payment assistance to eligible first-time homebuyers.
• Interest-Free Loans: The down payment assistance is offered as an interest-free loan, which means that borrowers will not have to pay any interest on the funds they receive.
• Reimbursement: Borrowers can repay the down payment assistance at the time of sale or mortgage refinance.

Eligibility Requirements

To be eligible for the program, first-time homebuyers must meet certain requirements:

• First-Time Homebuyer: The borrower must be a first-time homebuyer, meaning they have not owned a primary residence in the past three years.
• California Resident: The borrower must be a California resident.
• Income Limits: There are income limits for borrowers, which vary depending on the location of the property.

How to Apply

To apply for the program, homebuyers can visit the California Mortgage Credit Certificate (MCC) website or contact a participating lender. Here are the steps to follow:

1. Check Eligibility: Check if you meet the eligibility requirements.
2. Find a Participating Lender: Find a participating lender who offers the down payment assistance program.
3. Apply for MCC: Apply for the Mortgage Credit Certificate (MCC) program, which is required to participate in the down payment assistance program.
4. Get Pre-Approved: Get pre-approved for a mortgage with a participating lender.

Benefits of the Program

The revived program offers several benefits to first-time homebuyers:

• Increased Affordability: The program increases affordability by providing up to $150,000 in down payment assistance.
• Reduced Financial Burden: The interest-free loan reduces the financial burden on borrowers.
• Improved Credit Score: By participating in the MCC program, borrowers can improve their credit score.

Timeline

The revived program is set to launch on [insert date] and will remain available until [insert date]. Here are the key dates:

• Launch Date: The program launches tomorrow, starting [insert date].
• Application Deadline: Homebuyers must apply for the program by [insert date].

Conclusion

California's revived down payment assistance program offers up to $150,000 in down payment assistance to first-time homebuyers. The program is designed to alleviate the financial burden on borrowers and make homeownership more accessible and affordable.