Additional California Down Payment Assistance
10.14.14 by Jeff Johnson
The California Housing Finance Agency launched a new program October 6th, 2014 that will provide an additional $6,500 in down payment assistance through its CalPLUS Conventional program. The change is part of the Agency’s ongoing efforts to make home purchasing more accessible for first-time homebuyers.
CalHFA’s ZIP Extra down payment assistance program reduces the amount of money needed to close on the purchase of a home for buyers who may not yet have the funds for a large down payment, closing costs or even an upfront mortgage insurance payment.
The program will include an additional $6,500 on top of the 3% down payment it currently offers as part of its CalPLUS Conventional with Zero Interest Program (ZIP). The ZIP program provides 3% of the loan amount at 0% interest on a fixed-rate, 30-year conventional mortgage. The additional $6,500, ZIP Extra, will also be provided at 0% interest. Click the preceding link to learn about the qualifications. To apply, contact a participating lender at CalHFA Lenders. When you have a plan with a lender to move forward, Sunset Vista Realty is ready to listen to your needs and desires, find a home that works for you, and help you succeed in achieving home ownership!
The new assistance is available only for first-time homebuyers. However, although non-first-time homebuyers are not eligible for ZIP Extra, they may still benefit from CalHFA’s other first mortgage programs. To learn more about all of CalHFA’s programs, visit www.calhfa.ca.gov.