Down Payment Assistance-Grant Money

Grant Money for DownPaymentNeed Cash to Buy a Home

Many buyers are still faced with the challenge, especially in California, to come up with the money required for a down payment, closing costs and prepaid items.

Many renters are aware the money they are paying in rent would be equivalent to a mortgage payment based on the decline in home prices over the past few years, and would probably save them money over the long term. Yet they don’t quite have enough saved to take advantage of the current market.

A program providing Grant Funds to Californians is now available.This is a lender funded down payment assistance program. The program is used in conjunction with either a FHA or VA loan. This program is for both first time buyers and repeat home buyers. The specifics of the program:

  • 3% grant can be used for down payment, closing costs or prepaid items
  • 3% is based on the loan amount – not the purchase price
  • Maximum loan amount is $417,000
  • Maximum Grant amount is $12,510
  • Minimum FICO Score 529
  • Income limits vary depending on county – Contra Costa and Alameda Counties is income limit is $108,000
  • Must be owner occupied
  • Single Family Homes, Condos & Townhomes qualify

And the Best Part

  • You Don’t Have to Pay Back the Grant Money

There are homes in both Contra Costa County & Alameda County that will qualify for this program.

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