SACRAMENTO, Calif. (PRWEB) December 18, 2020
My-Down Payment Assistance, a top provider of down payment assistance programs based in Sacramento, California, today announced their new first time home buyers’ programs that they will be offering in 2021. Following the recent FHFA decision on Nov. 24th, the new “conforming” loan limits for high-cost areas, including Sacramento CA and Orange counties, will rise to $822,375 starting Jan. 1, a 7.4% increase over 2020's limit of $765,600. This means more people living in these high-cost areas will be eligible for first time home buyers programs.
A First Time Home Buyer Sacramento CA is usually an individual who has never owned a home before. However, the definition encompasses a broader explanation, for example, not having owned a home within the previous three years. The U.S government and other private lenders have different programs that help people to own their houses. Homeownership offers a great way that people can use to build up their wealth with little money to get started. This means that buying a home is similar to leveraging investments, while the benefits include building equity.
With My Down Payment Assistance, first time home buyers can access the best California down payment assistance programs for 2021. A down payment is a percentage of your home's purchase price that you pay up front when you close your home loan. The size of the down payment can affect the interest rate of a first time home buyer. The higher the down payment is, the lower the interest rate will can be. Some of the programs accessed by first time home buyers include conventional mortgages, USDA and V.A. loans, FHA loans, down payment assistance loans, down payment assistance grants, tax credits, closing assistance, HomePath Ready Buyer Program, Good Neighbor Next Door program, CalHFA, Open Doors GSFA, Platinum GSFA and more.
The most popular First Time Home Buyer Sacramento CA programs among first time home buyers are the conventional mortgages and FHA loans. In a bid to ease access to mortgage credit across the U.S., companies such as Freddie Mac and Fannie Mae have come up with special programs that will only require aspiring homeowners a 3% down payment. The Federal Housing Administration also offers mortgage options for as low as 3.5%. However, to be eligible for an FHA loan, potential customers need to have a FICO score of above 580. Furthermore, FHA loans will also come with an upfront and annual MIP (mortgage insurance premium). The Upfront MIP is fixed at 1.75% of the total loan, while the annual MIP will be determined by the down payment and the payment period. In Sacramento, to qualify for California Down payment assistance programs for 2021, first time home buyers must have qualifying income, meet a 600 credit score, and occupy the house they obtained as a primary residence.
As a First Time Home Buyer Sacramento CA, buying a home can be stressful. My-Down Payment Assistance specializes in California down payment assistance while also providing first time home buyers with preferred realtors in the California area. They offer full support through the entire process of purchasing a new home in California. This agency is dedicated and committed to helping California home buyers with low, moderate, and high income who are seeking to purchase their first home in Sacramento CA and for the entire state of California. They can assist with California down payment assistance programs, first time home buyer programs, home purchase, reverse mortgages, and refinance. All these programs are designed to make life easier for Sacramento first time home buyer when looking to purchase their dream homes.