California offers several Down Payment Assistance Programs

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•  Provides low-interest loans and grants for down payment assistance. 

•  Offers a deferred-payment loan up to 3.5% of the purchase price or appraised value. 

•  A variation of MyHome for teachers and school employees. 

•  Offers deferred-payment junior loans for down payment or closing cost assistance. 

•  Provides down payment and/or closing cost assistance through a grant. 

 What is Down Payment Assistance (DPA)?

• DPA is a financial aid program designed to help homebuyers cover the upfront costs of purchasing a home, particularly the down payment. These programs aim to make homeownership more affordable and accessible.

Who Qualifies for Down Payment Assistance?

• Eligibility criteria vary by program, but factors often include income, credit score, and whether it's a first-time homebuyer. Some DPAs are also location-specific. Check specific program guidelines to determine your eligibility.

How Does Down Payment Assistance Work?

• DPAs typically provide funds as grants, loans, or deferred-payment loans. Grants don't need repayment, while loans may have favorable terms or be deferred until certain conditions are met. Understanding the terms of the assistance is crucial for applicants.

Can Down Payment Assistance be Combined with Other Homebuyer Programs?

• Yes, in many cases, DPAs can be combined with other homebuyer programs, such as FHA or VA loans. However, it's essential to check program guidelines, as some may have restrictions or specific requirements.

Are Down Payment Assistance Programs Only for First-Time Homebuyers?

• Not always. While many DPAs target first-time homebuyers, some programs also assist repeat buyers. Make sure to explore the variety of available DPAs to find the one that suits your specific situation, whether you are a first-time or repeat buyer.