WELCOME TO OUR CALIFORNIA DOWN PAYMENT ASSISTANCE AND GRANTS PAGE

Down Payment Assistance for California Buyers

We have links to the necessary tools that can help determine what level of assistance and grants you qualify for. The results may surprise you, so it’s worth checking out. Support is even available for income levels of $100k+ in some areas.

Down Payment Assistance: Defined

Down payment assistance (DPA) is considered to be any program or funding option that lessens the financial burden of the down payment or closing costs, to make purchasing a home more accessible to a larger demographic. “DPA” can be available in many forms, including grants, loans, vouchers, and tax breaks. Various entities, including departments of government, nonprofits, and federally backed lenders are typically DPA sponsors. DPA can offer up to 100% financing on a home purchase, but more commonly between 3%-20% of the purchase price is provided to help cover upfront out-of-pocket expenses.

Helpful Information Needed When Checking for Down Payment Assistance or Grants

Many programs request a comparison of your income vs. the “area median income” or “AMI” of the neighborhood where you want to purchase. If you need to know your AMI, follow the link to use the Fannie Mae lookup tool and determine the median income for your neighborhood: https://amilookuptool.fanniemae.com/amilookuptool/

Example Program Benefits

Borrowers with income less than or equal to HomeReady’s 80% Area Median Income (AMI) income limits are eligible for discounted Mortgage Insurance (MI) rates and possibly the following benefits:
Deferred payment, zero interest rate, long-term subordinate mortgage.
Guest houses, granny units, and in-law quarters are eligible for financing under certain conditions.
No borrower minimum contribution is required.
No purchase price limits.
Fannie Mae Homestyle Energy is allowed.
Borrowers who own or have owned rental properties may be first-time homebuyers if they can document that they have not occupied any of the rental properties as their principal residence within the past three years.