Stay Ready for Down Payment Assistance Programs
Did you miss out on the CalHFA down payment assistance program? It’s okay there will be more and we’re going to make sure you are ready to take advantage this time! Check out the full episode and if you have questions about how to get started with Homeowner Prep, be sure to reach out to us or drop your question in the comments.
What You’ll Learn from this Episode:
- How to know where you stand with budget, credit and savings
- How to stay informed on future down payment assistance programs
- Why you should have a team working with you and for you
- And much more!
00:00 Did You Miss The CalHFA Down Payment Assistance Program?
00:34 Hey, Real Quick Before We Start…
01:01 Welcome to The Homeowner Prep Podcast
02:09 Know Where You Stand
02:58 Down Payment Doesn’t Cover All Costs
03:21 Stay Informed On All Future Programs
03:53 Make Sure You Have An Experienced Team
04:30 CalHFA Is Not The Only Down Payment Assistance Program
04:52 Get Help and Create A Game Plan
05:48 Getting Started With Homeowner Prep
06:23 Connect With Us On Social Media
“Be ready, and stay ready, for when these programs arise.”Eric Hellon
Full Episode Transcript:
So you missed out on the CalHFA Dream for All Down Payment Assistance program, huh? It’s okay. We’re gonna tell you how to get ready and stay ready for the next down payment assistance program.
Welcome to the Homeowner Prep Podcast. Every week, we educate and encourage inspiring homeowners to help them buy their first home faster. If you aspire to own a home, you’re in the right place. So enjoy. Do us a favor and leave a review, a rating and be sure to subscribe. Now, let’s get to this week’s episode.
Hey, real quick, before we start, I wanna ask you a question. How long are you gonna wait before you decide to get started? I mean, you wanna buy a house and your earning income. So what’s holding you back? Visit our website at homeownerprep.com/start. You can take an online assessment and schedule a free 30 minute call, and we’re gonna put a plan together to help you get from where you are to where you truly want to be. So don’t let fear hold you back from buying your first home. All right, now back to the episode.
Hello and welcome to another episode of the Homeowner Prep podcast. I’m your host, Eric Hellon, and today we’re talking about those who may have missed the dream for all CalHFA Down payment Assistance program. You know, we heard from a lot of people who were upset, they were mad, they were pissed off because this program came and went in just nine days.
And so there were a lot of buyers who were frustrated and didn’t feel it was fair that they weren’t ready to take full advantage of this down payment assistance program. But on today’s episode, we’re really gonna dive into the importance of being ready and staying ready for when these programs arise.
Those who took advantage of this program were honestly already in escrow. They were already pre-approved. They had already gone through the steps necessary to already be in the market and ready to buy a home. That was the only way that they could fully take advantage of this program in that nine day window.
So we’re gonna give you just a few tips on how to make sure that you are ready for any down payment assistance program that comes, and for some of those that are already here.
The first step in being ready for a down payment assistance program is to know where you stand. You should, at the very least, have a budget in place. You should know where your credit scores are, and you should also have some money set aside in the bank. Now, you may not have any money in the bank because that’s why you need the down payment assistance program, but the truth is you still need some money for closing costs. Closing costs on a home could be anywhere between 2 to 3% of the purchase price.
So where are you gonna get that money from? You need to be thinking about these things now, whether you’re gonna have to pull from a 401k or retirement plan, or you may have to borrow money from a family member as a gift in order to purchase the home. You wanna have that aligned and ready to go before you even start the qualification process.
Realize that just because you get a down payment assistance program, it doesn’t mean that they’re gonna cover all the costs that are required in order for you to buy your first home. So look at your bank account, look at your retirement accounts, figure out where that money is coming from, and make sure that it’s accessible and liquid that way when a program like the CalHFA program comes about, you’re ready to take full advantage.
The second tip that I wanna provide to you is to make sure that you stay informed as to when these programs are coming. Now, you may have a busy schedule. You may be working, you got family to take care of. You don’t have time to figure out when these new down payment assistance programs are coming down the pipeline. That’s why you need a team. You need to have a real estate agent and a lender in your corner doing the homework who are already in the industry and already in the know about these programs to come.
The truth is, there were a lot of lenders who did not know about the CalHFA program. They didn’t know about it until it was too late. However, there were some lenders who were already trained, qualified, ready to go when it was announced, and so who you have in your corner matters. Again, you wanna have a seasoned and experienced lender and real estate agent that are constantly looking out for these programs and looking out for your best interest.
Government programs like the CalHFA have email lists so you can visit their websites, you can join the email list, that way you’re notified when these types of programs come out. For first time home buyers, CalHFA is not the only program out there, and in fact, that was only for those people in California.
So there are a number of down payment assistance programs that are out there. There’s more than 2000 down payment assistance programs. In fact, I just heard of one that was given 3.5% for your down payment, not only for first time home buyers, but for those who already own a home. So there are programs out there that can help you buy your next home.
The third tip I want to talk about is to make sure that you get help. Now, this coincides with staying informed and having folks in your corner, but the truth is you need a game plan set up for your unique situation. Here at Homeowner Prep, we work with clients all the time who are just starting out.
They may know that, hey, I’m still about two years away from probably buying a house. I still have credit issues. I’m still trying to save for a down payment, or closing costs or whatever the case may be. But yet we’re working with them on a month to month basis, helping them formulate a plan and work out that plan each and every month to make sure that they’re on the right track and moving toward their goal.
So if you wanna buy a home, no matter where you’re at right now, you can actually reach out to Homeowner Prep. We can help you put together a custom game plan and help you follow that plan until you become a first time home buyer. To get started with Homeowner Prep, you can simply text the word START to (619) 848-3700, or you can visit our website at homeownerprep.com/start.
You can actually reach out to us depending on where you feel you’re at. If you’re just getting started, you can download our ebook. If you’re ready to go, you can take an assessment and if you truly feel like you have everything in line and you just need to be connected with a lender, or a real estate agent, you can do that on our website as well.
So don’t hesitate to reach out to us, that way we can help you. If you just have a general question or a quick question that you need answered. The best way to do that is to reach out to us on social media. You can visit us on any social media channel, but we tend to get the majority of our questions on our Instagram account @HomeownerPrep.
I hope you got some value from today’s episode. I hope you realize why it’s so important that you get ready and stay ready for these types of programs that may arise or that are already out there. So again, if you need any help, don’t hesitate to reach out. I look forward to providing you with some more great info on the next episode, and until then, be blessed.
If you’ve enjoyed this show and got some great value from it, please be sure to rate and review and if you’re checking it out on YouTube, please be sure to subscribe. That really does help us to continue the show and bring in some great guests to help you on your home buying journey.
Connect with Homeowner Prep:
Want to buy a house, but not sure how to get started? Visit our Start Page and we can help you, no matter where you’re at on your homeownership journey. If you enjoyed this episode of The Homeowner Prep Podcast, be sure to subscribe on iTunes and leave a review. It means so much to hear your feedback and we’d love for you to help us spread the word!