Home buyers throughout California now have access to a new tool that will tell them if they’re eligible for any down-payment assistance programs.
- Some buyers view coming up with a down payment – the amount of money borrowers have to provide when making a large purchase, such as a home – challenging. Often, lenders require a 20-percent down payment from borrowers, or borrowers are required to purchase private mortgage insurance.
- The CALIFORNIA ASSOCIATION OF REALTORS® has launched the California Mortgage Resource Directory, a down-payment tool available at http://mortgage.car.org, that aims to make the process of finding and navigating down payment programs a cinch.
- Buyers can search for assistance programs by city or property address for public- and private-funded assistance programs including FHA/VA, HUD, affordable fixed-rate mortgages, rehab loans, and more.
Home buyers enter basic information in the Resource Directory, such as where the house is located and the estimated sale price, and the Directory will provide a list of programs that the buyer may be eligible for.
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