BUYERS GETTING PRICED OUT OF THE CALIFORNIA HOUSING MARKET
As real estate continues to improve in California, many home buyers are beginning to get priced out of the market. While rising home prices are a welcome change for existing homeowners, it's not such great news for would be home buyers in California.
Some buyers are now having to place their dreams of homeownership on hold while they save additional money for the down payment and increased closing costs, as homes have risen by thousands of dollars in their desired neighborhoods. This, sadly, is becoming a reality for so many hopeful California home buyers that have spent months bidding on properties, only to lose them to higher, stronger or cash offers from investors.
DOWN PAYMENT ASSISTANCE FOR CALIFORNIA HOME BUYERS
So what can a would be buyer do, other than borrowing money from a family member? I'm glad you asked : ) The California Association of Realtors (CAR) has launched a website called the California Mortgage Resource Directory, where California home buyers can search for down payment assistance programs in their area.
CALIFORNIA MORTGAGE DIRECTORY SAVES HOME BUYERS TIME AND MONEY
The California Mortgage Resource Directory saves home buyers time and frustration by storing information for down payment assistance throughout the state, and for every type of program.
In the past, home buyers would have to check each city that they're interested in, and perform multiple online searches, often without knowing exactly what to look for. It's been reported that thousands of dollars in down payment assistance goes unused each year in California, simply because home buyers aren't aware that it exists. For example, the following programs are for specific groups or property types, which many home buyers are unaware of:
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Military Surviving Spouse Down Payment Assistance Programs
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Educator Down Payment Assistance Programs
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Firefighter Down Payment Assistance Programs
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Healthcare Worker Down Payment Assistance Programs
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Veteran Down Payment Assistance Programs
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Disabled Borrowers Down Payment Assistance Programs
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Energy Efficient Homes Down Payment Assistance Programs
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Low Income Down Payment Assistance Programs
HAVE YOU USED A CALIFORNIA DOWN PAYMENT ASSISTANCE PROGRAM?
The California Mortgage Resource Directory offers an easy and quick way to determine if down payment assistance is available in your area, and it should help a great deal of Southern California home buyers achieve their dream.
Have you, or someone you know, used this mortgage directory or any of the California down payment assistance programs? If so, I'd love to hear what your experience was, so please leave your feedback below.
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