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80% OF HOMES IN CALIFORNIA QUALIFY FOR MORTGAGE DOWN PAYMENT RELIEF

By Robert Schmalz

Real Estate Broker/Owner with West Los Angeles Real Estate Group DRE# 01813025

February 09, 2015 12:45 AM

80 PCT OF HOMES QUALIFY FOR MORTGAGE DOWN PAYMENT ASSISTANCE STOP RENTING

LOOK FOR YOUR NEW HOME NOW DIRECT ACCESS TO MLS

How long have you waited to buy a house instead of renting .... I know rates were high, sellers market, houses too expensive, how do I get the down payment, how can I qualify for a loan and on and on. Image title

The times they are changing as they should. Read this article it has a lot of interesting news that could get you into a house/condo instead of rent receipts in your bedroom night table drawer. California is high on the list of states where the % of mortgages qualify for assistance. In California 78.8% of the homes for sale qualify for down payment assistance.

What can you expect to need for a down payment, 10% is usually quite doable and there are many 5% programs out there

Still want to rent take a look at this example:

$400,000 ------------home cost (of course there are less expensive homes in LA you need to know where to look)
$20,000 -------------5% down
$380,000------------ mortgage
$1759.84 /month --Principal & Interest
$150 / month ----- Mortgage Insurance
So your house payments are approx. $1900 a month

Image title So now compare this to your rent that you are paying? What about Real Estate taxes , usually a close wash in this price range and mortgage because of Income tax savings based on how much interest you are paying being deducted from gross income.