Have you been wanting to purchase a home but just can't seem to get enough money saved for the down payment? As the prices of homes has been slipping, lenders have made getting a loan to purchase a home more difficult. Fortunately FHA has finally increased the loan limits in the Bay Area to reflect the current price of homes. One of the advantages of using government financing is that it can be used with down payment assistance programs that are not allowed with conventional financing.
It can be frustrating when you know that you make enough money to afford a home, but it will take years to save for a down payment. When the real estate market is on the upswing, the amount that needs to be saved continues to increase. Many people have looked into Down Payment Assistance with City programs only to discover that the budget is limited and often times they make too much money. And while Dad and Mom might gifting a down payment might be a solution for some, for many, Dad and Mom don't have that kind of money to gift to there children.
Since 1999, several charitable organizations have sprung up to fill the gap for those that don't qualify for the City Down Payment Assistance Programs. These charities do not have income or geographical restrictions, and continue to have funds available to help buyers purchase a home by gifting money for a down payment as well as closing costs. The only requirement for qualifying for the gift is to qualify for the loan. This makes it possible in this tight lending market to purchase a home with little or no money down.
Contact Charity for more information (925) 373-3222
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