Riverside County First-Time Home Buyer Programs
Riverside County, CA is an ideal location for those who love the outdoors primarily because there are 19 official wilderness areas that allow biking, hiking and camping out. This is an ideal location for families of all sizes. Unfortunately, California home pricing often leaves some feeling they can never achieve the American dream of home ownership. Fortunately, there are some programs that can help those who are interested in buying a Riverside County Home. Some of the first time home buyer programs in Riverside County include:
- FNMA HomePath – in addition to helping borrowers with down payment costs, HomePath has a number of listings of foreclosed properties. There are several properties that are listed well below market price, some even lower than $100,000. This program helps provide an opportunity for those who might otherwise be shut out of the home buying market.
- Economic Development Agency (EDA) – low income families need not be shut out of the opportunity to buy their own home. In fact, the Riverside County EDA offers borrowers the ability to take a 20% FTHB Second Mortgage that is not payable until such time as the home is sold. Borrowers must complete a first-time home buyers course and meet the income criteria for this program. The program also offers grants to assist with closing costs.
- CHDAP – The California Homebuyer’s Downpayment Assistance Program offers a deferred payment loan that will help borrowers with up to 3% of the amount of their mortgage or the property value (the lesser amount) to help pay for closing costs or to use for their down payment. Borrowers must meet all eligibility requirements and participate in an 8-hour education course to be eligible.
- CHF PLATINUM™ – potential buyers who earn up to $78,315 annually may be eligible for this program offered through the California Home Finance Authority. The first time buyers program offers down payment assistance for those who are considering purchasing a primary residence.
If you are considering buying a home in Riverside County, contact People Funding today. We can help review all down payment assistance programs that are available and determine which one best meets your individual needs.