Ventura County First-Time Home Buyer Programs
Whether it is the ideal weather and beaches of Ventura, the limitless outdoor family activities in Oxnard, or the historic charm of Ojai, the diversity of Ventura County’s cities and landscape provides many great options for buying a home. From oceanfront to valley lifestyle, there is a vast array of properties available to suite the needs of those looking to make Ventura County their new home.
Home values have increased 11.9% over the past year, and are expected to continue to improve. With the median house value being $485,000 in Ventura County, and the rising home values leading to higher purchasing costs, some first time buyers may feel like they are unable to purchase a home of their own. However, there are many great local and state first time home buyer programs in Ventura County that can help make the dream of home ownership a reality:
- CHDAP– Down payments are often difficult to save for while paying rent or preparing to buy a home. California’s Homebuyer’s Downpayment Assistance Program gives first-time buyers support to help cover the cost of a down payment, by providing a loan of up to 3% of the purchase price. CHDAP is available to individuals meeting income restrictions based on family size (in Ventura County, the current restriction is $71,850 for one individual up to $135,550 for a family of 8), and requires either an online or in-person Homebuyer Education class.
- California Home Finance Authority (CHF) Platinum Program– CHF awards grants of up to 5% for FHA, VA, or USDA loans, or up to 3% of Fannie Mae loans. These grants do not have to be paid back, unlike a standard loan. The program is open to eligible first-time homebuyers who meet income, credit, and underwriting requirements.
- City Specific Homebuyer Assistance Programs- Many cities, such as the City of Oxnard and the City of Port Hueneme have established programs that provide gap financing in order to help cover the cost of a down payment and/or closing costs. Restrictions for these programs vary, but most are designed for low-income, first-time buyers.
Navigating the waters of home ownership can be difficult for first-time buyers. People Funding is here to help make sense of the process, and to ensure that those considering purchasing a home in Ventura County understand the various loans, grants and assistance programs that are available to them. Contact us today for help in making your dream of home ownership a reality.