Imperial County First-Time Home Buyer Programs
Imperial County is a booming farming region making it an ideal location to raise a family. However, first time homebuyers often face challenges finding a mortgage for their first home. There are several good first time home buyer programs in Imperial County if you know where to look. Let’s take a look at some of them:
- FNMA HomePath – the HomePath program offers buyers the ability to purchase foreclosed properties from FNMA. One of the best things about this program is there are often incentives offered including low down payments, flexible financing options and in some cases, properties that have recently been renovated.
- California Homebuyer’s Downpayment Assistance Program (CHDAP) – first time buyers who are interested in purchasing a home they intend to occupy may qualify for a loan of up to 3% of their purchase price to be used towards their down payment or closing costs. There are income limits that must be met as well as a cap on property values but this program works for many borrowers.
- County of Imperial First Time Homebuyer Program – potential buyers who are interested in purchasing property in the County of Imperial may be eligible for deferred-payment, low-interest loans in specific areas of the county. Income guidelines must be met and borrowers must provide two years of tax returns and other documents along with their initial application.
- CHF PLATINUM™ – through the California Home Finance Authority, first-time buyers may be eligible for down payment assistance in the form of grants of up to 3% for FNMA loans and 5% for VA loans.
- 203(b) loan programs – first-time buyers who are interested in purchasing properties that are in need of rehabilitation may be eligible for assistance through HUD/FHA to help finance their loans and may also be eligible for down payment assistance.
You can be part of the American dream today by finding a home in Imperial County. We can help you determine which down payment assistance programs will best fit your individual financial needs as well as help you determine which programs work best for the home you want to buy. If you are considering a move to Imperial County, contact People Funding today for help with your first home down payment.