San Bernardino County First-Time Home Buyer Programs
If you’ve decided to buy a home in San Bernardino County in the Golden State, you’ve made an excellent choice. From the trendy, health conscience community of Loma Linda, and the cleaner air and cooler temperatures of Yucaipa to urban Ontario and business friendly Chino, you’re sure to find an appealing city to call home.
One advantage San Bernardino County offers is its affordability for home buyers. The median price for a home there in May of 2014 was $214,540, less than half of the California median price of $465,960. There are several first time home buyer programs in San Bernardino County that can further help you afford a home:
- CHDAP (California Homebuyer’s Downpayment Assistance Program) – First time home buyers may qualify for a loan of up to 3% of their purchase price to use towards a down payment or closing costs. This program can be combined with both Conventional and FHA loans. There are some income and sales price limits for this program and you do need to complete a home buyer education course.
- CHF Platinum (California Home Finance Authority) – The CHF offers a grant up to 5% towards your home purchase. A grant is different than a loan because you do not need to repay a grant. This can be used with a 30 year fixed rate FHA, VA, USDA, or Conventional loan and has some income and sales price restrictions, depending on the type of loan you have.
- Fannie Mae HomePath – The HomePath program can be used to purchase Fannie Mae foreclosed homes. It’s a Conventional loan, but there is no mortgage insurance, and no appraisal is needed. This is a 3% down program and you can even finance some rehabilitation costs if the home is a “fixer upper”.
- CityLIFT – The CityLift program is available in the cities of Fontana and San Bernardino. It’s a second mortgage up to $15,000 to use towards down payment or closing costs. It’s a “soft second”, meaning if you live in the home for 5 years, it’s forgiven and you do not have to pay it back. There are income and a few other restrictions to qualify, and there is a limited amount of these funds available.
- CalPLUS Conventional and FHA – The CalPlus programs are offered through the California Housing Finance Agency. They are fixed loans and can be combined with a 3.5% second loan (Zero Interest Program or ZIP) for down payment assistance. There are income and sales price limits and buyers must complete a home buyer education program to qualify.
All of these programs allow the seller to pay a portion of your closing costs, so you can get into a home for very little out of pocket costs. With the help of one of these down payment assistance programs, you may be able to own your own home in San Bernardino County sooner than you think. Contact us today and we can help you find the perfect program for your unique situation.