Home buyers throughout California now have access to a new tool that will tell them if they’re eligible for any down-payment assistance programs.
- Some buyers view coming up with a down payment – the amount of money borrowers have to provide when making a large purchase, such as a home – challenging. Often, lenders require a 20-percent down payment from borrowers, or borrowers are required to purchase private mortgage insurance.
- The CALIFORNIA ASSOCIATION OF REALTORS® has launched the California Mortgage Resource Directory, a down-payment tool available at http://mortgage.car.org, that aims to make the process of finding and navigating down payment programs a cinch.
- Buyers can search for assistance programs by city or property address for public- and private-funded assistance programs including FHA/VA, HUD, affordable fixed-rate mortgages, rehab loans, and more.
- Home buyers enter basic information in the Resource Directory, such as where the house is located and the estimated sale price, and the Directory will provide a list of programs that the buyer may be eligible for.
