I live in So. Cal. I want to buy a home. But dont have a lot for a down. I found a few program for down payment assistants. Thoughts?

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  • 6 months ago
    Favorite Answer

    Check with a mortgage broker regarding FHA loans, just 3.5% down. Some counties also offer down payment assistance.

    • Michael D6 months agoReport

      What are the positives and the negatives to a down payment assistants program?

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  • 6 months ago

    Forget it. It is not what you are expecting.

    • Michael D6 months agoReport

      Can you explain what you mean?

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  • 6 months ago

    I hate to tell you this but within 30 miles of los angeles, unless you are talking like riverside or Ontario you are going to pay through the nose for housing costs.

    • Michael D6 months agoReport

      I'm aware of that.

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  • 6 months ago

    I'm in SoCal too.

    I own a home. I see advertisements for downpayment assistance programs too. I wouldn't accept a buyer who was using one. Too many hoops to jump through.

    At least right now, SoCal is a sellers market. If you want to buy a house, you have to make yourself a very attractive buyer

    - high credit score

    - conventional loan / high downpayment

    - few contingencies (mortgage, inspection, and sell of current home are ok).

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  • 6 months ago

    Use the programs...they are there for people like you to use. Follow their instructions.

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  • 6 months ago

    I would talk with several realtors and loan officers. They will know about these programs.

    As a realtor, I only make money if someone buys. However, if you don't have any down payment available, it means you can't manage your money. Yea, I know you will have a ton of "reasons", but they are crap. Anyone can save money - even the poor. It means you spend less then you earn. It really is that simple.

    Save up the down payment and then buy a house. I've read your other posts. You are not a kid, so start acting like an adult.

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  • Anonymous
    6 months ago

    Move elsewhere......

  • 6 months ago

    No banks are going to be too impressed with someone that needs to borrow for the down payment. This is money you're supposed to have saved. If you don't have 5% saved for the down payment. And another 4 - 6 thousand for closing costs, you're nowhere close to being ready to buy a house.

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    • A Hunch
      Lv 7
      6 months agoReport

      There are separate things. The programs allow a 3.5% down. That might even work in Davenport, IA. In SoCal - sure if you want to purchase in Rialto or Beaumont. At a minimum in LA, you are looking at 5%.

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  • Anonymous
    6 months ago

    That's really another loan - check the %.

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  • Anonymous
    6 months ago

    Anything that sounds too good to be true is a scam or has a very high interest or charge rate. Some of these programs are targeted at you failing to pay so they can reposes your assets so be ware

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