I'd like to speak to you buyers who want to buy a home but are struggling with getting the down payment and closing costs. First let me say, that is most of us! However, there is a loan called CalHFA that may help you buy your home! But, first lets talk about what monies is needed to buy a home.
When buying a home, the monies you’ll need is 3.5% of purchase price for down payment and approx. 4% for closing costs.
Purchase price $500,000.00
Down payment $ 18,000.00 3.5% of purchase price
Closing Costs $ 20,000.00 Approx 4% of purchase price. More details of what closing costs are in another video
In this scenario, Buyers generally come out of pocket $38,000.00. The money needed usually delays buyers. But great news!
I'm working with a lender who offers a loan program called CalHFA. CalHFA is a loan program that offers assistance for down payment and closing costs.
I’ll be meeting with Paige Sturgeon of Granite Mortgage who will provide more details on this program.
The good news is, this program allows buyers an opportunity to buy a home sooner than later! Exciting right?
So stay tuned for my video with Paige, ok?