On April 14, 2015, Fannie Mae announced the HomePath® Ready Buyer™program. First-time homebuyers may receive up to 3% of the purchase price for a HomePath property. That’s $9,000 of down payment assistance on a $300,000 home!
Check the California database of current down payment programs!
Down Payment Assistance Requirements
- The property you are buying must be a HomePath property. You can look for HomePath properties at www.homepath.com. HomePath properties are Fannie-Mae owned.
- You must be a first-time home buyer. This means that you have not owned a home in the past three years.
- You must plan to live on this property as your primary residence. This program is not for investors.
- You must complete an online HomePath Ready Buyer course. You will need to submit a Certificate of Completion with the application. The course is made up of nine, 30-minute sessions. The $75 course fee will be reimbursed to you when you close escrow on your home.
Ready to Buy? Getting Started
The first step in buying a home is to talk to a loan officer and get pre-approved. You can read my article about how to choose a lender. Your real estate agent should be able to connect you to a knowledgeable, experienced loan officer. You can also read about how to get approved for a mortgage, and estimate how much you can qualify for.
For More Information
Use these links to connect directly to the program:
More Down Payment Assistance
Low- to median-income borrowers may qualify for additional down payment assistance. Some programs can be layered on top of each other, to maximize your benefit.
Use the California Association of REALTORS® Down Payment Resource Tool to check all available programs. Here are links to my articles about some popular down payment programs:
- CalHFA Down Payment Assistance – deferred loans for first-time home buyers (haven’t owned a home in 3 years)
- San Diego Housing Commission – deferred loans and grants
- Golden State Finance Authority – grants up to 5% for down payment and closing costs
UPDATE: Effective 2020, there is a new, no-cost online home buyer workshop. This new tutorial is a comprehensive homeownership education course. CreditSmart® Homebuyer U offers six modules to promote education, homebuyer preparedness, and financial management.
Good luck! As always, please feel free to contact me with any questions.
