Bay Area Home Buyer Grant

Why do you hardly ever hear of people successfully taking advantage of down payment assistance programs here in the Bay Area?  So many programs are available, but most find that they are not easily qualified for them. Often, the government's processes will hinder the ability to close on the purchase within a reasonable timeline.

With hundreds of down payment assistance programs available, you would think that more people would take advantage of them.  But the fact is that almost nobody does.

When you crunch the numbers, it often doesn’t make sense for people in a first-time home buyer situation that are already strapped for closing cash.

Most of these programs are limited to a small group of people, or when you pencil out the figures, the monthly payments are too high.

In many cases, assistance programs are often equity-sharing programs or 2nd mortgage options from the government.

If you’d like to purchase a house but are struggling with your down payment, we advocate for only one program that truly helps homeowners.

It’s different because it’s a 100% forgivable grant; we’ve seen people get funding up to $50,000 offered through the public finance authority.

Its 100% forgivable grant will disappear once your first mortgage is funded. Essentially, you will have instant equity in the home at closing.

After six months of on-time mortgage payments, most home buyers can significantly reduce their original mortgage payments using the Government's Federal Housing Administration's Streamlined Refinance program.

Once you determine your comfort level with monthly payments, we can show you exactly how much you could acquire using this grant.

One of the most important aspects of purchasing a new home is making sure that the monthly payments are affordable and comfortable for you to make on an ongoing basis. 

So, the absolute first step is to find out what your comfortable monthly payments would be.  

If you already have a trusted Mortgage Broker, talk to them today and ask them for the Community Guardian Grant; if not, you can ask us how to calculate your comfortable monthly payment.

Here is a list of the newest homes for sale in Contra Costa County that should qualify for this homeowner grant.

One feature that makes this particular down payment assistance program attractive is that it is a 100% forgivable grant, not just another government loan. In most cases, we can lower the payments on your first mortgage after six months of on-time payments by at least a few hundred dollars, depending on how much you owe.

You can often lower the interest rate on the first mortgage by about 2%, saving the homeowner hundreds per month in mortgage payments and usually thousands of dollars in interest payments to the bank over the life of the original first mortgage.

Every situation is different, so you’ll want to get your details reviewed and figured out to see if this makes sense for you.

Some of the main highlights of this program are

  1. Up to 3.5% assistance toward the down payment forgiven at funding
  2. Instant equity at closing
  3. Can be combined with other gifts and up to $6,000 of seller credits
  4. Homeowner Counseling required through HUD
  5. There are many different ways to qualify

$32,977 Home Buyer Grant Example Scenario

For example, we helped somebody secure over $33,000 in a forgivable grant through the public finance authority; after six months of mortgage payments, the grant money was 100% forgiven, and the homeowner had instant equity. In addition, we could refinance the original mortgage through the Federal Housing Administration Streamline program, and we saved them almost $400 a month on their mortgage payment.

What’s great about this streamlined program is that if you qualified for the original loan, you would likely be able to do your streamlined refinance six months later to lower your interest rate by about 2%.

With this streamlined government loan, you don’t have to qualify for income or provide W2s; we don’t need to look at the property's appraisal or anything like that.

You should qualify for the refinance if you’ve made all your payments for the past six months and haven’t destroyed your credit.

Learn more about this innovative strategy and take advantage of this 100% forgivable Bay Area Homebuyer Grant Program so that you can jump in and take advantage of equity gains in the real estate market.

Like with anything, there are a few qualification guidelines and rules.  Learn if you might be eligible today.

Ask your lender about the home buyer Community Guardian Grant, or if you don't already have a lender, you can call or text and ask us about the Bay Area homeowner grant. Let’s Talk!

JASON WHEELER 925-285-2172

Some of the groups that usually benefit the most from this program are:

  1. Public school teachers
  2. Medical Professionals
  3. PTA members
  4. Police Officers
  5. First Responders
  6. First time home buyers
  7. Unpaid community volunteers

People who read this article were also interested in the California Down Payment Assistance Directory.