Looking For Hesperia CA Real Estate? You May Qualify For Downpayment Assistance
By Keith Hunt
If you are looking for Hesperia CA real estate and are a first time home buyer you may qualify for downpayment assistance from the City of Hesperia.
The City of Hesperia First-Time Homebuyer Downpayment Assistance Program (DAP) is specifically designed to help those with lower incomes become real estate owners.
To qualify you must be a First-Time Homebuyer or not owned a home during the past three years or those that qualify as a “displaced homemaker” or a “single parent”.
The potential Hesperia CA real estate owner shall have sufficient assets to provide a minimum 1% down payment, plus additional funds to pay for certain closing costs (estimated $2,000 - $3,000) and also have sufficient income and credit worthiness to qualify for primary financing.
The City of Hesperia Downpayment Assistance Program (DAP) will provide a portion of the eligible purchasers total Down payment. Any home that is purchased through the Downpayment Assistance Program (DAP) must be affordable.
The City shall provide a maximum Assistance of 35% of the purchase price up to $115,000 per household to pay for costs associated with the acquisition of Hesperia CA real estate. Such assistance shall be provided as gap finance, that is an amount only necessary to complete the purchase transaction.
This subsidy to be provided to eligible First-Time Homebuyers will be made as a 30 year, deferred loan. The principal is paid back in level payments over 30 years at a zero percent (0%) interest rate. The principle balance due and payable upon sale or transfer, or when the participant(s) cease(s) to reside in the residence. The maximum loan amount is $115,000.
The deferred loan is not assumable by another low-income buyer. The deferred loan does not bear interest in the conventional manner. The City will require annual certification from the program participants that standard hazard insurance is maintained in a specified amount and that taxes on the Hesperia CA real estate are current.
If you are looking for Hesperia CA real estate and would like to know if you qualify for downpayment assistance from the City of Hesperia please call 866 398 4664 or go to http://www.goldmedalmortgage.com/Downpayment_Assistance
www.GoldMedalMortgage.com offers a full range of mortgage services through offices and affiliates nationwide.
Article Source: Real Estate Investing Tips - Use A Second Mortgage For Lower Downpayment On Investment Property
Real Estate Investing Tips - Use A Second Mortgage For Lower Downpayment On Investment PropertyBy John Ferreira
Second mortgages are a great w...
Kansas Mortgage - What You Need to Know Before Buying a Home in Kansas
Kansas Mortgage - What You Need to Know Before Buying a Home in KansasBy Jessica Elliott
Maybe you re buying your first home in Kansas, or perh...
100% Financing Bad Credit Mortgages - Which Loan Can You Qualify for With Poor Credit
100% Financing Bad Credit Mortgages - Which Loan Can You Qualify for With Poor Credit
By Carrie Reeder
Various home loan programs are intended esp...
Real Estate Financing - Ten Ways
Real Estate Financing - Ten Ways
By Steven Gillman
Do you remember when real estate financing meant you saved up enough to put 20% down on a house...
First Time Buyer: Bridge the Gap Between Tenancy and House Owner
First Time Buyer: Bridge the Gap Between Tenancy and House OwnerBy Ruth Stanhop
With the availability of a first time buyer mortgage it has bec...
http://EzineArticles.com/?Looking-For-Hesperia-CA-Real-Estate?-You-May-Qualify-For-Downpayment-Assistance&id=552346
.
