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1st time homebuyer In the state of California...?
I have two options that I qualify for and was curious if anyone knew anything about either of them.
The first option being the HomeChoice Program which offers a lower interest rate for 1st time homebuyers with a disability.
The other would be a 40 year fixed loan with down payment assistance up to 3% of the purchase price.
If you have any experience with either of these, I would appreciate any knowledge you have to share. Thanks!
1 Answer
- 1 decade agoFavorite Answer
Since you are qualifying for the 40 year plan I am assuming you do not have a ton of income. If that's correct, then this option is better for you. The 40 year option will allow the lowest payments each month. If this is a CalHFA program or somthing similar, you will have to stay in the home for a minimum of 3 years or face repaying the 3%. You will be coming out ahead this way because you will get the down payment money, and not pay interest on it.
Source(s): Mortgage broker and real estate agent in San Diego
