Down Payment Assistance Programs In Palmdale

Frequently Asked Questions About Down Payment Assistance

California Down Payment Assistance Programs

There are over 260 active down payment assistance programs available to homebuyers in the state of California, so if you’re a resident of 93551 or somewhere else in Palmdale, DPA may be available to you. There are four main ways you can get down payment assistance:

• Grants — this is money that is gifted to you that never has to be repaid.
• Loans — typically second mortgages that are paid monthly alongside your primary mortgage. These loans help offset the burden of a large down payment requirement.
• Deferred Loans — payments for these loans only need to be made when moving, selling, or refinancing your home.
• Forgivable Loans — payments for these second mortgages (which are forgiven over a set number of years) only need to be repaid if you move, refinance, or sell the property earlier than expected. 

Contact our team today to hear more about which down payment assistance programs might be most appropriate for you. 

How can I get money for a downpayment in Palmdale?

If you can’t afford a down payment for a home on your own, you can seek out grants or down payment assistance loans from the state of California. Check out the Los Angeles County local government’s site on available DPA programs. 

How can I buy a house with no money saved?

With DPA programs, you may be able to afford the down payment on a home even if you don’t have the cash in hand. Without having money saved up, you can apply for grants, loans, deferred loans, or forgivable loans to secure the funds necessary to purchase your new home. If you’re not sure where to start, reach out to our team to get the conversation started.

How do I get pre-approved for my first house?

You’ll need to provide plenty of documentation to get pre-approved for down payment assistance or a specific type of loan. We ask that you set up an informal interview with one of our mortgage officers to get the ball rolling on your pre-approval.

You can expect to be asked about your credit score, monthly income and expenses, assets, monthly debts, and more. Based on your information, we can usually determine a price range that you can expect to be approved for. Then, it’s up to you to find your Los Angeles County dream home.

Who Qualifies As A First-Time Home Buyer?

 If you’ve never owned a piece of property before, you may be eligible for first-time homebuyer down payment assistance. Every applicant is different, but first-time buyers tend to have far more options for DPA than applicants who have previously owned property before. To see if you qualify as a first-time homebuyer, contact our expert team of mortgage professionals who can answer all of your questions.