Homeownership can have a positive impact on the socioeconomic status of an individual and community. Research shows that homeownership can result in improved civic participation and health care outcomes for families and reduced crime rates in a neighborhood.
Individually, homeownership benefits can range from tax benefits to wealth creation through equity gained. However, many prospective buyers face one major hurdle when buying a home—a down payment. To help you with that, there are two major down payment assistance programs available, if you’re looking to buy a home in Shasta County:
Down Payment Assistance (DAP) Program
Shasta County Housing and Community Action Programs offer zero percent interest loans to low-income first-time homebuyers to help cater to the down payment and closing costs. The loan amount can be up to 37 percent of the home’s selling price. To qualify for the down payment assistance, you should meet the following eligibility criteria:
- Be a first-time homebuyer
- Should have at least 3 percent of the purchasing price for the down payment
- The home is located within the unincorporated area of Shasta County
- The home should be selling at a price lower than $246,000
- Meets the set income guidelines
CalHFA Myhome Assistance Program
The California Housing Finance Agency (CHFA) provides 3.5 percent of the home purchasing price in down payment assistance. These funds are made available as a deferred payment loan that you don’t have to repay until you sell the house. To qualify for the CalHFA Myhome Assistance program, you should be a first-time home buyer, occupy the house as your primary residence, and complete the homebuyer education course. The home should also be worth less than $795,000 and meet the county’s income limits.
Searching for Down Payment Assistance Programs in Shasta County, California?
With down payment assistance programs in Shasta County, it’s easier than ever to stop renting and become a homeowner. To learn more about the down payment programs in Shasta County, call us today at (530) 356-8100.