The Fed hasn’t raised interest rates yet, and the prognosis for home prices continues to show a steady climb upward. Now is a great time to make a home purchase, before conditions change unfavorably for homebuyers. What if you’re interested and ready to buy, but need a little financial boost in obtaining your share of the American Dream? You’re in luck: a few programs exist to help get you out of your rental and into your very own home.
This summer, Wells Fargo opened a new program in several cities across the nation, granting $15,000 toward down payments costs to qualified buyers. Registration for Wells Fargo’s HomeLIFT program closed in July, but funds may yet be available for Bakersfield properties located in zip codes 93301, 93304-93309, and 93311-93314. Applicants do not have to be first-time buyers to qualify. See the HomeLIFT program details for more information.
First-Time Buyers and More
A variety of other homebuying assistance programs are available for the purchase of homes in nearby communities, such as Wasco, Delano, Tulare, and more. These programs are open only to first-time buyers, or those who haven’t owned a home in the past three years. Details and links to more information can be found on this Self-Help Enterprises webpage.
The California Housing Finance Agency offers information on the California Homebuyer’s Downpayment Assistance Program (CHDAP). This is not a grant, but a deferred-payment loan. Details are in this PDF on CALHFA’s website.
If you apply for any of these programs, first review the lessons of the past. Many buyers overextended themselves last decade, and when the housing bubble burst a few years later, long-term consequences hit that are still felt to this day. Use homebuying assistance programs judiciously to buy a home without jeopardizing your financial future. When you’re ready to move on to the next step, give us a call. We’ll guide you through the entire process.