Downpayment Assistance Programs-California

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  • #382
    christelh
    Participant

    Good Evening,

    Does anyone know anything about how NACA works with downpayment assistance programs? I would like to use one of the downpayment assistance programs but my MC does not know if I can use it or not. Has anyone closed with NACA using this type of assistance??

    #425
    TTrumble
    Member

    Hello christelh,

    Each program has its own requirements to qualify, but since all NACA mortgages are no down payment, the money would be used to buy down the interest rate. Information avbout the CalHFA downpayment assistance program can be found at downpayment assistance programs.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #431
    christelh
    Participant

    Thanks Tim! My plan would be to use the DPA to buy down my rate. I checked out Calhfa but they want you to use their lender and have a certain fico score. I have researched many DPA programs and they all have certain criterias that would not apply to NACA candidates. So I’m just wondering how others are utilizing DPA programs. Sorry for rambling, I’m just curious.

    #452
    TTrumble
    Member

    Hello cristelh,

    No apology necessary! Asking questions, seeking help and sharing information is exactly what the Forum is for!

    I know that there has to be an applicable program for you out there somewhere. I’ll keep my ear to the ground for you. Let’s see what other members can add from their experience.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #2961
    rafiqa
    Participant

    if anyone out there know of any dpa for comm multi-fam. please let me know. rafiqa

    #70626
    kc
    Participant

    Hi Guys,

    I’m reupping this topic because I too am looking at Down Payment Assistance Programs/Grants in California. I’d love to see if any members out there have been successful. I’m hoping someone can give insight, since this last post was in 2012. lol

    I’ve been looking at CALHFA website https://www.calhfa.ca.gov/homebuyer/programs/index.htm#top but I’m unsure if their down payment assistant program will work with the NACA program. I would love any advice or help.

    The California market is a beast with high purchase prices. Every penny helps.

    Thanks
    KC

    #70627
    Nelsont
    Member

    For any market these are the guidelines:

    Must be essentially a gift
    Cannot be a forgivable loan
    Cannot have a length of stay requirement
    Must be able to use all funds for down payment
    Cannot have a requirement to use any funds for closing costs
    Must be able to use bank of America
    Cannot be required to use a lender if bank of America is not on the list

    #70630
    kc
    Participant

    Thanks @nelsont. This is so helpful. Ok so it looks like the CALFHA down payment assistant program doesn’t work because it is a forgivable loan. I’ll continue to look.

    Thank you for giving advice and helping us as we navigate this NACA journey. I always look for your post in a thread because I know you know this program well.

    Any California success stories out there? I’d love to hear how you conquered this California market and was able to buy your dream home. I’m a priority member and I would love some encouragement because right now, with the housing prices and my maximum purchase amount –my hope in finding a home is dwindling.

    #70652
    innovista
    Participant

    I am also interested. I received my NACA ID and waiting for my appointment in August for my NACA counseling appointment. Actually, my original appointment was on July 9th. I got the e-mail and text information for confirmation but never received a call. I tried to call several times (310-412-2600) including the national line (425-602-6222) but I could not get through. Anyway, I made another appointment and hope to get the counseling this time, I can get through.

    Regarding downpayment, I am also interested. I live in SoCal (Orange County) and the entry-level market (500K-700K) in very competitive with not much supply on the market. So any downpayment assistance program is a tremendous help.

    Charles
    kurule@gmail.com

    #70672
    2BLESSED
    Member

    Hello All,

    I did a lot of research in the CALHA programs and downpayment assistance in California before I closed on my home in March. I can say to no avail were there any programs that would work with the NACA program because the programs want you to go through their program and their banks. The monies that they give you do not compare to the savings with NACA, the interest rates are highher and you end up paying a lot more in the end. Hence, free money is not “free” These programs find a way of getting their money back one way or another. Hope this helps!

    #70675
    kc
    Participant

    Thanks @2blessed ! Congrats on your new home. I can’t wait to become a homeowner.

    I think you’re right. I have been researching too and haven’t been able to find anything for California. Quick Question – which NACA office did you use? I’m in LA but I’m using the Upland office. Would love recommendations on MC’s and In house real estate agents.

    Thanks guys. I love this forum. So helpful.

    #70852
    applepie
    Participant

    Does anyone know if the DPA programs through BOA will work with NACA?

    BOA CA DPA programs

    I ASSUME the one directly from BOA will work as they provide the financing/loan for NACA.

    #70855
    kc
    Participant

    Hi @applepie,

    Yes, I found that list as well but many of them are a second loan or forgivable loan. According to @nelsont list
    “Must be essentially a gift
    Cannot be a forgivable loan
    Cannot have a length of stay requirement
    Must be able to use all funds for down payment
    Cannot have a requirement to use any funds for closing costs
    Must be able to use bank of America
    Cannot be required to use a lender if bank of America is not on the list”

    Many of them might not work with NACA. However, I believe the $10k and $7500 BOA grants should work with NACA. I have a meeting scheduled in September with my MC who I plan to ask all these questions about which grants has their office used in the past with NACA participants. If you find out or hear anything please come back and post and let us know.

    #70859
    Nelsont
    Member

    I’ve looked at these before and am curious myself. I’ve never gotten an answer either.

    The 7500 almost certainly won’t work because it’s for closing costs. The 10000 might. But the thing is based on what I can see it’s a county by county basis. It very clearly states select markets and further review shows each county decides the terms of the grant. I’m in Maryland and every county it’s offered in has different stipulations. Which gets confusing when an MSA has 4 or 5 counties and the grant is only in 3 of them with 3 different sets of rules. Yikes!

    • This reply was modified 4 months ago by Nelsont.
    #70861
    applepie
    Participant

    @kc

    My mom’s appointment is in September too, so we will probably find out at the same time lol.


    @Nelsont

    That’s my mom’s issue too! Her county has NO PROGRAMS/money except for CALHFA and the GSFA Platinum/Open Doors Programs which don’t have BOA listed as an approved lender.

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