There’s been rumors circulating of the California $10,000 home buyer tax credit being extended for 2011, so I want clarify a few things for buyers before they miss out on another opportunity for free money. The state or federal tax credit is NOT being extended, however, a new incentive for California home buyers may be better than any tax credit has to offer.
What could be better than the $10,000 state tax credit?
After the tax credit expired, it seemed like many people were depressed or frustrated they were unable to purchase a home and receive the state or federal tax credit I wrote a post that everyone should read, Did You Miss $8,000 Tax Credit? Be Glad You Did.
Do this==> Qualify for Down Payment Assistance Options
Three Reasons Why This Home Buyer Assistance Program is Better Than a Tax Credit.
1. The Platinum home buyer grant has fewer restrictions. The state tax credit was given only to first time buyers or move up buyers purchasing new built homes
2. The $10,000 tax credit was disbursed over a three year period and buyers may not actually qualify for the whole $10,000. The grant gives you all 3% up front to apply towards your down payment or closing costs.
3. The $10,00 tax credit used valuable tax dollars that could be used to pay down the state debt or fund much needed state programs that people who ar ein need rely upon.
This CHF Platinum program can be used with an FHA home loan so that the buyer only needs .5% down payment! The grant can also be used used to pay closing costs when using a VA or FHA home loan.
Using this program to pay your closing costs will allow you to submit a more competitive offer.
Sound too good to be true? Well, there is a catch. The CHF Down Payment Assistance program was designed for home buyers with moderate income. This is why the down payment/closing cost assistance program is so useful for home home buyers in the Inland Empire cities of Temecula, Murrieta, Menifee, Lake Elsinore, Corona, Riverside, Chino, Fontana, Ontario, Rancho Cucamonga, or anywhere throughout Riverside and San Bernardino County.
Do you meet the income criteria? click in this link CHF Platinum California County Income Limits
The most common question people ask me about this program is, “Are funds still available?” or “How Long will funds be available?” As of the writing of this blog post, yes, funds are still available and no one knows the exact date when funds will be exhausted. It would be very sad if you missed this opportunity to receive free money to buy a home considering affordability is at an all time low and mortgage rates are also incredibly low.
If you want to find out more details or see if you qualify, call me, Brad Yzermans direct at (951) 215-6119 or email me brad (at) homeloanartist (dot) com.
Related Articles:
- Lender Cover Up? Why Aren’t Lenders Telling Approved FHA Buyers About Their Down Payment Assistance Options?
- Did You Miss the $8,000 Tax Credit? be Glad You Did
- CHF Platinum Down Payment Assistance Grant for CA Home Buyers
- California First Time Home Buyer Down Payment Assistance Program (CHDAP) for Riverside & San Bernardino Counties
I just want to know if this grant is good for first time buyer program in corona and when exaclty does this have to occur in the process of buying a home.
Hi Eddie,
yes, this down payment assistance grant is eligible for any home buyer (not just first timers) to purchase in Corona……anywhere actually. Call me at 215-6119 if you want to get approved for the program and save some money.
Hi Brad, I’ve been reading all your blogs and am quite pleased with your honesty and knowledge. Currently looking at a new housing development in French Valley, but because I exceed the income threshold as outline in the CHF, I presume no other assistance options are available. Or am I mistaken?
Hi Chris, depending on how many people will be living in your household, the USDA 100% loan has a higher income cap. And the CalHFA CHDAP assistance program also has an income cap that increases based on how many people will be living in the home.
Do you have more than four people in the home? Call me to discuss offline (951) 215-6119 or shoot me an email.
Hi,
Suppose I want to purchase a fannie mae owned home that is a manufactured home on real property, on a fixed foundation, that would be FHA approved. Do the CHDAP or the CHF cover these kinds of purchases for down and closing assistance. We have good credit and can qualify for FHA. But the lender we spoke with did not think the programs would cover this kind of home though FHA would. I was unsure whethe it was just the lender that admitted they weren;’t thrilled with this kind of purchase and may have had limitations or if it was really just these programs having the limitation. This was a homepath program sale.
Thanks,
Catherine
Hi Catherine,
Unfortunately, CalHFA CHDAP actually does not allow down payment assistance to be used on manufactured housing.
But, the FHA ACCESS 3% assistance program allows financing on a Manufactured home.
Contact me for details on that programs and lets see if we can get this funded for you.