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Is there a program to help with downpayment for 1st time buyer, single parent making over $90k?

by vxp327_334_772 from Los Angeles, California. Nov 6th 2012 Reply


Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

Check out local governmental agencies for down payment assistance. You will need to do your homework, but they are out there. Look for non-profit organizations. Most have income limits, but they may have higher caps in CA. Best wishes!

Nov 6th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Since you are WAY above the poverty level, I'm going to say no... There should be no reason a person making $90K a year cannot come up with a down payment.... FHA requires only 3.5%, and on select HomePath homes, only 3% is necessary... Most down payment assistance programs are intended for LOW income families, and they have formulas that calculate your percentage of income based on a median... I'm pretty sure your way above that level, and it would disqualify you for any such government or state agency down payment programs... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Nov 6th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,845 contributions

Most down payment assistance programs have income thresholds that are based on the median income level of a particular MSA or county. As William stated your income may exceed that limit. Do a Bing search for "down payment assistance (your county), CA" to see what is available in your area. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Nov 6th 2012
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Augustus Bukowski (SeattleMortgageGuru)
#0 ranked lender in Washington - 7 contributions

There are many options available, but they will depend on your situation. It seems like if you are making over 90 K a year, that coming up with 3-3.5% for a traditional down payment would not be a problem. With conservative budgeting, my guess is you would be able to reach that goal within a few months, or the approximate time to find a house, make an offer, and close. I am more than happy to help you with a budget, and go over any of the options that may help you get financing. Thank You,

Nov 6th 2012
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

FHA 3.5% down payment should be the way to go if you are making 90k+ per year.

Nov 6th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

In addition to FHA with 3.5% downpayment requirement, a conventional loan with 3% down is also available if you are a strong borrower. Many of my customers use their tax refund to come up with a downpayment and it is often possible to BORROW from a 401k for the downpayment on a home which normally recommend as preferable to 401k withdrawal which is often allowed but results in tax liability to you as well as a penalty for early withdrawal. Otherwise, possibly the state housing finance agency. They will also know what agencies in your area offer downpayment help.

Nov 6th 2012
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Manuel Gonzalez (mmortgage1)
#91 ranked lender in New Jersey - 90 contributions

Hi I would check the state banking dept website. There you'll find the income limitations and amounts for Bonds, and local grants. Good LuckManuel

Nov 6th 2012
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Jason Vondrak (jvondrak)
#218 ranked lender in California - 1,741 contributions

Typically first-time home buyers turn to an FHA loan if they do not have a large amount of money available for a down payment. FHA loans only require 3.5% down. Feel free to give us a call if you would like to discuss your financing options. We are located in San Diego and lend throughout California.

Nov 6th 2012
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Cesar Marin (CesarMarinHomeLoans)
#440 ranked lender in California - 3 contributions

There are options available for you, but the best way to know which is the best for you is to do a needs analysis of your situation and pinpoint what is the best loan program for your case, as well as the best housing characteristics. It is always advisable to take some time and sit down with a professional to guide you through the process. Based on your information, it appears that an FHA loan can be a good option, but nothing can substitute a meeting with an advisor to evaluate your particular circumstance.

Nov 6th 2012
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