Save your money for a downpayment and closing costs. A lot of cities do offer down payment assistants programs but they have guidelines and requirements to qualify for these programs. For instance the City of Los Angeles has the following 1st time homebuyer requirements:
What is a 1st time home buyer?
A person or persons who have not purchased a home within the last 3 years.
Primary residence
Income Qualifications: As of 2022 these qualifications are subject to change.
To qualify, you must be a first-time home buyer and have a household income of no more than 80% of the median income in your area, typically defined as low-income. In Los Angeles County, that means you need a household income of $68,880 or less.
If you meet those criteria, you can get up to 10% of your home’s purchase price to use toward your down payment.
Previously, low-income households could receive up to 3.5% of their home’s purchase price through a different state program. That money was not only less but also had to be paid back with interest.
Education:
CalHFA firmly believes that homebuyer education and counseling is critical to the success and happiness of a homeowner, and requires homebuyer education and counseling for first-time homebuyers using a CalHFA program.
Who has to take this Homebuyer Education and Counseling course?
Only one occupying first-time borrower on each loan transaction.
How do I take this education and counseling course?
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- ONLINE: eHome’s eight-hour Homebuyer Education and Counseling course is the only online course accepted by CalHFA. (fee: $99) Other online courses like Frameworks and HomeView are not acceptable because they do not provide a one-hour, 1-on-1 counseling follow-up session.
- IN-PERSON or VIRTUAL: Live Homebuyer Education and Counseling in-person or virtually though NeighborWorks America or any HUD-Approved Housing Counseling Agency
(fee: varies by agency)
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