Understanding Proposition 19A component of voter-approved Proposition 19 has gone into effect Thursday, April 1, 2021, that expands benefits for seniors, people with disabilities, and victims of

Dated: May 24 2017
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Buying a home has always been a dream. If you’re a first time home buyer, an FHA loan may be your best bet only having to come up with a 3 ½% deposit. Here are 7 ways to come up with a down payment.
Take on extra work and save money: Some folks have taken on a 2nd job or made things they can sell working from home and putting the money aside in a special savings account. You can also sell unwanted things that you don’t use any longer.
401K: You can borrow up to 50% of the account balance up to a maximum of $50,000. You must pay it back within 5 years.
IRA: Tax laws allow you to use up to $10,000 as a down payment.
Family: Parents can give up to $13,000 annually to their kids without paying a gift tax. A family member can give you a loan but you must draft a repayment term to avoid tax issues.
VA Loans: If you’re a Veteran, you can qualify for a ZERO down loan. They can also cover some closing and escrow fees.
California Housing Finance Authority (CHFA): This government organization can assist you on an FHA loan of 97% and a 3% down payment assistance second mortgage. You can call 800 931-7377 and ask for Eligibility Requirements.
California Housing Down Payment Assistance Program (CHDAP): This organization helps home buyers to buy a home with no money down and is offered thru FHA. Some pre-qualifications exist. You can contact this agency to see it you qualify.
Remember, even if your credit score is under 640, you need to take action to raise your score in order to get the benefit of consideration and lower interest rates.
Feel free to call me to discuss how to succeed in raising your FICO and securing a loan to make your home purchase. You can call me at
818 262-0924 or email at jacklees@earthlink.net.
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