Alex:. All right, everyone it's your favorite friend again, Alex Ortiz from Sunset Homes Real Estate. If you're just taking in with us for the first time, make sure that you subscribe my Instagram, my YouTube, my Facebook, all under Alex Ortiz Real Estate, or if you're having trouble finding that, just go to alexortizrealestate.com and you will find all those links there. So today, it's another topic on loans. Today we're going to talk about a down payment assistance programs. I get a lot of calls in regards to down payment assistance programs. Now Gordon, you work with a lot. You work with a lot of down payments programs, right?
Alex:. Okay, what so basically, what is it?
Gordon:. downpayment assistance program designed for a first time home buyer. Okay? And that what qualifies a first time home buyer is have you owned a home in the last three years. That's the first thing we look for.
Alex:. three years?
Gordon:. Three years.
Alex:. Oh, Okay.
Gordon:. From there, we're going to go ahead and decide how much money you make. If you make too much money, then you may not qualify for a down payment assistance program. The good news, as houses have gone up in price, they have allowed the income levels to go up to our California for as high as 134,000 a year. And that will get you a down payment assistance of three and a half percent for the down payment.
Gordon:. It'll also get you money for the closing costs. So every time I hear people saying, I just can't save money, I just can't save money. But they're making a house payment. Our rent, I should say, of $2,500 and they should come and talk to us.
Alex:. Yeah, definitely. Now, what was that program that you were just talking about?
Gordon:. That is the state of California is called Cal HFA. The beauty about that is it's good across California. You're not limited to cities and individual areas, because sometimes you can't find the home you want.
Alex:. Okay. So now correct me if I'm wrong, so, that program goes throughout all of California. Now there are different programs out there that you write for down payment assistance from city to city, from County to County, things like that. region to region.
Gordon:. Yeah, there actually are, each city has their own, LA city has a program. Alex and myself have helped somebody use that.
Gordon:. LA County has programs, we don't know which one you'll qualify for. So part of that process is just learning and educating yourself and knowing that they're out there.
Alex:. Now, one thing I've experienced with some of these, a down payment assistance program., there are a lot of steps to actually qualifying and kind of receiving that, that loan or receiving that, that grant as you.
Gordon:. Right. So that's a actually, yeah, you have to actually, he, Alex needs to know what is it the program you're going to use, because when you make an offer and you're buying a house, the seller wants to make sure that they understand that you can come up with the money.
Alex:. Awesome. Awesome. Okay. Well I think that pretty much covers it. So obviously, they can be pretty detailed, right?
Gordon:. very detailed.
Alex:. very detailed.
Gordon:. You need a lot of paperwork, but it's worth it.
Alex:. Hmm. It is worth it. So we, we have helped, uh, young families in the past qualify for their first home. Um, and without some of these programs, they would not have been able to qualify, which does something for their future that sets them up for the next house. As their family begins to grow, they have more kids, uh, they're able to collect that equity, pay off the existing loan.
Gordon:. And move up.
Alex:. And move up. And so, uh, upgrade their home. We're all trying to upgrade, you know what I'm talking about? So once again, today's topic was on down payment assistance. It's very detailed there are a lot of programs out there. So the best thing that you can do, like we've said in previous videos, is contact your loan professional now. if you're working with me, you don't have to use Gordon. I like using Gordon and I always refer Gordon because Gordon is a trustworthy met person. and I'm, I really enjoy working with him and he knows, uh, here's a tremendous amount of knowledge, uh, for 25 years now?
Alex:. 25 years. So once again, friends and family, make sure you do your research, uh, but make sure you contact your loan professional first and see what kind of options you have. for anything else that you'd l ike to say.
Gordon:. No, that's it.
Alex:. All right guys. Well, once again, it's an Alex Ortiz from Sunset Home Real Estate, and this is…
Gordon:. Gordon Cooper, New American Funding.
Alex:. Alright Have a great day, Everybody.