Orange County Ca Real Estate Down Payment Options

Down Payment Assistance is Available

Down Payment Assistance is Available

If youve made it your goal to buy property in Orange County, you may feel that your efforts may be in vain, especially when you think about the amount of money youll need for a down payment. However, before you let that idea stop you from conducting a houses for Orange County real estate search online or looking at property in Orange County at all, you still have some resources you can check out.While buyers are no longer able to make use of tax credit money for down payments and closing costs,they can still get the needed funding for OC real estate through FHA or VA financing or by way of buyer assistance programs that are available locally.

FHA Financing

For example, if it applies to you, ask your local agent about the loans offered by the FHA (Federal Housing Administration) for buyers with low to medium incomes.FHA funding of this kind features a lower down payment and does not impose any restrictions with respect to your salary.Even buyers with a lower credit score or a bankruptcy in their past can be considered for FHA financing.

Veterans can Take Advantage of Zero-down Loans

For veterans, VA loans are also available that do not require a down payment.Veterans do not need to buy private mortgage insurance (PMI) to qualify for this program either.A realtor can also give you the latest information on current state and local programs that can help with your down payment too.

Obtaining the Down Payment in the Form of a Gift

You can also come up with a portion of the down payment by way of a gift from a relative.However, if you do, say, obtain a monetary gift to buy real estate in Orange County, youll still need to provide proof that the money is indeed a gift.Orange real estate lenders generally require that you produce documentation in the form of a letter that states that the gifted amount is not a loan that has to be repaid.In addition, they may require that you supply them with supporting evidence that the relatives gift was not taken from the proceeds of a loan. In other words, a copy of the givers bank account information might have to be included in the loan documentation as well.

Secure the Funds for the Down Payment from your Retirement Account

Down payment assistance for Orange County CA real estate can also come from your retirement account.For example,this resource may be viable if borrowing from the account will result in reducing the amount of interest on your mortgage loan.If that is the case, you can then take the amount you save in interest and put it back into your 401K or IRA, whichever the case may be.

Discuss Down Payment Options with your Realtor Today

So, dont forfeit your dream of owning a property in Orange County because you feel you dont have a sufficient amount for the down payment. You can still review Orange County real estate appraisal information and make OC real estate comparisons in the local area. Again, talk about your down payment options with an Orange County CA real estate company.Learn more about the buyer assistance programs that are currently available in your area so you can realize your down payment goals.For further information about programs for Orange real estate, contact Legacy International Realty at 714-283-5200.

by: Jeremy G. Bruck

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