Buy A Home With $0-Down Payment

California’s Best Down Payment Assistance can finance both the required down payment and certain closing costs to significantly reduce the initial financial burden of buying a home. 

Many of our clients have the income and credit scores required to qualify for a mortgage, but struggle with saving the minimum down payment. With our program, you can buy now, and build equity through paying your mortgage rather than paying your landlord’s rent.

Click the yellow button to start your application in our secure online portal, or contact us to speak with Our Team.

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"Wait, how does this work?"

CREDIT, EQUITY, AND INCOME

Whenever you apply for a mortgage, the lender considers your Credit Score and Credit History, the amount of Equity (down payment), and finally your Income sources and the stability of your income.

If you have a weakness in one area, the lender can often make up for that with a strength in another area. With a Zero-Down Purchase loan, the "weakness" is the Equity since you're starting out with none. As a result, the lender will look closely at your credit and your income. And that's where we come in to help you!

"WHO MAKES THE DOWN PAYMENT AND WHAT DO I PAY?"

There are a couple of options actually which we can help with, but the simple version is that we get you 2 mortgages at the same time: the 1st is a typical home purchase loan, and the 2nd covers your down payment (and certain closing costs).

As mentioned there are some options, but basically you can expect to pay a portion of closing costs which vary, but are typically about 1-3% of the value of the home at the time of purchase. Remember. you'd be paying those anyway with a typical down payment, in addition to the down payment money!

"WHAT'S THE CATCH?"

If there is one "catch", it is that the rates are higher than if you were putting down a lot of money to buy a home. The reason the rates are higher is because the risk to the lender is greater, since you the Buyer don't have any "skin in the game" from the start. The lender is taking on all of the Equity risk (see above!) so they expect to earn higher interest as a result of taking on that risk.

"IS IT WORTH IT?"

One of the big questions when buying a home is your goal should be "how long will it take me to save up a down payment for the home I want to buy?"

We find that many of our clients struggle the most with saving for the down payment, even if their credit and income are solid. Plus if it takes several years to save that down payment, the price of the house that you're saving for may be going up, pushing the down payment amount further and further away...

So, truthfully the answer is that it depends and that's where we come in: we can run the numbers to show you what it would look like to buy with our Zero-Down program and to help you understand the pros and cons as well as show you our other great programs depending on your qualifications.

Call or Text and We Can Help!

619.600.0099

Our staff of REAL people are available during all normal waking hours (typically 8am – 8pm PST), even on weekends!