Homebuyer Assistance
At Funding Ground, we understand that sometimes we need a little help achieving our financial goals. We are committed to helping you find the best possible homebuyer assistance available. We provide our own assistance program with a broker credit, reduced fees, and low-interest loans. We also provide counseling and education on the home buying process and budgeting. Our experienced team of mortgage professionals is here to help you find the right program that fits your needs and budget. Contact us today to learn more about your homebuyer assistance options.
FreddieMac Borrow Smart
The most common barrier to homeownership today is saving enough money for a mortgage down payment. We have access to a borrower assistance program that provides up to $2500 for income-qualified borrowers to use towards the down payment or closing costs required to finance a home
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Benefits include:
Assistance to fund up to 100% of required cash for your down payment or closing costs
Can be used in conjunction with gift money to meet minimum down payment and closing costs requirement
Opportunity to reestablish your cash reserves post-closing that can be used for emergencies, maintenance, and other costs associated with the purchase of a home
May be combined with other down payment assistance programs to give you maximum support
Receive homebuyer counselling to fully prepare you for sustainable homeownership
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100% Financing
For potential homeowners looking to purchase a home without a down payment, we can provide 100% financing.
This financing is achieved through a combination of a primary loan, such as a conventional or FHA mortgage, and a second loan for the down payment. The second loan is secured by the same home as the first loan. This second loan is typically offered at a lower rate than the first loan.
With 100% financing, buyers can save money on their downpayment and start building equity in their home right away.
The FHFA First-Time Home Buyer Mortgage Rate Discount
For all loans in 2023, the Federal Housing Finance Agency (FHFA) discounts first-time home buyer interest rates so homes are more affordable.
To receive the first-time buyer mortgage rate discount, home buyers must:
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Be a first-time home buyer
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Use any conventional, 30-year fixed-rate mortgage
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Earn an income at or below the area’s typical household income
Eligible buyers get automatic mortgage rate discounts of up to 1.75 percentage points off conventional 30-year fixed-rate mortgage rates, which reduces monthly mortgage payments by as much as 20 percent.
Mortgage rate discounts vary among first-time buyers based on credit score, down payment size, property type, and loan program.
The National Homebuyers Fund
The National Homebuyers Fund is a non-profit public benefit corporation that sponsors home buyers with up to 5 percent of a home’s purchase price. In exchange for the cash grant, home buyers sign an agreement that says they’ll live in the home and make it their residence for at least five years.
Renters cannot directly apply for the National Homebuyers Fund grant – only your mortgage company can do it. Call (916) 444-2615 to get a list of participating lenders.