Homes for sale in Thousand Oaks, Ca can be found for all different prices, but can first time homebuyers afford them? Thats the question I am here to answer. Whether you want to buy homes in Thousand Oaks or any where else in Southern California as a first time home buyer it can be hard. First you must remember that to qualify as a first time homebuyer Borrower must be a first-time homebuyer purchasing a primary residence intended for owner-occupancy. Borrowers are considered first-time homebuyers if they have not owned and occupied a home in the past three (3) years.. There is a program that is an FHA program with CALHFA that allows you to purchase with as little as 1% down! Amazing, only 1% down and the program is CHDAP, the CHDAP offers down payment or closing cost assistance for first-time homebuyers who meet specified moderate income limits.

How The Program Works

The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less – to qualified borrowers to be used for their down payment and/or closing costs. This junior loan may be combined with a CalHFA or non-CalHFA fixed rate, first mortgage loan. A minimum contribution is required from the borrowers own funds. The contribution must be the greater of 1% of the sales price or $1,000.

Please see a CalHFA-approved lender for complete details.

This program has been around for years, but no one has taken advantage of it. So here is the program again, now go online to look for homes for sale in Thousand Oaks, or any where in Southern California.