Consider the CalHFA downpayment assistance program when buying Rancho Cordova real estate
If you're looking at the numerous homes for sale in Rancho Cordova and are concerned that you might have some trouble making your down payments, you might be able to find some local help. On its website, the city of Rancho Cordova's Housing Services Department recommends the California Housing Finance Agency (CalHFA).
In addition to a slew of other, similar programs that give aid to first-time homebuyers, CalHFA sponsors an initiative that's perfect for your situation - the California Homebuyer's Downpayment Assistance Program (CHDAP). This option is available to any first-time homebuyer who agrees to treat the property as a primary residence, attend homebuyer education courses and meet lenders' requirements.
In order to be eligible, participants must not exceed the gross annual income limits that Sacramento County established. If using an FHA mortgage, a two-person household is limited to $69,100, or $86,350 for a four-person home. The maximum limit is $114,000 for eight-person families. For a standard mortgage, these limits are higher - $72,100, $90,100 and $118,950.
Finally, the home's purchase price can't exceed limits established for the county - $646,076 for federally-targeted low-income areas and $528,607 for non-targeted locations. If you meet these guidelines and can pay 1 percent of the sale price or greater, find a CalHFA-approved loan officer to begin applying.