Being a First-Time Homebuyer in 2024

I bought a home last year (summer 2023), and it was no easy feat. Between inflated home prices and eyebrow-raising interest rates, many find the prospect of homeownership challenging or flat-out impossible. Even real estate investors are struggling; the high costs of carrying a property investment, combined with an uncertain economic future, are becoming too much of a business risk for many, especially here in California.

So what do you do, when you want to become a homebuyer, but it seems impossible?

Look at grant programs for assistance. Grants are FREE MONEY that do not have to be repaid. Let me say it again: there is no obligation of any kind placed on you to return the money. How much money are we talking about? Most programs offer around $10,000 of down payment assistance, and about $5,000 of closing costs assistance. So, we're talking around $15,000 in free money! For many first-time homebuyers, $15,000 can be a gamechanger. And, some programs offer even more money. The City of Long Beach, for example, offers up to $25,000 grants! AND, some of these programs allow you to "stack" grants, which in this example, means about $40,000 in free money!

These grants are included as part of a loan, and the loans typically require only 3% down payment. And of course, there are certain qualification criteria for this free money. Common criteria include:

• The property must be in a qualifying area

• Income must be between 80% - 115% of local median incomes

• Minimum credit score, usually around 620

Different programs have slightly different criteria, but the ones listed above are the most common.

So, how can you find these grant programs? By completing the form below, which will let you download the very latest version of my California Homebuyers Grants Guide. My Grants Guide has all the current information on grant programs available in California, including qualifying criteria and links to learn more. I am constantly working on the Grants Guide, researching and providing you the most up-to-date information on homebuyer grant programs in California. The programs are constantly changing, and new ones come on-board, and old programs expire - all the time. Come back here to get the latest scoop anytime.