Today, for many people, it seems that higher home prices, rising mortgage rates, high inflation, and low inventory have pushed home ownership from within their reach. In fact, since 1980, median home prices have risen by more than double the percentage of the median family income and California was the nation’s least affordable major housing market with only a small percentage of homes affordable to families earning the area’s median income.
However, in response to this issue, there are now a number of outstanding loan programs created specifically to assist potential buyers with low to moderate income and those from underserved communities. By Presidential Executive Order, underserved communities include Black, Latino, Indigenous and Native American persons, Asian Americans, Pacific Islanders and other persons of color; members of religious minorities; lesbian, gay, bisexual, transgender, and queer (LGBTQ+) persons; persons with disabilities; persons who live in rural areas; and persons affected by persistent poverty, who are denied health equality.
Because one of the biggest difficulties for homebuyers is saving enough money for a down payment and closing costs, among these special loan programs are opportunities for low to zero interest rate down payment assistance loans, and zero interest programs to cover closing costs. Furthermore, first-time homebuyers can get build immediate equity in their homes through a zero percent interest loan of up to 10% of the purchase price of their home, and the loan is forgivable if the borrower continuously occupies the home as their primary residence for five years.
There are also special loans exclusively for military veterans, first-time home buyer programs, 30-year fixed-rate conventional mortgage, and FHA backed mortgages along with certain tax credits and grant availability. Additionally, for those who already own a home, there are programs to refinance their home loan to get a lower monthly payment or to consolidate debt.
At 1 Stop Lending, we work tirelessly to find the best option for you. After nearly two decades in the industry, you can rest assured that we are knowledgeable professionals with the expertise and attention to detail that you deserve.
If you are interested in learning more about home loans for low to moderate income and underserved communities that can bring homeownership within your reach, we are just one phone call, text or email away from answering any questions you have. Please visit https://1stoplending.net for more.