Down Payment and Closing Costs
Assistance In Corona, CA. By Jenny Gonzalez
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irst-time home buyers have a lot to deal with especially right now when prices are soaring. In fact, in Corona, Ca the median listing home price was $700K back in January up by 21.8% year over year. The median listing home price per square foot was $351. It is still a sellers’ market which means that more people are looking to buy than there are homes available for sale.
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Looking at the average days on the market data shows that homes in Corona sold after 54 days on the market. The trend for the median days on market in Corona, CA has gone up since last month. As such, down payment assistance would be a welcome move to many people. Statistics prove that many people still do not know that it is possible to get down payment assistance and of the few that know about these programs, many believe that down payment assistance is for the disadvantaged. These myths, misconceptions, and much other misinformation are some of the
topics we try to debunk on our weekly segment of The Power Is Now Homebuyers Townhall. When purchasing a home, making a downpayment is a must! But with the current hefty price tags of homes in Corona, CA, raising the money for the down payment seems impossible. That’s not all that a new homebuyer has to worry about, closing costs are another factor that has to be considered. This, therefore, means that even if you have saved up some cash to cover your downpayment, closing costs can drain down your efforts, you might just realize that you still owe some thousands of dollars in closing costs, which you might not afford at that particular point in time. So, is there any help for you? Well, if you are in the state of California, you might qualify for a forgivable loan down payment and closing costs through down payment and closing cost assistance programs if you meet certain criteria. MARCH 2022 | 53
