GET A SECOND JOB You can easily save more for your down payment if you get an extra source of income. Having an extra income source would greatly help you improve your chances of saving and make substantial contributions to your plan of getting a home. But, this means you would have to be more hardworking, and you would have to be careful to avoid burnout. DISCOVER IF YOU’RE QUALIFIED FOR A DOWN PAYMENT ASSISTANCE Agencies like the Federal Housing Administration, the US Department of Agriculture Rural Housing Service, and the Veterans Administration can help you make your down payment if you qualify for the assistance. All you would need to do is visit their nearest office and make inquiries to see if you qualify for the assistance scheme. 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 down payment is a must! But with the current hefty price tags of homes in Whittier, CA, raising the money for the down payment seems impossible. That’s not all that a new home buyer 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 down payment, closing costs can 138 | JUNE 2022
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. The requirements to qualify for a forgivable loan down payment and closing costs differ from state to state. Some states have less strict requirements than others. For example, to qualify for a forgivable loan in cities like New York, you must earn a considerable amount of income. Aside from the income, the other requirement you must meet is the credit score. These assistance programs require you to have a minimum FICO score of 620 and above. Other requirements include; • •
You must be a first-time homebuyer You must reside in the home for a number of years
