Listen up Future Homeowners – if one more person tells me they can’t buy because they don’t have 20% down, I might lose it. Having lived in Jurupa Valley for seven years and helped dozens of first-time buyers across the IE, I’m here to spill the tea on making homeownership happen without breaking the bank.
That whole “you need 20% down”… total myth. I’ve closed deals with as little as 3% down, sometimes even less. The trick is knowing which loans to use.
Here’s the quick rundown on your best options: CalHFA offers low-interest deferred payment loans that cover down payment AND closing costs – loans you don’t pay back until you sell or refinance. Their MyHome Assistance gives you up to $10,000. FHA loans work with just 3.5% down and credit scores as low as 580. VA eligible? Even better – zero down, no mortgage insurance.
Ontario currently offers Keys to Community for those who work or live in the city. This down payment assistance program offers up to $120,000 for first-time homebuyers. There are certain qualifications, but it is a fantastic opportunity.
But here’s the real talk – knowing these programs exist is just step one. The magic happens in how you use them strategically. Which loan works best for YOUR situation? How do you structure an offer that wins? What’s your timeline from renter to owner?
Here’s what drives me crazy: buyers who tell me “we’re just looking, we’re not in a hurry” while they spend months waiting for some mythical “perfect” house. Listen, there’s no such thing as the perfect house – there are only houses you can make perfect for YOU. While you’re “just looking” on Zillow and at open houses, you’re throwing away rent money and missing opportunities to build equity.
I don’t let my clients wander aimlessly through listings. We get laser-focused on what actually matters, eliminate the uncertainty, and streamline the entire process. I’ve watched too many renters pay $3,500 a month while telling themselves they can’t afford a $4,200 mortgage payment. The programs are there, inventory is improving, and rates are better than last year. But wandering around without a real strategy isn’t going to get you the keys.
Ready to stop renting and start owning? Let’s sit down for a real buyer strategy session.
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