CALIFORNIA, USA — With higher mortgage rates and limited supply of homes in the market, buying a house in the Sacramento area is as challenging as ever.
But there are programs that can help.
Thanks to down payment assistance programs from the California Housing Finance Agency, thousands of homebuyers have received a lifeline to the American dream.
Preferred loan officers associated with Cal HFA can help first time homebuyers understand their options, according to spokesperson Eric Johnson .
"They'll hold your hand walk you through the whole process," said Johnson. "It can take six months, nine months, we've had folks worth work with clients up to 18 months before they're ready to make that offer."
The median home price in Sacramento County is $547,000 according to data from the California Association of Realtors — down from a year ago, but people are still struggling to save up for that down payment.
"They've got a good job, they've got steady income, but they don't have that chunk of change saved up in order to buy a house," said Johnson.
The program has helped about 1,600 households buy a home in the Sacramento area this year with subordinated loans.
There's fine print involved, in order to qualify, households must earn less than $225,000 in Sacramento County, or $198,000 in San Joaquin County. You also have to be a first-time homebuyer, occupy the property as a primary residence and complete a homebuyer education counseling course.
For more information visit the Cal HFA website HERE.
