Down payment assistance for Riverside first time home buyers

 

First time home buyers face a number of challenges in their quest to make that big move from renter to first time home owner.

More than 70% of Americans say that owning a home is still a good investment and the tax benefits make it a better choice than renting.

One of those challenges doesn’t have to be lack of down payment and to help first time home buyers the City of Riverside recently announced their first time home buyer/down payment assistance program for homes within the City limits of Riverside.

The City of Riverside down payment assistance program specifically targets “low income families”, those with income at 80% AMI (adjust median income) based on family size.

To qualify:

• You must be a first time home buyer (or not owned a home in the last 3 years)
• You must be a US Citizen or Qualified Alien (contact us for details)
• Attend a HUD approved 8 hour homebuyer education class
• Meet the credit and income criteria for FHA
• Be pre-approved for down payment assistance before you make an offer on a property
• Be purchasing a bank owned (REO), short sale or City of Riverside RDA and Housing Authority owned home

If you qualify you may be eligible for up to 25% for down payment and closing cost assistance up to a maximum of $50,000.

For more details on the City of Riverside first time home buyer down payment assistance program, contact us, funds ARE limited and allocated on a first come first reserved basis