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Whether you’re a young professional looking to invest in your future, a couple ready to settle down and start a family, or someone starting a new chapter in your life, buying a home is a significant milestone. But, it can also be an overwhelming and complex process. That’s why the Department of Real Estate has created this podcast, First Home California – to provide you with knowledge and insights. Our goal is to help you get to a place where you know what to expect during the homebuying process, and to help you make sure you’re ready to make informed decisions about what will likely be the biggest purchase of your life. Each episode will focus on a specific part of the homebuying process and provide consumer protection tips.
Episodes
Wednesday Oct 04, 2023
Wednesday Oct 04, 2023
Episode #103 gives you a close-up look at how down payments work.
A National Association of Realtors survey in 2021 found that 29% of first-time homebuyers said the down payment was the most difficult step in the home buying process.
Topics covered include:
- Why your down payment is important to you
- Why it’s important to your bank
- Why it’s okay if you aren’t able to put down 20% as a down payment
- What are the rules for using a financial gift from your family to help with your down payment
- What’s a good faith deposit and how does that work into your down payment
- A brief look at some of the first-time homebuyer programs available in California, which will be the deep dive we take in the upcoming Episode #104.
- Plus, some tips that might help you in your efforts to save money for your down payment
Guest:
Mike Shenkman, Real Estate & Mortgage Expert, lecturer in the Urban Studies and Planning Department at University of California, San Diego.
Other Resources:
DRE Website: https://dre.ca.gov/FirstHomeCalifornia
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