I'm interested in being a first-time homeowner in California.
May 26, 2014 8:59 AM Subscribe
I'm interested in buying a home in California as first time would-be homeowners. We have relatively high (2013) income, but after some significant professional changes a lower current income, very limited savings but good credit. What kind of programs might be available in CA or nationally to help us become homeowners?
We have checked out the rent vs buy NY Times option, buying appears to be a great option (more cost-effective after just 2 years even with a tiny downpayment.
In 2013 we made combined just over 100k. That will not be the case at all in 2014 (significantly lower). We only have two occupants that would be living in the home. It is in an economically depressed region of California (San Bernardino county). I'm a public servant, my partner is an educator/musician (but at the college level). We have limited savings (enough for a very modest downpayment) but very good credit and no debt. We also have a chunk of land that is valued at about the value of a home which we're trying to sell but is currently an asset (not sure if we can use land as collateral?)
What programs might be available to us in CA or nationally to help us buy our first house?