There’s been a lot of buzz recently about first-time home buyer programs disappearing. Some headlines have made it seem like down payment assistance is a thing of the past, but is that really the case? In this post, we break down the changes from the Federal Housing Finance Agency (FHFA), what they mean for buyers, and why there are still plenty of ways to secure homeownership—especially in the Temecula Valley, Murrieta, and Southern California.
What Changed?
Fannie Mae and Freddie Mac, the government-backed entities that support mortgage lending, recently pulled some of their federal grant programs—specifically, the Special Purpose Credit Programs. While this may sound like a big deal, these programs weren’t widely used, especially in high-cost areas like Temecula and Murrieta.
Good News for First-Time Home Buyers
Despite these federal changes, state, county, and city-level down payment assistance programs are still active and widely available. In fact, these localized programs often have more flexible income limits that make them a better fit for buyers in Southern California’s competitive market.
Key Takeaways:
No, not all first-time home buyer programs are gone. Yes, federal grants were cut, but state/local programs remain strong. In high-cost areas like Temecula Valley, local programs are often a better fit anyway. You still have options—let’s find the right one for you!
Thinking about buying a home? Let’s talk! Down payment assistance is still available, and I can help you navigate your best options. Call or email me for details!