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BUYING A HOME RATHER THAN RENTING STILL MAKES SENSE AND HERE'S WHY
Deciding whether to rent or buy a home this year? Rental affordability has been challenging for years, and it isn't changing any time soon. That's why many are considering the advantages of purchasing property despite the higher rates.
According to data recently released by Realtor.com, while the rental market is experiencing slower-paced growth, as of March 2023, rent is still over 25% higher than in March 2019! With rents much higher now than in pre-pandemic years, owning your own home can provide a more affordable and stable option.
A Mortgage Offers Payment Stability
Homeowners with a fixed-rate mortgage can lock in a monthly payment for the duration of their loan, usually 30 years, unlike renters, who are subjected to fluctuating rental rates.
Pay Less for More Space
If you need a larger living space, like two or more bedrooms, then you should definitely look into buying a home. When comparing the cost of rent of a two-bedroom to a mortgage payment for a two-bedroom, the homeowner comes out on top. According to Realtor.com, the median monthly mortgage payment for a two-bedroom property is $74 less than renting.
Build Equity for Your Future
Furthermore, owning a home allows you to start building equity, which grows your net worth as home values typically rise over time. As you pay off your mortgage, the equity builds, which can be utilized to fuel a move to an even larger space down the line. Building your own equity is why many bought their homes in the past year.
What Would Your Mortgage Payments Actually Be? Find out!
There's no better time than the present to pursue your dream of buying your first home. If you're looking to accommodate your household in a bigger space, have more breathing room to spread your belongings, or dedicate space to your hobbies, consider homeownership and work with a trusted mortgage professional to explore your home financing options and home-buying assistance programs.
With rents rising, owning a home could be a more sensible option! Contact us today for an obligation-free consultation, and use the calculator on our website to get an idea of your future mortgage payment.
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.

INCOME DOCUMENTATION GUIDE
SOCIAL SECURITY INCOME:
- SSA Award or Benefit Letter AND
- Most recent year's SSA form 1099/1042.s OR
- Most recent bank statements
PENSION INCOME:
- Pension/Retirement Award Letter OR
- Most recent year 1099 (showing distribution code 7). If not available then:
- Letter confirming continuance AND
- Most recent bank statement
EMPLOYMENT INCOME:
- Most recent pay stubs covering at least 30 days
- Two years IRS W-2 forms
ANNUITY INCOME:
- Legal agreement establishing annuity
- Most recent month's bank statement
401K INCOME:
- Most recent 401K/IRA statement (if dissipating assets)
- Most recent month's bank statement (to confirm monthly distribution amount)
SELF-EMPLOYMENT INCOME:
- Most recent two year's federal tax returns (1040's)
- Year to date profit and loss statement
- Current Business License/Business filing OR CPA letter verifying business is active
- Business Tax Returns (for partnerships and if incorporated)
- Year to date balance sheet (not required for sole proprietorships)
- Signed Partnership K-1 Forms for all limited partnership as well as general partnerships
RENTAL INCOME:
- Most recent 2 year's federal tax returns with Schedule E
- Current Lease Agreement/s
CHILD SUPPORT INCOME:
- Copy of canceled checks or bank statements for last 12 months showing income deposits
- Copy of court order
ALIMONY INCOME:
- Copy of final divorce decree with all schedules and stipulations.
CalHFA Down Payment Assistance Program
The CalHFA Down Payment Assistance Program is a California-based program that provides financial assistance to eligible first-time homebuyers who need help with their down payment and closing costs. The program is offered by the California Housing Finance Agency (CalHFA), a self-supported state agency that helps low and moderate-income Californians to become homeowners.
The CalHFA Down Payment Assistance Program offers a deferred payment loan of up to 3% - 3.5% of the purchase price or appraised value of the home, whichever is less. The loan is designed to help with the down payment and closing costs, and it does not have to be repaid until the home is sold, refinanced, or the first mortgage is paid off.
To be eligible for the CalHFA Down Payment Assistance Program, you must meet certain income and purchase price limits, as well as credit score requirements. You must also attend a homebuyer education course, and use the home as your primary residence.
It's important to note that the CalHFA Down Payment Assistance Program is just one of many programs available to help first-time homebuyers in California.
If you're interested in the program, you should give me a call, text or email so we can discuss your current situation and see if you are eligible for this program.

CHENOA Down Payment Assistance For FHA Loans
Chenoa Fund DPA For FHA loans offers one product with a repayable and forgivable option. For all products the borrower will need to have a credit score of 600 or higher,
Repayable: This loan has a 10-year term with an interest rate 2% higher than the interest rate on the FHA first mortgage. This loan does require a monthly payment on the second mortgage.
Forgivable: This loan has a 30-year term with an interest rate of 0% (0% APR). This loan does not require a monthly payment on the second mortgage. Forgiveness is determined by the DPA amount:
- 3.5%: Forgivable after 36 consecutive, on-time payments on the FHA first mortgage. This forgiveness period resets if the borrower makes a late payment, but the borrower has the full 30-year term to meet the forgiveness conditions. This loan may also be forgiven at the end of the 30-year term if the previous forgiveness condition has not been met.
- 5%: Forgivable after the initial 120 consecutive, on-time payments on the FHA first mortgage. This forgiveness period is terminated if the borrower has a payment that is 60+ days late, but the loan will remain with a 30-year term, 0% interest rate (0% APR), and no monthly payment.
Both forgivable loan options may be forgiven at the end of the 30-year term if the previous forgiveness conditions have not been met, even if the borrower made late payments on the FHA first mortgage. The loan will need to be repaid upon transfer of ownership or refinance if it is not already forgiven.
HIGHLIGHTS
- 600 MIN FICO
- DTI Per AUS
- 1 - 2 Units Only
- No Income Limits
- N/O Co Borrowers Allowed
- 2nd Loan Forgiven After 36 Consecutive On-Time
- Payments on FHA 1st Mortgage
- 3.5% DPA or 5% DPA w/ 1.5% Towards CC
- Doublewide Manufactured Allowed

LIPA Minimum 1% Down Payment Assitance
City of LA first-time home buyer down-payment program 2023
LIPA minimum 1% down payment program qualifications
City of LA LIPA Program is back!
***NOTE: Submission of a LIPA Reservation Request does not guarantee funds. Funds are reserved for eligible LIPA Reservation Requests on a first come, first served basis. NOTE: Section 8 subsidized programs may or may not apply. Please check with your lender.
LIPA Program 2023 (Low-income Purchase Assistance) program is a first-time home buyer program offered by the City of Los Angeles Housing and Community Investment Department (HCIDLA) and is a great option for those who do not have readily available the down-payment and closing cost funds needed for most home purchases. LIPA offers up to $140,000 for purchase assistance which can be used for all of the buyer's down payment or combined both down-payment and closing costs. LIPA Program Purchase Price limits have increased up to maximum $973,750 for Single Family Homes and $593,750 for Condos and Townhomes/PUD. Home must be located in the incorporated City of Los Angeles.
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Funds are first come first serve and qualifications/requirements are subject to change without notice. You can take 5 minutes to fill out the Down-Payment Assistance Program form today!
REQUIREMENTS:
- 2023 First-time home buyer Applicants must be first time home buyers. The borrower/buyer applicant cannot have been on title or defined as having ownership interest of real property within the past full 3 years.
- Buyer Applicants must have middle FICO score of minimum 660
- Buyer Applicant must attend an 8 hour Homebuyer education class. [As soon as you are thinking of buying it is a good idea to sign up to attend the class]
- First-time home buyer must occupy the property as their primary residence.
- Household income limits apply for all adults 18 years of age and older that will be living in the home.
- MINIMUM 1% down payment by borrower required. In certain circumstances more than 1% may be required.
ELIGIBLE PROPERTIES:
- Property must be located in the City of Los Angeles. Please find out if a property you are interested in qualifies by using the district finder for city of LA and County of Los Angeles to make sure the property is not in the unincorporated area of Los Angeles.
- Approved short sales/pays, Foreclosed and REO Properties and Regular Sales.
- One unit, single family residences including town homes and condos.
Property cannot be occupied by tenants.
- All properties applying under the 2023 LIPA program will be inspected by HCIDLA to ensure the property meets all applicable State and local housing quality standards and code requirements.
- Additionally, HCIDLA will perform a Lead Based Paint Visual Assessment on the property to identify deteriorated paint in the homes.
- HCIDLA does not charge a fee for the property inspection.
- All properties must pass the HCIDLA inspectionto be feasible. Any items identifying by HCIDLA that are required to be corrected or repaired on the propertywill need to be done either at the cost of the owner or the homebuyer and must be completed before the HCIDLA application is submitted to HCIDLA
Property types:
- -One (1) unit properties only
- -Condominiums, Townhomes, or Planned Unit Developments (PUD)
- -Single family homes
- -Manufactured homes-must be on a permanent foundation and connected to permanent utility hook-ups.
INCOME LIMITS
Call or email me for income limit schedule.
Moderate Income (MIPA) Available as well.


Jonathan Caguioa
NMLS# 250609 / DRE# 01137630 Mobile: 949-241-2527

ALLIANZE MORTGAGE NMLS# 346138 / DRE# 01403147
15820 Whittier Blvd, Suite GWhittier, CA 90603