103 - How Down Payments Work

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