The California Association of Realtors predicts that the state’s home prices will keep rising throughout this year. Luckily, programs like the California Homebuyers’ Downpayment Assistance Program are available to give junior loans of as much as 3 percent of a home’s purchase price or its appraised value, with deferred payments to help pay for closing costs and down payments. Closing costs in particular can get pretty high, with lenders’ origination fees, settlement and title fees, taxes, and homeowners’ association dues and insurance as well.

Most California residents on a budget are looking into Fha home loans, VA home loans and other kinds of loans from companies like Cherry Creek Mortgage Company to help them with these rising costs. The down payment assistance programs available from a company like Cherry Creek are highly valuable for home buyers. With a Cherry Creek loan, for instance, there is a quick time span between application time and approval or denial notice. So essentially with a Cherry Creek loan prospective home buyers can know almost instantly whether they qualify and how best to proceed with their Cherry Creek loan if they do qualify. In some cases, they will need to show at least two years’ worth of earnings to apply for a loan, particularly if they are self employed or if they operate as independent contractors. And with loans like FHA ones, there are no maximum credit scores. Instead, borrowers are deemed worthy or unworthy of credit based on a host of factors.