STRIVE Home Buyers assistance
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Strive Home Buyers Assistance is available to help you purchase a primary residence, even if you’ve owned a home before. Strive provides a fixed rate 2nd mortgage for up to 3.5% of your sales price toward down payment or closing costs up to $30,000.
what are you striving for?
Purchasing a home as a first-time buyer in California is an exciting step, but it’s important to understand the associated costs. As of 2024, the median home price in California is approximately $750,000, though prices vary significantly depending on location. For example, homes in areas like the Bay Area or Los Angeles are often much higher, while homes in more rural regions or smaller cities tend to be more affordable. A typical down payment for first-time buyers ranges from 3% to 5% of the purchase price, equating to $22,500–$37,500 for a median-priced home. Additionally, closing costs, which include fees for appraisals, inspections, title insurance, and loan origination, typically range from 2% to 5% of the home’s purchase price, adding another $15,000–$37,500 to upfront expenses.
Beyond these initial costs, it’s also crucial to budget for ongoing expenses like property taxes, homeowner’s insurance, and potential homeowner association (HOA) fees, which can add hundreds or even thousands of dollars per month to the cost of homeownership. Many first-time buyers in California take advantage of down payment assistance programs or FHA loans to reduce their upfront costs. Programs like Strive Home Buyers Assistance can help bridge the gap for buyers who qualify, covering a portion of the down payment and closing costs. Understanding these costs and planning accordingly is key to making a confident, informed decision when entering the competitive California housing market.