If you’ve been watching Drift at Riverfront and wondering whether the numbers could actually work for you, this blog is worth reading before you make any assumptions.
For first-time home buyers in Petaluma, a combination of programs available through one of our preferred lenders, may make it possible to get into a brand new home at Drift at Riverfront with less than $10,000 out of pocket. Here’s everything you need to know.
Who Qualifies as a First-Time Home Buyer?
Most people assume first-time buyer programs are only for buyers who have never owned a home. That’s not how it works.
Under most program guidelines, including CalHFA, you qualify as a first-time buyer if you have not owned a primary residence in the last 3 years. For Bay Area buyers who sold during the market peak and have been renting since, this is an amazing opportunity worth exploring.
What Is CalHFA and Why Does It Matter for Drift at Riverfront?
CalHFA, the California Housing Finance Agency, offers down payment assistance and favorable loan programs designed to help California buyers get into a home with less money up front.
Sonoma County allows loan amounts up to $897,000 for FHA and Conforming High Balance loans, with an income cap of $264,000 annually, generous enough to accommodate a wide range of Bay Area buyer profiles.
What makes this particularly relevant for Drift at Riverfront is that one of Tim Lewis Communities‘ preferred lenders, offers CalHFA at just a 0.50 point origination. Most lenders charge 2 points or more. That difference translates into real savings at closing and over the life of the loan.
What Could Less Than $10,000 Out of Pocket Look Like?
Based on financing scenarios above* Drift at Riverfront buyers, a CalHFA FHA program could result in a total due at closing of approximately $6,397 on a $754,610 purchase, after down payment assistance and a seller credit of $12,000** are applied.
Even at a higher purchase price of $878,530, the same program could result in approximately $8,917 due at closing.
Is Drift at Riverfront Right for a First-Time Buyer?
Drift at Riverfront offers modern condominiums from the low $600s and townhomes from the mid $700s in the heart of Petaluma. New construction means no deferred maintenance, no competing offers, and no surprises.
For Bay Area buyers earning $170,000 – $204,000+ annually who haven’t owned in the last 3 years, the combination of Drift’s price point, CalHFA eligibility, and our preferred lender advantage makes this one of the more compelling first-time buyer opportunities in Sonoma County right now.
The best first step is a conversation with our preferred lender. Come see Drift at Riverfront in person, stop by for a tour, explore what there is to do in Petaluma, or enjoy a virtual tour on our website anytime.
Sales office open Tuesday through Sunday, 10 am – 6 pm. Mondays by appointment.
Frequently Asked Questions
Who qualifies as a first-time home buyer?
Anyone who has not owned a primary residence in the last 3 years, including previous homeowners who have been renting.
What is CalHFA?
The California Housing Finance Agency offers down payment assistance and favorable loan programs to help California buyers purchase a home with less money up front.
What income do I need to qualify?
Buyers generally need approximately $168,000 – $204,000 in annual household income, depending on monthly debts. The Sonoma County CalHFA income cap is $264,000 annually.
Can I really get in for less than $10,000 out of pocket?
Based on the financing scenarios provided in the chart*, select CalHFA programs may result in less than $10,000 due at closing after down payment assistance and seller credit. Individual results will vary, speak with our preferred lender for your specific numbers.
*Actual figures will vary based on individual qualification and loan terms. Interest rates can change at any time – the above interest rates are used as illustrations and are not a guarantee that these interest rates or programs are available. Buyers are encouraged to connect directly with our preferred lender to run their specific numbers.
**Information, rates, terms, and programs are subject to change without notice. This is not an offer to enter into a loan agreement.
