Home Buying Help Center

01/18/2023

Learn about the 10 Myths of Down Payment Assistance programs.

Today's GSFA Lender Updates and Insights breaks down some of the most common myths concerning Down Payment Assistance (DPA) Programs! Hear from Meagan Harris...

01/18/2023

Another California buyer gets assistance with their purchase using a CalHFA program!

CalHFA recently had the opportunity to chat with recent homebuyer Leslie Ann about the home she purchased in Oakley, CA using one of our programs. Leslie Ann...

01/01/2023

Winter Decor Ideas for Christmas and Beyond

We love Christmas as much as the next mortgage lender, but there’s a lot more to the holiday season than just Santa’s big day. And even when the holidays end, you’ve still got months of winter to get through. Whether you’re staging your home for an open house or just trying to make spirits bright after the sun goes down at 4:30 in the afternoon, we rounded up five easy winter decor ideas to help keep you cozy.

5 evergreen winter decor ideas
Candles, candles, and more candles
Seasonal throws and pillows
Natural accents
Neutral color palettes
Stunning centerpieces
Ready to deck your halls with non-Christmas decorations? Let’s get into it.

1. Candles, candles, and more candles
There’s nothing quite like candlelight to create a warm and welcoming atmosphere, especially if your home doesn’t have a fireplace (you can even put candles in the fireplace if you don’t want to go to the trouble of building a fire). But, before you fill your shopping cart with these wax wonders, there are a few things to keep in mind.

Fire hazards. Make sure your candles are in correctly-sized holders, and be mindful of where you place all those little open flames (especially if you have small children and/or curious pets)
Scents. One or two scented candles can set the perfect seasonal vibe, but if you light multiple scented candles at once, it’s going to be overwhelming (and possibly the cause of an allergic reaction for some of your more sensitive guests).
Upkeep. Did you know you’re supposed to trim your candle wicks before each use? This will help prevent tunneling, excessive smoke, and generally helps you get more mileage out of each candle.
If all that sounds like a lot, LED flameless candles are an easy-to-find alternative. You could even splurge on a set with a remote to save yourself the trouble of turning each one on individually.

2. Seasonal throws and pillows
Layers aren’t just for your winter wardrobe. Adding more texture to your space with chunky blankets and accent pillows is an easy winter decor idea to implement on a budget—and it doesn’t hurt that it makes your setup more comfortable, either. From faux fur to flannel, textile accents offer plenty of ways to express your style while visually (and literally) warming up your home.

3. Natural accents
Incorporating elements of nature in your decor can go a long way towards boosting your mental health and elevating your space. While winter isn’t exactly known for its lush plant life, there are still a few ways you can keep your natural accents seasonal. If a carefully arranged bowl of pinecones isn’t your thing, try some of these vibrant winter houseplants that can handle the changing temperatures.

Jade plant
Snake plant
Tradescantia
Aglaonema
Oxalis triangularis
4. Neutral color palettes
You might think that bright, bold colors would be the best way to stave off the dullness of winter, but a neutral color palette will give your decor more longevity, create a calming atmosphere, and imbue warmth into your home. Plus, if you’re showing your house, neutral decor can make potential buyers feel welcome while still being able to envision the space as their own. It’s all about hygge.

Hygge (pronounced hooga) is a Danish trend that’s grown in popularity over the past several years. Hygge is a lifestyle, but as decor, it manifests as minimalist palettes, layered textures, and warm-toned lights.

5. Stunning centerpieces
Cozy meals are a big part of what makes winter feel more manageable, so don’t forget to devote some extra energy to your table settings. There’s no wrong way to make a centerpiece, but some reliable seasonal elements include:

Fresh evergreen trimmings, like cypress, holly, and juniper
Winter fruits, like apples, pears, and oranges
Decorative accents, like fake snow, burlap, and string lights
Are there any winter decor ideas I should avoid?
While no winter decor ideas are off the table if they make you happy, you’ll generally want to avoid placing decorations on your windows. Why? The days are short, which means limited natural light. Anything you place in or on your windows reduces the amount of sunlight that makes it into your home, which can have negative effects on even the hardiest of houseplants and humans.

Of course, one of the biggest perks of homeownership is the freedom to decorate as you please. Don’t let one blog post sway you from what feels right—even if it was written by home experts who really know what they’re doing.

Try these tips for evergreen winter home decor to keep the cozy vibes going all season long.

01/01/2023

Should I Use My Tax Refund as a Down Payment?

Put that extra cash toward your future.
Tax return season is upon us. As checks come in the mail, renters have the chance to put those extra earnings toward something more than clothes or food. But let’s face it: coming up with that daunting 20% down payment isn’t easy. In fact, saving for a down payment on a home is one of the biggest obstacles that renters face in the transition to homeownership. This year, consider taking your tax refund and putting it toward a down payment, like many other first-time home buyers do.

Any amount helps
If you’re a renter looking to become a homeowner, it’s critically important to have accurate expectations. That means understanding that your tax refund probably won’t be the entire 20% down payment you’d like to provide. It will likely be much lower than that, depending on your situation. In fact, the IRS states that the average tax refund in 2016 was $2,860.

Good news for many first-time buyers is that borrowers who qualify for an FHA loan will only have to provide 3.5% and those who qualify for a fixed-rate Conventional loan may only need to put down 5%, In February 2022, the median U.S. home price was $398,500, requiring a down payment of only about $13,947 for an FHA loan and $11,955 for a fixed-rate Conventional loan. These estimations just go to show that any amount you receive as a tax refund can be a substantial contribution to a down payment on a home, even if it doesn’t cover the entire cost.

Is it a smart move?
There is wisdom in using your tax return money in this way, but it truly depends on the borrower. While mortgage rates are still historically low, borrowers have the opportunity to use their tax refund and move onto bigger and better homes that might have monthly mortgage payments that are lower than what they’re currently paying in rent.

However, the decision to purchase a home shouldn’t be based on whether the market is good for buying. That may be a factor in your consideration, but before you buy a home, you should make sure that you’re ready to buy a home. It’s as simple as that.

If you are relying solely on your tax refund as down payment money, that could be a sign that you haven’t been able to save any money on your own. In actuality, the only reason why you’ve come upon this extra cash is because you overpaid in taxes last year. If you haven’t been able to save for a down payment, there’s a chance you also have revolving debt and lack an emergency fund. When you apply for a mortgage, you have to prove that you’ll be able to sustain many monthly payments into the future, and if your tax refund is your primary source of down payment money, you may not be able to swing that.

While these are important factors to keep in mind, don’t forget about random repairs. Once the house is yours, your mortgage may truly be cheaper than what you were paying in rent—which is great. However, there are many extra costs of homeownership that can pop up or be forgotten. For example, you may be saving $200 a month to own, but during your first year you may have to cough up $4,000 to replace your HVAC unit. There are some things you just can’t predict.

You decide
How will you use your tax refund this year? If you’re thinking about putting that money toward a down payment, contact us and we'll connect you with a Loan Originator if homeownership is possible for you right now.