Are you a first-time home buyer? Don’t know where to begin with and which first time homeowners loan to choose? Then continue reading as we provide you with complete details about:
Get your copy of the First-time Home Buyer Guide for FREE.
If you thought that living in the Golden State means saving tens of thousands of dollars for a down payment or perfect credit to become a homeowner, then you might want to think again. The good news is that the residents of California have numerous loan programs to achieve their dream of buying a home. Loan programs include but are not limited to:
Buying a home for the first time is easy with this loan program. It has a low down payment and a 30-year loan term. Requirements include:
CalPlus conventional loans include the same features as the CalHFA program; however it has more additional benefits, which helps first-time home buyers to finance closing costs with a zero-interest loan.
However, this loan is offered in conjunction with the CalHFA ZIP (Zero Interest Program). Therefore, you can pay for the closing cost using ZIP as the borrower. This further enables you to get a loan equal to 2 percent or three percent of the mortgage amount.
The interest rate is zero percent, while payments through the life of the loan program are deferred. Requirements include:
This is yet another way to finance your homeownership dream. Down payment is only 3.5 percent, and the credit score requirement is a minimum of 580. Hence, through this government loan program, even buyers with less than perfect credit can afford a home. To learn more about FHA loans, please click here…
No lender will qualify a potential home buyer if they have a high risk of default. Therefore, there is a criterion determining the eligibility for a loan in terms of who qualifies and what income is recognized by the lenders.
Mortgage lenders are likely to accept those borrowers who:
Here are some tips from our experts to make home-buying simple and avoid possible mistakes:
First things first, get a mortgage pre-approval. It gives you peace of mind and helps increase your chances of securing your dream home. A pre-approval letter:
When you get a pre-approval letter, make sure it is fully underwritten to avoid potential issues later. This letter assures the seller that your information is verified which further increases your chances of securing the purchase.
Make sure to start saving early. You can do this by slashing unnecessary or impulsive expenditures and creating a budget to help reach your target. This is much needed because studies show that it takes nearly 6.5 years for an average first-time home buyer in America to save for a 20 percent down payment. So, we say start your savings in advance. Cut back on expenses and put those funds in a brokerage or high-yield savings account.
A good credit score can provide more financing choices and lower interest rates or premiums. So, if you want that, focus on strengthening your credit from today. Lenders want to see stable credit. Therefore, avoid racking up credit card debt or opening new accounts. Review your credit reports for inaccuracies, errors, or wrong information. Get them fixed to restore your credit and ensure you have the ideal score to qualify for the loan program.
If you are vested in buying your first home, avoid incurring additional liabilities like purchasing a car or taking out a personal loan. Stay focused. Don’t be tempted. All of this can wait till you become a first-time home buyer.
Work with a team that has the experience and expertise in working with first-time home buyers and can provide you with quality guidance and step-by-step assistance in achieving your goal.
Though it is possible to buy a home solo, it is not recommended when it is your first time. Work with a seasoned local real estate agent who can help vet neighborhoods, schedule home tours, negotiate, draw up contracts, etc.
So, if you wish to enjoy a hassle-free home buying process, contact us. We can provide you quality assistance from start to finish. In addition to many first-time home buyer loan programs there are also numerous down payment assistance programs. We can help you navigate through them too. These can significantly minimize the up-front cost of purchasing a home.
February Home Sales Rise by 14.5% with Prices Dropping for the First Time in a Year Home sales surged in February by 14.5%, breaking a 12-month losing streak, as buyers take advantage of declining mortgage rates, reports the National Association of Realtors. Lawrence Yun, NAR’s chief economist, reports that home buyers are conscious of changing mortgage …
In recent years, the media has been buzzing with headlines claiming that it’s better to rent than to own a home. However, before you make any decisions based on these reports, it’s important to understand the assumptions behind them… and the truth behind renting. The methodology behind many of these reports assumes that renters have …
The Truth Behind Renting vs. Buying a Home: Understanding the Hidden Costs of Renting Read More »
Let’s discuss the importance of maximizing your tax season when it comes to buying a home. If you’re a self-employed individual, it’s especially important to speak with a licensed mortgage loan officer before filing your taxes to ensure you’re making the right financial decisions. If you’re considering buying a home, utilizing your tax refund as …
Maximize Your Tax Season: Boost Your Home buying Power with a Strategic Plan Read More »
The Federal Housing Administration (FHA) has made a major announcement that is set to revolutionize the world of homeownership. They are reducing the annual mortgage insurance premiums (MIP) by a substantial 30 basis points (0.3%) of the loan balance for FHA Loans, bringing the premium down from a high 0.85% to an affordable 0.55%. This …
HUD Lowers Mortgage Insurance Premiums for FHA Loans Read More »
Don’t be a victim of missed opportunities! The time to buy a home is now, and procrastination is no longer an option. In today’s economy, homeownership is an absolute MUST and missing out on the benefits of homeownership is a terrible mistake. The cost of waiting is too high and the risks are too great. …
¿Estás soñando con ser dueño de una casa pero piensas que debes ahorrar por años para que suceda? ¡Piénsalo de nuevo! No necesitas tanto dinero como crees para comprar una casa. Aquí hay tres cosas clave que pueden ayudarte a lograr tu sueño de ser dueño de una casa antes de lo que piensas: Opciones …
No Necesitas Tanto Dinero Como Piensas para Comprar una Casa Read More »
Are you dreaming of owning a home but think you need to save up for years to make it happen? Think again! You don’t need as much money as you think to buy a home. Here are three key things that can help you achieve your dream of home ownership sooner than you think: Low Down-Payment Options …
You Don’t Need as Much Money as You May Think to Buy A Home Read More »
Unleash the power of homeownership with EZ Fundings Home Loans and their sensational Temporary Buydown Programs! Say goodbye to high interest rates and hello to low rates as low as 3% – yes, you read that right, 3%! And the best part? You won’t even have to pay a penny for it! Power of Seller Concessions …
Get your copy of the First-time Home Buyer Guide for FREE? Click here. As a first-time homebuyer, you are often confused about what type of property to purchase. Indeed, with many properties to choose from, it can become a tricky ordeal to pick one. However, buying a multi-unit as a first-time homebuyer can give you …
It’s no secret that the housing market has been on a rollercoaster ride in recent years, with home prices soaring and then moderating, and mortgage rates fluctuating. But one thing that has caught the attention of many homeowners and potential buyers is the issue of home equity. Don’t Let Headlines Scare You Recently, headlines have …
