My wife and I are first time home buyers in California. Is there a down payment requirement? Is there a first time buyer programs? Also, our CK 735.
(0) | asked by: Sidhartha Raj | share | 6 days ago | Report
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Hi Sidhartha! There are a ton of first time home buyer programs in California! I'll start with a couple federal options which are USDA 0% down for rural areas. Google USDA rural development to see if the area you are looking at buying in is eligible! Then there is the much more common FHA loans which are 3.5% down loans. After that there are a lot of down payment assistant programs that are basically turn into second mortgages on your home, many of which you won't have to worry about paying until you pay off your house or try to sell it. Make sure you know and understand all disclosures when using a home buyer assistance programs because they can be very confusing. Your 735 credit score is phenomenal and will probably not be a barrier of entry when you go to buy a home or apply for down payment assistance. If you contact me I can give you the phone number of my preferred lender that can explain all of the programs in more depth than I ever could!
Hi, Sidhartha, Seb's answer is very good. A helpful resource to find possible down payment assistance programs is "downpaymentresource dot com."
FHA loans require 3.5% down of the purchase price. This amount can be sourced from a gift or 401k. As a first time buyer, the first step is to work with a loan officer to secure financing and know estimated interest rate, closing costs etc upfront.
answer by Davis Andrew
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answer by JILL MCCAIN
I have helped several first time homebuyers. There are numerous first time homebuyer programs that can cover your entire down payment and the majority of your closing cost. I would love to go over the options with you.
There is no down payment requirement par se. In some areas, you can get a USDA loan with 0% down, or if you are a veteran, you could get a VA loan with 100% financing. Many first time buyers use FHA financing, which requires just 3.5% down. There are some conventional loan programs which only require 5% down. The trick is that in today's market, you may be competing against other buyers that have 10-20-30% down, and those seem like stronger buyers to most sellers. This may make it challenging to get an offer accepted with a low down payment. Also, the lower down payment you have, the bigger monthly payment you'll be faced with, so for best results, save up the biggest down payment you can. There are first time buyer programs in some municipalities, and you may be able to get down payment assistance from the California Housing Financing Agency.
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