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.

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answer by Seb Frey    |   Visit My Website   |   Contact Me
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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