Below you will find information on programs especially for First Time Home Buyers:

What is a First Time Home Buyer?
Most programs consider you a first-time homebuyer if you have not owned and occupied your own home during the last 3 years.

What Loan Programs Are Available For First Time Home Buyer?

If you are a low or moderate income homebuyer, there are special programs designed to help you as a first time home buyer. These loans are available through private lenders, as well as local and state housing agencies, like the California Housing Finance Agency (CalHFA).
First time home buyer loans give financial assistance to qualified borrowers. They may do this in the following ways:
• Allow for a very low (or no) down payment
• Subsidize interest costs (they pay all or part of it)
• Offer grants
• Forgive loans
• Limit fees that lenders are allowed to charge
• Defer payments

What Programs Are Available to Assist With the Downpayment  And Closing Costs?

There are many down-payment assistance programs for first-time buyers that are offered by banks, local governments and charities. Many are open only to low- or moderate-income buyers and some are targeted to specific communities. Some programs provide up to 10% in funds for down payment assistance that never have to be repaid.

You will need a down payment. Down payment requirements vary depending on the type of loan. Many down payment assistance programs exist. These programs may loan or grant you the funds necessary for the down payment. Ask me about programs available in your area.

You will need funds for closing costs. Closing costs are charges for services related to the closing of your real estate transaction. They include, but are not limited to:
o Escrow fees charged by the company handling the transaction
o Title policy issuance fees charged by the title insurance company
o Mortgage insurance fees
o Fire and homeowners insurance
o County Recorder fees for recording your deed
o Loan origination fees

How Can I Find a Home That Meets The Requirements of First Time Buyer Programs?

You must purchase a home that is within the program’s  sales price limits for the family size and county in which the home is located (income and sales price limits are slightly higher in Federally designated Targeted Areas) .
What is a Targeted Area?

Areas that are “targeted” by the Federal Government were identified in the 2000 Census as areas in California where 70 percent of the families who live there earn an income that is 80 percent or less than the statewide median income.

 I know what those limits are and will search only for homes that are within the limits. I can also direct you to the Targeted Areas and try to find housing in those areas.

Please contact me for more information on any of these First Time Buyer Programs.