How can I purchase a home as a first-time homebuyer without a downpayment in California!
As a first time homebuyer in California, you may have the opportunity to purchase a home with very little to money down. We have state specific home loan programs that can assist you with the down payment, such programs as the CHDAP, Access and FHA Platinum. Each program will have income limits per the county in which are looking to purchase your primary home in. These 3 down payment assistance program will assist with 3% down of the required 3.5% on the FHA home loan program. You will be required to come in with .5% down or $1000 if the 5% down is less than $1000.
You may surprised on where you can find funds to purchase a home with no money or very money as your down payment. That is why you should speak with a licensed loan officer to explore all avenues toward homeownership. That is where I would like to be a part of your team to purchase a home with a down payment assistance for a first time homebuyer.
We can also look at 2 other no money home loan program with VA and USDA. These 2 loan programs are not limited to the first time homebuyer, you will need to be an active or retired service member for the VA home loan program and the USDA home loan is available in a designated part of the county that you are looking to purchase in.
The group with the most opportunity to purchase a home with very little or no down is the first time homebuyer and this is the time for you to get off the fence and move towards owning a home verse renting one. Even if you do not plan to live in the home very long or the home may not be in your desired area, purchase property has a form of investment to sell for a profit or rent it out for monthly residual income.
Because you can purchase a home with a down payment assistance program and rent the home out after one year and move on to purchasing another home with as little as 5% down on a conventional home loan program.
You must speak and obtain qualification for any home loan program to purchase property, each loan program will have different lending requirements that we must follow in order to complete your home loan transaction. That is why you need to speak with a mortgage professional so he or she can place in the position to purchase a home and if you not qualified to purchase a home now, but at least you will have a road map on what you will need to do to put you in the position to purchase a home later on.
It does not hurt to explore what you need in order to purchase and own a home on a first time homebuyer program or a 100% home loan program with VA or USDA.
How can I purchase a home as a ffirst-timehomebuyer without a downpayment in California!
by Nathan Rufty