California First Time Home Buyer

Real Estate Market News

california-first-time-home-buyerFirstHomeBuyers predicted rates would hit 4.25% range in 2013 and currently rates are in the low 4% range for most first time home buyer 30 year fixed loans. Unfortunately, the projection for mortgage rates is that they will peak out at 5.50% range by the end of 2014 due to possible rate tightening measures by the Federal Reserve in 2015. Also, if there is a shock to the economy such as a government shutdown rates could skyrocket to 6 to 7% range so now is the time to buy your first home.

Today, homes are more affordable for California first time home buyers but home sales and prices have risen in 2013. Furthermore, there is a low inventory of homes in many markets and high demand and the National Association of Realtor is urging new construction to solve this problem. Finally, even though mortgage rates have been low, banks have tightened credit standards and they have been reluctant to loan money but there are still some great 1st homebuyer programs such as FHA, VA, and USDA which have more flexible guidelines and can make homeownership a reality.


California First Time Home Buyer Programs

CHF Access Program apply now
.50% down payment or 99.5% financing
1st and 2nd fixed rate mortgage combination program1
580 minimum credit score
Income restrictions apply   
Seller can pay 6% of purchase price toward closing costs

USDA 100% Financing Program apply now
Zero down payment
640 minimum credit score
Property must be located in targeted area. Check property eligibility. Email with property address if you want us to check if the home is eligible.
Income restrictions apply. Check income eligibility.  
NO PMI or Private Mortgage Insurance
Seller can pay 6% of purchase price toward closing costs

FHA Program apply now
Low down payment
620 minimum credit score
Check single family, condo, and 2-4 unit property loan limits
FHA approved condos eligible
Kiddie condo option: Parents or family member can co-sign on loan
Lower down payment than standard FHA program is available in Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee if you purchase FHA Foreclosure
Down payment can be 100% gift or down payment assistance or grant funds
Seller can pay 6% of purchase price toward closing costs

Good Neighbor Next Door apply now
good-neighborGet home at 50% discount on home in target areas. Search homes now.
Must be law enforcement, police officer, teacher, firefighter, or emergency medical technician to be be eligible for this program
Low Down Payment Option available in HUD Participating Communities.**

Home Possible Neighborhood Solution Program apply now
teacher-first-time-home-buyer  You may be eligible for this program is you are a Teacher, Law Enforcement Officr, Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), or Military Personnel
620 Credit Score
Reduced mortgage insurance which means lower monthly mortgage payment
Flexible Qualification Guidelines

VA Loan
apply now
va-first-time-home-buyer0 down payment
Great fixed rate loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard. Reservists eligible with 6 years service.
620 minimum credit score
No maximum loan limit
Single family home-VA approved condo-townhome

FHA Streamline 203k Renovation Loan apply now
203k-rehab-loanRepairs which range from $5,000-$35,000+ may be included in loan amount.
Great program to fix up foreclosures. 
Visit 203K Loan for more details on Streamline 203k program

PMI Buster apply now
Low down payment
NO PMI or mortgage insurance
720 minimum credit score


Rent Versus Own
Rents are moving up and you need to stop paying your landlord. When you own a home you build up wealth, get tax breaks, and experience the pride of homeownership. Try rent vs own calculator now and find out why owning a home is better than renting.

10 Steps To Buying Your First Home
Don't know where to start? View video on how to buy your first home.

Search Homes
Search for homes in your area. Start working with a Realtor and get the lastest property listings emailed to your email inbox. The inventory of homes on the market are down so it is important that you take action and set up an appointment to see the home you like as soon as possible. In most cases, you should use a Realtor to increase your chances of getting your offer accepted on the home you have your heart set on.

California Down Payment Assistance
The CHF Access Program offers down payment assistance for 3% of purchase price to California first time home buyers.
Extra Credit Teacher Home Purchase Program is intended for eligible teachers working in high priority schools in California. Offers a deferred-payment junior loan of an amount not to exceed the greater of $7,500 or 3% of the sales price or in CalHFA-defined high cost areas an amount not to exceed the greater of $15,000 or 3% of the sales price. Assistance can be used for down payment.