1st-Time Home Financing for California Borrowers

California Mortgage Loan Company specializes in loan programs for 1 st time home financing

Rising Mortgage Rates Have Not Halted of First-time Buyer Loan Options

The California real estate market has slowed down and the boom days are gone at least for now.. With rising interest rates, buying your first home may appear doubtful; however, unique home loans available for first-time homebuyers can turn hope of ownership into a permanent address. Qualifying for special first-time homebuyer loans is based on several factors, which may vary according to the type of program. The one prerequisite to all programs offered only to first-time buyers is its definition. Lenders define first-time home ownership as the buyer "not owning a home for the last three years prior to the intended purchase." Other qualifications may include:

  • Income restrictions based on family size - many first-time buyer loans have maximum income limits.

  • Property location - some programs identify specific funding areas where the home must be located. Property price restrictions may also apply.

  • FICO score qualifications - all lenders consider credit scores (determined by repayment history) but the minimum score allowed varies by program. Your lender will request a credit report for you upon application for the loan.

  • Employment ---generally, lenders like to see two years steady employment in the same field, and at least one year with the same employer;Â however this requirement varies by program. Self-employed applicants will be qualified using their past two year's tax returns.

  • Down Payment ---this requirement varies by program. The good news is that some loans require no down payment, while others call for a small amount down.

  • Home Equity ---you might qualify for a first-time homebuyer loan where helping in the construction or rehabilitation of your moderate single family residence is mandatory.

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