Home Loans for First Time Buyer to choose from

Home Loans for First Time Buyer to choose from

by Cheryl Zenski

Home loan programs available for first time buyers

FNMA’s new HomeReady loan program offers borrowers a way to purchase a home with very little money down. As low as 3% of your own funds, but…. if you are able to qualify for down payment assistance to help; your down payment could be reduced to as low as $500. (depending on down payment program used)

USDA loans can help with -0- down and will allow down payment assistance as well. A reason to have down payment assistance in this case would be to increase your purchasing power. (you must purchase in a USDA jurisdiction)

VA borrowers of course have a benefit of having -0- down loan program.

Calhfa programs offer down payment assistance as well as first mortgage that can help a borrower get into a home with -0- down.

Sapphire Home Loan, combines an FHA, VA or USDA loan with a true grant of either 3% or 5%.

Ready to buy your first home?

If you feel you are ready or may be ready in the next 6 months to a year. Get some answers now, understand things you may need to be doing today that can help you be mortgage ready and get in on the Great “ American Dream” of owning your very own home!

Buying a home in today’s market can feel disruptive and overwhelming task, but it doesn’t have to be. There are many programs today to help just about every borrower obtain the American Dream of owning their own home.

There is a myth, that folks believe, that they must have 20% down payment to purchase a home. I’m here to
say, that is just not true. There are a variety of loan programs to help those that have the capacity to purchase (make enough income), but just have not been able to save enough for the down payment and closing costs.

There are many low down or even “no” down loan programs available. The key to all this treasure is working with a knowledgeable Mortgage Lender and Mortgage Loan Officer. You want to work with someone who understands these programs. Not all Mortgage lenders understand these programs and do not offer them or have done one. You want to work with someone who does them monthly. If you do, you will be rewarded with getting a better deal with less frustration.

You may be asking ”How do I find these Loan Officers” Ask questions! Talk to your friends, talk to your agent. The first question can be, “Have you worked with loan programs that offer low or no down programs and offer down payment assistance?”. Once you have found someone with knowledge about these programs, you can then find out how they can help you purchase a home.

There are down payment assistance programs throughout the State of California. Most down payment assistance programs available in the market require that you do have some of your own funds into the transaction. Depending on the program, this can be for as little as $500 up to 3% of the purchase price. Putting these programs together with a first mortgage that will allow down payment assistance is possible and happens every month.


  • Financial