First Time Home Buyer Loan in California
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- California 1st-Time Home Buyer Programs
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- Partnering with Borrowers & Realtors
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What type of property are you refinancing?

Single Family

Multifamily

Condominium

Townhouse
How will this property be used?

Primary Residence

Vacation Home

Investment Property
Estimate credit score

Excellent 770+

Good 660-719

Avg. 620-659

Below avg. 580-619

Poor <579
What type of property are you purchasing?

Single Family

Multifamily

Condominium

Townhouse
Are you a first-time home buyer?

Yes

No
How will this property be used?

Primary Residence

Vacation Home

Investment Property
Estimate credit score

Excellent 770+

Good 660-719

Avg. 620-659

Below avg. 580-619

Poor <579
Final Step
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Summary
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Best 1st Time Home Buyer Loans
A first-time home buyer mortgage is designed to help you purchase your first property and take that exciting step toward homeownership. With special loan programs, low down payment options, and flexible terms, we make buying your first home affordable and stress-free.
First Time Home Buyer Mortgage Programs
Government-backed programs and special loan options make homeownership more affordable with low down payments, flexible credit requirements, and assistance programs.
✅ Low down payment requirements
✅ Flexible credit score guidelines
✅ Subsidized loan programs for first-time buyers
Conventional Fixed-Rate Mortgage
A great option for buyers planning to stay in their home for at least five years. This loan offers:
✔ Stable monthly payments – Your interest rate never changes, regardless of inflation or market fluctuations.
✔ Low down payment – As little as 3% down if you have a 660+ credit score.
✔ Gift funds accepted – Family contributions can be used toward your down payment.
⚠ Best for buyers planning to stay at least five years.
FHA Home Loans
A government-backed loan offering flexibility for first-time buyers:
✔ Low down payment – Just 3.5% down with a 580+ credit score.
✔ Credit score flexibility – Approval possible with scores as low as 500 (with 10% down).
✔ Grants, assistance programs & gifts allowed – Down payment funds can come from outside sources.
We’ll help you find the best FHA loan options in Los Angeles and across California.
Veteran Home Loans (VA)
Exclusively for active-duty service members, veterans, and military spouses through the Department of Veterans Affairs.
✔ $0 down payment – No upfront cash required!
✔ No private mortgage insurance (PMI) – Lower monthly costs.
✔ Competitive interest rates – Some of the lowest available for a 30-year loan.
If you’re eligible for a VA loan, this is one of the best financing options available. Learn more.
Have Questions? Reach us out.
In-Person at LA Office
1810 W Burbank Blvd #150, Burbank, CA 91506
Cell-phone
M-F 10 AM-5 PM (PST)
On-line
Simply e-mail or use online-chat
The Benefits of the First Time Home Buyer Program
Buying your first home is a life-changing investment with long-term financial and personal rewards.
Here are the key benefits of homeownership for first-time buyers:
Stability and Predictability
No more unpredictable rent increases or sudden eviction notices, your home is yours. With a fixed-rate mortgage, your monthly payment stays the same, offering financial stability. Fixed payments create stability, and you have full control to personalize your space.
Home Equity
The U.S. Tax Code allows homeowners to deduct mortgage interest and property taxes. These deductions can lower your taxable income and help you keep more of your earnings.
Appreciation
Real estate historically appreciates, increasing in value by about 5% annually. Property values often rise over time, creating long-term financial returns.
Tax Benefits
The U.S. Tax Code allows homeowners to deduct mortgage interest and property taxes. These deductions can lower your taxable income, helping you keep more of your earnings.
Savings Plan
Homeownership provides long-term financial security. It acts as a forced savings plan. Paying down your mortgage functions like a built-in savings plan.
First Time Home Buyer Loan Process
Four Easy Steps to Your Success
Step 1 - Pre-Qualification
Talk to us and know your options. Our team will review your current situation and present mortgage options and rates for you.
Step 2 - Find Your Dream Home
We can refer you to the best real estate agents in Los Angeles and California. Enjoy a home shopping experience.
Step 3 - Pre-Approval
Get a first time home buyer loan approval on the terms you want.
Step 4 - Closing
Enjoy your homeownership! Since this day, you investing in your own property!
Applying for a First Time Home Buyer Loan
Are you ready to get a mortgage for your first home in California? The requirements will depend on the type of loan that you will choose.
Even though you can get a loan with a bad credit history, the requirements will be stricter, and you will have to pay more. Down payment requirements for each type of home loans for the first time home buyer:
- FHA loans – 3.5% with a 580 credit score.
- VA loans – no down payment.
- Conventional loans – 5% – 20%.
- No doc loans – 10% with 12-month Bank statement, 680 credit score.
- Limited loans 25% with W2 & Self-Employed Borrowers 700 credit score.
Contact our specialists to review which loan option fits your situation.
First Time Home Buyer Loans in California FAQ
What types of loans are available for first-time home buyers in California?
First-time homebuyers in California have a couple of loan options available for them. Some of these are:
- FHA loans: These loans are insured by the Federal Housing Administration and require only a small amount of money as a down payment, coupled with a lower credit score.
- Conventional loans: Conventional loans are a great option for homebuyers with reliable credit who are ready to make a larger down payment.
- VA loans: Active military members and veterans qualify for these loans at the same competitive rates but with no down payment.
- CalHFA loans: The California Housing Finance Agency sponsors loan programs for first-time homebuyers, possibly including down payment assistance.
What are the eligibility requirements for first-time home buyer loans?
Eligibility for each category of loan requires, but is not limited to:
- Credit score: 580 FHA, 620 conventional. Stable income. At least 2 years of employment. Down payment between 3.5% to 20%.
- Income: Your income should be sufficient to make the mortgage payments. Some programs have income limits.
- Employment history: Lenders like to see a stable employment history, typically two years minimum, in the same job or industry.
- Down payment: FHA loans require as little as 3.5%, while conventional loans may need 5% to 20%.
How can I qualify for down payment assistance in California?
Most programs offer first-time home buyers down payment assistance, including:
- CalHFA MyHome assistance program: Up to 3.5% of the purchase price or appraised value.
- City and county programs: Many municipalities also have programs that provide financial grants or low-interest loans for down payment assistance.
- Non-profit organizations: Many non-profits offer financing opportunities to qualified buyers.
What is the process of applying for a first-time home buyer loan?
The process predominantly includes:
- Pre-approval: This involves pre-approval by a lender to show how much you can afford and also presents you as a serious buyer in the market.
- House hunting: View houses with a real estate agent within your reach.
- Loan application: Submit to your chosen lender a formal application, financial documents such as pay stubs and tax returns, bank statements.
- Home inspection and appraisal: This means the real estate should be in good condition, and the value of the appraisal is proper.
- Closing: Finalize the loan, pay closing costs, and sign all necessary documents to become a homeowner.
What are the benefits of an FHA loan for first-time buyers?
FHA loans allow low down payments and flexible credit requirements, making them a common choice for first-time buyers.
Are there tax benefits for first-time home buyers in California?
There are some other tax benefits for a first-time homebuyer.
- Mortgage interest deduction: It allows you to take the interest you pay on your mortgage and exclude it from your taxable income.
- Property tax deduction: This is the deduction of the property taxes paid during the year from the taxable income.
- Mortgage credit certificate (MCC): It entitles qualified first-time homebuyers to claim a tax credit against part of the mortgage interest paid.
How can I improve my chances of getting approved for a first-time home buyer loan?
To enhance your approval chances:
- Improve your credit score: Pay all debts on time.
- Save for a down payment: The more money you put down, the better your loan terms may be.
- Reduce debt: Lower your debt-to-income ratio by paying off existing loans and credit card balances.
- Get pre-approved: Most sellers look out for pre-approved buyers. Get them that pre-approval letter to prove that you are serious and capable of handling the financial burden.
What should I consider when choosing a lender for my first-time home buyer loan?
When selecting a lender, consider:
- Interest rates: These may vary, and the best deal may be obtained by shopping around amongst different lenders.
- Loan terms: Look for favorable terms, including down payment requirements and repayment periods.
- Reputation: Choose a lender with positive reviews and a strong reputation for customer service.
- Assistance programs: Ensure the lender participates in first-time home buyer assistance programs that can benefit you.
Customized advice and further discussion of options, call ID Mortgage Broker today. We stand by and are ready to take you step-by-step through your best-fit loan option.
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