First Time Buyer
First time home buyers often look for a home before they take the time to get “pre-approved”. This can lead to disappointment if they can not qualify to purchase a property that they would like. A first time home buyer can avoid being disappointed by getting pre-approved not pre-qualified. With pre-qualification, a lender tells you “how much you can qualify for” based upon information you provide but they don’t commit to making you a loan.
On the other hand, a pre-approval involves filling out an application, submitting documentation, and obtaining a formal pre-approval letter. This letter will give you greater negotiating power and let sellers know that you are a NO problem buyer.
How to buy a home with limited money down! There are still first time home buyer programs that offer low down payment options with approved credit. Don’t put off buying due to a lack of funds since there are many flexible loan programs to meet your financial situation.
You can still buy a home with damaged credit! You should not pass up the opportunity to own a home because you feel that your credit is not good enough to qualify. Consulting with one of our professionals in advance can help bring forward any potential issues you might have. This will also give you the chance if needed to take the necessary steps to improve your credit rating or correct and discrepencies
If you do not qualify for a loan now, we can help guide you on improving your credit and what steps to take.
If you do not qualify for a loan now, we can help guide you on improving your credit and what steps to take.
To learn more about your credit
Understanding Your Credit
Some First Time Buyer Programs:
FHA
This government-backed loan allows a first-time buyer to purchase a home with as little as 3.5% down. Lower fico scores are acceptable.
CalFHA
This program is similar to FHA, the California Housing Department supports it and allows as little as a 3.5% down payment. CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan.
CalHFA’s subordinate loans are “silent seconds”, meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced, or paid in full. This helps to keep your monthly mortgage payment affordable.
VA
The Veterans administration sponsors this program and allows qualifying armed force veterans to purchase a home with 0 Down payment.
County and City assistance
Check with one of our first-time buyer consultants on specific programs available in your particular City or county. Click here for a list of Down Payment Assistance programs Freddie Mac DPA One List. 
