Buying your first home can be an intimidating process. The good news is that by working with someone who understands the California mortgage process, such as Brain Decker Mortgage, you not only gain access to a variety of lenders willing to work with you, but you get guidance as you navigate your way through the programs available to first time homebuyers in California.
The great thing about purchasing your first ever home is that there are a number of ways in which you can get help with things like closing costs, interest rates and down payment. It is wide open right now for those first-time buyers looking to purchase property, especially in California, and Brian Decker, loan officer, is one mortgage broker you can trust to simplify the process for you.
Understanding the Federal First Time Home Buyer Options
If you’re like many, you begin to search for and read about mortgage options and your mind starts to spin. You’re not even certain what half of the terms mean. Again, this is why you need a professional mortgage specialist who has spent his working life helping more first time buyers than any other broker in the country qualify for VA or FHA assistance. Brian Decker Mortgage actually assists more than 300 first time buyers a year find the perfect financing solution for them. Here’s a brief overview of a couple of the federal programs available:
- FHA (Federal Housing Authority) Loans. Many have heard the term ‘FHA loan,’ but still are somewhat fuzzy on the details. Basically, an FHA loan is a good one when it come to first time buying, particularly because the eligibility requirements are somewhat less stringent than with more conventional loans. Your credit score doesn’t have to be quite as high; plus, the down payment needed is lower—depending on other factors, it could be as little as 3.5%.
- VA Loans. With a VA loan you can actually have a no down payment scenario—the catch however is that you have to be a military member, dependent, or spouse. The VA insures the money that comes from an outside lender. Credit scores for this loan generally have to be 620 or above.
California Based First Time Homebuyer Programs & Brian Decker Mortgage
When it comes to the state of California specifically, there are also some very worthwhile options to consider.
- CalHFA and CalPLUS Conventional Loans. These are specific to California residents and are 30 year fixed mortgages—the CalPLUS tends to have a higher interest rate. The good thing about these loan programs is they can be paired with other California initiatives to help first time buyers save on closing costs and down payment.
- CalHFA FHA and CalPLUS FHA Loans. Much as with the federal FHA program, this one also helps those with lower credit scores, as they are backed by the FHA. And again, these can be paired with other California programs to help defer closing costs and other such fees.
Purchasing your first home doesn’t have to feel like climbing a mountain. Brian Decker, loan officer, has been doing this for years and so he understands the nuances, he can help match you with the program that best fits your needs, and most importantly, he can help you buy your very first home.