Are there any mortgage programs for first-time homebuyers?

Yes, there are several mortgage programs available to first-time homebuyers in California. The California Housing Finance Agency (CalHFA) offers two loan programs – the CalHFA FHA Loan Program and the CalHFA Conventional Loan Program – that help families purchase their first home. The CalHFA FHA Loan Program provides lower down payment requirements and more forgiving credit guidelines than conventional loan programs. This program can provide assistance to families who have not had the opportunity to build significant savings for a down payment. The CalHFA Conventional Loan Program can serve those looking for a loan with a more traditional structure. This program offers longer loan terms than most conventional loan programs and more reasonable debt-to-income (DTI) ratios. It is important to note that all applicants for these programs must meet specific criteria including income, debt, and credit score requirements. Additionally, loan applicants may be required to participate in a homebuyer-counseling program. If you are a first-time homebuyer in California looking to purchase a home, there are many mortgage options available. It is important to thoroughly research the different programs and requirements to ensure you find the program that best fits your needs.

Related FAQs

What is a mortgage-secured line of credit?
How can I lower my mortgage payments?
Are there any tax incentives for mortgages?
What is a balloon mortgage?
What is a mortgage discount point?
What are the benefits of a mortgage?
How does a mortgage broker differ from a lender?
What is a reverse mortgage?
Are there any special mortgage programs for low-income families?
What is interest rate?

Are there any mortgage programs for first-time homebuyers?

Related FAQs

Related Blog Posts