Regional Programs Assist First Time Buyers

By Karen Lawson
LoanPage.com Columnist

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Living in California is great, but home prices can be challenging. If you're tired of throwing away money on rent, it's time to consider state and local programs that assist first time homebuyers. In order to qualify for a new home loan under these programs, you must meet income guidelines, and the purchase price of your new home must fall within stated limits. Depending on the program you choose, you may also qualify for funding for home repair and your down payment.

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California Home Loans: Programs Provide Accessibility

You've got a great job, but will you ever be able to qualify for a California home loan? With home prices among the highest in the US, Federal, state, and local government agencies have recognized that too many California citizens cannot qualify for the mortgage amounts needed to buy a home in today's high priced markets. To get started, you'll want to know the amount of your gross income, and how much you owe in debts. This will help mortgage lenders find a first time buyers program that can assist you.

New Home Loan Options: Programs Promote Affordability

First time buying programs may be offered through state and local programs. In order to qualify, you must meet certain criteria:
  • » Residency requirements: You must meet residency requirements defined by your program.
  • » Down payment: You'll need to make a small down payment amount, usually 2 to 3 percent of your home's purchase price
  • » First time home buyer status: Generally, you must be a first time buyer, or not have owned a home in two to three years.
  • » Principle residence: The home you're buying must not be your primary residence.
  • » Meet income criteria: Your income must meet qualifying program limits. For example, Certain LA area programs require 80% or less of Los Angeles County's median income to qualify.
Check out first time home buyer programs online, or ask mortgage lenders in your area, as they can help make homeownership a reality.

About the Author
Karen Lawson is a freelance writer who has more than fifteen years of experience in mortgage banking. She holds and MA degree in English from the University of Nevada, Reno.

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