What is a First Time Buyer Program in California ?
A program that lets you buy a home using some kind of assistance to the down payment or to qualify for a home loan.

Do I have to be a first time buyer? What does that mean?
No some programs you don’t have to be a 1st time buyer (usually you do though). Also certain areas offer more leniency. A 1st time buyer is considered someone who has not owned a home in the last 3 years, nor co-signed, nor taken any mortgage interest deduction on their taxes.

How does it benefit me?
Lower than normal cash outlay and/or preferred loan terms. Often Zero down and Zero Closing Costs.

How do you qualify?
Just like a normal loan except in many cases we need 3 years of taxes. You will provide Cash, Credit and Income documents along with a complete Loan application and we will have to run your credit.

What are the restrictions, if any with buyer programs?
Usually the restrictions are in place to protect the borrower from getting into trouble since many buyer programs you don’t need to invest much money.
Debt ratios are much more conservative.
Credit scores must be above 640 and the programs improve as your fico score increases.
Sales Price restrictions.
Location restrictions.
Income restrictions

Often times these restrictions do not affect borrower qualifying. Contact our office today to see how you can own a home within 45 days of applying.

Call today 909-920-3500!!!