California First Time Home Buyer Loan Programs in Los Angeles
If you have never before purchased a house, what in the world are you waiting for? Today's Los Angeles housing market offers a range of properties that could be just right for you and your family. Read on to learn a few things about California first time home buyer loan programs in Los Angeles.
According to The Pleasant Hill Patch, first-time home buyers in the Golden State have three typical loan options from which to choose:
Loans funded by the United States Department of Agriculture help people who live in rural area to buy a house without shelling out a large (or any) down payment. With a USDA loan product, you'll need to budget cash to cover closing costs. In lieu of that, you may be able to manage a credit arrangement to cover closing costs with the seller.
If you qualify, a USDA loan may allow you to buy a house for as much as the conforming loan limit. If you meet the requirements for a USDA home loan, you probably won't have to worry about down payments at all.
* Low, finance-able upfront mortgage program
* Low monthly insurance rates
* Seller can pay 6 percent of the closing costs
* Minimum credit score 580
With this sort of loan product, you may be able to move into a new home with as little as 3 percent of the purchase price dedicated to a down payment. As in the case with USDA loans, the qualifying standards are more stringent than they might be were you to get a home with a 5 percent or more down payment.
When an individual or family needs a home loan in excess of $417,000, it's called a Jumbo loan, and they may be required to put at least 10 percent down as a down payment. If this all sounds rather confusing, don't worry. Premiere of California can explain everything you'll ever need to know about conventional loans and other home loan products.
* 30 year fixed rate
* No prepayment penalty
* No closing costs option
* Minimum credit score 720
When the Federal Housing Authority does the lending, they insure mortgages with as little as 3.5 percent down payment. In many markets, such as some of the more upscale areas of Los Angeles, the conforming loan limit surpasses $417,000. For this and other reasons, FHA home loans are among the most popular California first time home buyer loan programs in Los Angeles.
Another benefit to FHA loans is their relatively lenient qualification standards. Not uncommonly, the FHA signs off on bankruptcies, foreclosures, short sales and other unfortunate credit calamities.
* No prepayment penalty
* Credit scores as low as 500 may qualify
* No closing cost option
* Low interest rates
If you're interested, we can tell you more about these and other California first time home buyer loan programs in Los Angeles, including Freddie Mac loans and down payment assistance, too. Just give Premiere Home Mortgage a call at your earliest convenience and tell us how we can help you.California First Time Home Buyer Loan Programs Los Angeles
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