Buying your first home can be a real challenge, especially in a state like California where prices are often sky-high. Luckily, the Golden State has a variety of first-time home buyer loans and grants to help those who need an extra hand. Call me and find out how to get started.
MORE GOOD NEWS
If you’re a California first-time home buyer with a 20% down payment, you can get a conventional loan with a low interest rate. And you never have to pay for private mortgage insurance (PMI).
Of course, few first-time buyers have saved a 20% down payment. Doing so could be especially challenging in California, where 20% of the average sales price is nearly $150,000.
But the good news is that you don’t need 20% down. Not by a long shot. California home buyers can often get into a new home with as little as 3% or even 0% down using one of these low-down-payment mortgage programs:
- Conventional 97
- FHA Loan
- VA Loan
- USDA Loan
- CAL-HFA Mortgage Programs
- California Dream / Shared Appreciation Loan Program
Call me and find out which one of these government sponsored programs you qualify for?
HOME LOAN GUIDELINES FOR 2023
The Federal Housing Finance Agency has set the conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2023. In most of California, the single-family residences loan limit is $726,200 for a single family home in Riverside and San Bernardino counties, an increase of $79,000 from $647,200 in 2022. For a duplex residence or residences established as 2 units, the loan limit is $929,850, an increase of $101,150. In Los Angeles County and Orange County, the loan limits are: $1,089,300 for a single family residence, and $1,394,775 for a 2-4 unit home. This is great news for first-time homebuyers because they only have to come up with a 3.5% down payment. Call me and see how close you are to becoming a homeowner!
HOMEOWNERSHIP IS A REALITY IN 2023
California has its share of housing challenges. Whether it’s affordability or availability, finding a home is often a difficult exercise.
Yet, despite these hurdles, renters in California continue to aspire to become full-fledged homeowners and remain relatively optimistic they will eventually attain that status.
According to a recent study by the California Association of REALTORS® (CAR), 80 percent of renters in the Golden State hope to own a home someday.
When you are ready to "Commit" to becoming a homeowner in 2023 or 2024, give me a call and let's explore the many options that can enable you to purchase your dream home!
I look forward to hearing from you!