Unfortunately for those looking to purchase their first home, it's become increasingly difficult to do so.
However, there are ways to improve your chances of being able to get into the home of your dreams depending on where you live.
Keep reading to learn about some of the first time home buyer programs in California and how you can qualify for them.
First Time Home Buyer Programs in California
Let's jump right into four of the most popular programs in California for first time home buyers.
School Teacher and Employee Assistance Program
If you are a school teacher or else work for a school, you will want to look into this state-funded program. It offers a deferred-payment subordinate loan that helps with closing costs or your down payment.
MyHome Assistance Program
This is another deferred-payment subordinate loan that's available to all types of employees in California. It likewise helps you cover your down payment or closing costs and you don't have to pay on it until you pay off your mortgage.
Cal-EEM + Grant Program
If you want to make your home as energy efficient as possible, be sure to check out this FHA-insured mortgage. It allows first-time and repeat homebuyers with a 30-year mortgage to make improvements to their homes.
CalHFA Zero Interest Program
For help with closing costs, there's the CalHFA Zero Interest Program. It can provide up to 4% of the loan amount as a second loan with no interest. This can make it easier for you to purchase your first home.
National First Time Home Buyer Programs
If none of these state programs appeal to you, consider one of these national first-time homebuyer programs.
USDA Loans
The United States Department of Agriculture now offers this type of low down payment loan for rural and many suburban areas. The income limitation also varies by region so you'll have to check to see if you qualify.
VA Loans
With competitive interest rates and low down payment options, current service members, veterans, and surviving spouses can all take advantage of this type of loan through the U.S. Department of Veterans Affairs.
FHA Loans
The Federal Housing Administration offers loans to those that have low credit scores and who are looking for a low down payment option. If that sounds like you, be sure to find out more about this program.
Whatever option you choose from, if you're looking for a home in Placerville or surrounding areas, be sure to check out Bruce Champion Real Estate. They may also be able to help you choose which loan program is right for you.
Learn More About How to Buy Your First Home
Now you know about several first time home buyer programs in California as well as some at a national level. With this information, you can start looking for your CA dream home and a way to pay for it.
To learn more about how this process works in Cali and ensure you get the best possible deal, keep reading our blog. We have a ton of real estate articles that will help you make better buying decisions.
