First Time Home Buyer Purchase Qualifier

First Time Home Buyer Mortgage Loans in California

Are you a first time home buyer? Looking for a great deal on first time home buyer mortgage loan in California? You’re in luck! California offers many opportunities for first time home buyers to secure a home at a great interest rate. As one of the leading lenders in Los Angeles and surrounding areas, LBC Mortgage has the knowledge and expertise to help you get the best possible deal for your unique needs.

If you’re interested in learning about the types of home buyer loan programs you can take advantage of, read on for more details!

Government Loans for First Time Home Buyers in California

The California Housing Finance Agency or CalHFA offers a wide range of loan programs to help first time home buyers in California buy a home. For example, the CalHFA program is an FHA (Federal Housing Authority)-insured loan that offers a 30 year fixed interest rate mortgage to new homeowners.

There’s also the CalPLUS FHA program, which has a slightly higher 30-year fixed interest rate than the regular CalHFA FHA program. The difference is that this type of first time home buyer loan is combined with the CalHFA Zero Interest Program (also known as ZIP) to help with closing costs.

Similar to the national-level VA program, California also has the CalHFA VA program. This is a 30 year fixed rate mortgage also designed for first time homeowners. There’s also the CalHFA USDA program which is a first mortgage loan guaranteed by the USDA that can be combined with the MyHome Assistance program.

Conventional Loans for First Time Home Buyers in California

California first time home buyers will also be glad to know that CalFHA offers conventional home loans too. These loans are insured through PMI or Private Mortgage Insurance and the rates are fixed for the 30 year term. There’s also the option, like with the government loan, to pay a higher interest rate and take advantage of the ZIP program for your closing costs.

Client Reviews

Vassiliy P
Vassiliy P
20:05 04 Jan 22
It's been a treat working with such knowledgeable and caring staff. Always reachable getting back to you with answers you need quick to make these life...
Mikhail K.
Mikhail K.
20:33 27 Dec 21
It was a pleasure working with Alex Shekhtman and his team on another loan. They made it easy and painless. Very professional and efficient. I would gladly...
Anna G.
Anna G.
15:34 21 Oct 21
LBC Team went above and beyond to help us buy our new home! They were available for all of our questions, were prompt in their replies to us, and guided us...
Julia T.
Julia T.
08:40 22 Aug 21
Excellent team of great professionals! Superb customer service! They have successfully handled our purchase and refinance in a very short period of time,...
Elina L.
Elina L.
11:12 30 Jun 21
It is hard to describe how scary we were when decided to buy a house. We had no knowledge of the processing, prices, policies, calculations… When our agent referred us to Alex Shekhtam, from the first phone consultation we felt to be just in right hands. We are so blessed to have LBC Mortgage team! Our first house was purchased just because of these hardworking, reliable, efficient, responsive professionals! Recently we were able to refinance our house on good conditions, again, just because of them! Easy processing paperwork, knowledgeable advisors, pleasant communication make you feel special. We are so grateful to all and everyone from LBC Mortgage for making our dreams true!!!!
Lora Kochetkova
Lora Kochetkova
03:44 29 Jun 21
LBC Team is now our Number One Team! Their service was impeccable! We really appreciated the detailed explanations and daily reminders throughout the whole...
Galina S.
Galina S.
13:34 29 Mar 21
Alex and his team were very attentive to our needs. We had some very specific criteria when looking for a home, and most mortgage companies, especially banks, were not even willing to listen to us -- but the team at LBC Mortgage was. They kept everything moving and were happy to answer our questions. We never felt like a burden to them, and that’s how customer service should be.
Kaylani paliotta
Kaylani paliotta
05:51 25 Mar 21
If you are shopping online for mortgage or refinance, look no further. Seamless process and good communication. I am pleased with their fast response. They kept me updated with each phase of a process. Thank you LBC Mortgage.
Christiane BABINOT
Christiane BABINOT
07:40 03 Mar 21
I work in construction, so I was used to going to the banks for a loan and being told “no” over and over again. I decided to see if I could bypass the process. I’d heard a lot of good things about this company but I didn’t realize how dedicated they were to helping me until I got to know them myself. They looked at all of my information and got me a great deal for my next project. I know who I’ll be using for all of my home loan needs from this point forward.
Jules Bonchamps
Jules Bonchamps
07:28 16 Feb 21
I’m a real estate broker myself and I consistently rely on LBC Mortgage to get me the best deals. I always know that I can count on Alex Shektman and his team to come through for me when I need them and I even use them myself! No better testimonial to their services than that!
Shane Watson
Shane Watson
04:54 12 Feb 21
I would like to express my gratitude to the LBC Mortage team and personally to Alexander Shekhtman. I turned to Alexander about buying a home: Alexander and his team supervised the whole process very professionally. Personally, in working with LBC Mortgage i liked the punctuality, delicacy and professionalism - any question, any incomprehensible place, was immediately explained and covered. I wish success and good luck to the Agency and its employees in their future work!
Marat Shaimardanov
Marat Shaimardanov
05:16 11 Jan 21
The services were provided at the highest level. They worried about us and delivered information as many times as necessary so that we would all understand) And also a huge plus of this company that I do not really speak English, so I received all the information in Russian, since most of the employees know Russian. I recommend this company
Roman Trach
Roman Trach
12:59 22 Dec 20
We have worked with Alex and his company for many many years and were never disappointed. Just recently they worked on refinancing for our home and again the result exceeded all of our expectations. The team is very professional, on point, makes sure you as a customer, are aware of every step along the way. Everyone is always very helpful and courteous. It was a pleasure to work with Alex and his team again. Thank you!
Alla Krishtall
Alla Krishtall
02:46 23 Sep 20
It’s my second time in 10 years enjoy excellent, very reliable and fast service , strongly recommended to everyone, no hustles and desirable result !!And by the case very professional and friendly stuff !!!
Luna Lovegood
Luna Lovegood
22:36 25 Aug 20

Need Help with Making a Down Payment

Coming up with minimum down payment can be a major hurdle for many first time homeowners in California. Fortunately there are many different options for assistance with making the down payment and closing cost. These types of loans are called subordinate loans which means that you don’t need to start making payments on them until your home is sold, refinanced or paid off, making the mortgage payments much more affordable.

It’s important to note that with deferred payments, there may be some requirements associated with your loan. For example, the MyHome program offers a smaller loan for the lesser amount of 3.5% of the home’s purchase price or appraised value. Other programs like the USDA and Conventional loan programs offer an amount up to the lesser of 3%. The point is that when it to getting the best deal on your first time home buyer mortgage in California, whether you need down payment or closing cost assistance or not, it’s a good idea to work with a California home loan expert that understands the unique needs of first time home buyers and can work with you to help you maximize your savings while helping you to afford the home you’re looking for.

And in the California real estate market, homes are bought and sold at an incredible rate. Although the markets are competitive, working with a professional can make a huge difference in how much you pay — and for first time homeowners, it’s all about the savings.

Why Choose LBC Mortgage as Your First Time Homebuyer Loan Specialist?

At local Los Angeles LBC Mortgage office, we help prospective homeowners throughout California get great deals on their home loans. First time homeownership can feel like a daunting process — so many rates and requirements and eligibility steps to follow. However, when you work with a team that is dedicated to your success, the results are nothing short of outstanding. We invite you to read our countless testimonials from first time home buyers who chose us when looking for the best lender in California to help them buy their first home.

And when you’re ready for us to help you, give us a call or fill out the form here on our website. We’ll work with you to help you better understand the terms, and help you get the best rate for your California first time home buyer loan  — even if you have a complex or unusual situation.

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