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.
What Our Clients Say About Us
My husband and I bought a house through LBC Mortgage company. Alex made it so easy on us! To be honest, I was terrified of all the paperwork buying a house and getting a loan assumes. I was pleasantly surprised! Alex and his team helped us with getting loan approved and close fast. I would highly recommend this company.
I must say that this office is one of the few businesses I can always count on, both professionally and personally. So when it comes to California real estate funding in general and residential in particular, I’ve been entrusting my dear clients ranging from locals to foreigners to these good folks that I trust with my own loans!
Excellent experience all around From the initial mortgage application, to the closing. I want to thank everyone involved in getting this file closed and funded . It was a tricky file and Alex and his team went above and beyond to get it resolved. Highly Recommended !!! A+ Service.
Great company and easy to deal with them. Very understandable and prompt. I was dealing with Alex and he helped closing loan on time. LBC mortgage kept their words and provided 5 star service.
I am getting into the business of investing in real estate , in this business you need to act fast , and you need to be able to get financing for the property super fast ( or pay cash ). Alex approved me for the loan fast , escrow was closed on the 27th day!!! And got me a rate almost a full percent lower than i was expecting. I will contacting Alex for sure for my next investment purchase.
LBC Mortgage team did a wonderful job with my new home loan. They were efficient, friendly, and did a great job from the beginning to the end. They even got me a lower rate on my loan than I was expecting. If we ever need a new mortgage. I’ll definitely be calling LBC Morgage again.
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.