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First-Time Home Buyer Programs in California For 2018

First-Time Home Buyer Programs in California For 2018 - While it may seem like an intimidating process, purchasing and owning your first home is a reachable goal. Some of the cheapest and most reliable ways to hang your hat on a nice piece of property are through mortgage programs specifically geared toward first-time homebuyers. These are available both at the state and national level, though what the federal government and California state government can offer will differ. If you’d prefer to get personalized help throughout the process of getting a first-time homebuyer loan, the SmartAdvisor matching tool can connect you with as many as three fiduciary financial advisors in your area.

Federal First-Time Home Buyer ProgramsFHA Loans Pros – Low down payment requirements – Don’t need a high credit score for approval Cons – Larger down payment needed for those with a credit score beneath 580 Eligibility – As little as a 3.5% down payment – Credit score must be 500 or above Best For – Those who don’t have a great credit history and money for a down payment

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A Federal Housing Administration, or FHA, mortgage is one of the best loan options for a first-time homebuyer. It has few eligibility requirements and they’re all easy to meet, meaning it offers many Americans the chance to take advantage of its benefits. First and foremost, at most, your down payment will be a rather minuscule 10% of your new home’s value. In fact, it could drop as low as 3.5% if your FICO® credit score is 580 or above. Compare this to a conventional mortgage, which typically requires a 20% down payment, and things start to look pretty favorable.

If you have the ability to pay off an FHA loan early, you can do so without being inhibited by the typical penalty fees of a conventional loan. Your closing costs will also be lower than most loans, which will make things even easier if you’re truly strapped for cash.

VA Loans Pros – Can have up to 100% loan coverage of your home’s value – Usually come with lower closing costs than conventional loans Cons – The application process can be drawn out – Must pay a VA funding fee Eligibility – Must be a current or former military member, their spouse or other eligible beneficiary – Must have a credit score of 620 or higher Best For – Veterans with little monthly income and savings for a comfortable down payment

As you might expect, a VA loan is tailor-made specifically for current military members, veterans, their spouses and other beneficiaries the Department of Veterans Affairs deems eligible. However, the VA doesn’t physically lend you the money. Instead, it insures your loan in conjunction with an outside lender. You are required to pay a VA funding fee for these loans, though, with rates ranging from 1.25% to 2.4% depending on how much you’re putting toward your down payment.

The main draw of a VA loan is its lack of a down payment requirement, meaning it can be used to pay for the entire value of your home. This is an especially valuable feature if you’ve got the income for a monthly mortgage payments, but have struggled or lacked the time needed to build up the funds for a significant down payment. The VA also lowers the closing costs typically associated with these mortgages, helping to keep your initial costs as low as possible.

While your credit definitely doesn’t have to be top-notch to get approval for a VA loan, it does need to fall somewhere in the middle of the credit spectrum. To be exact, a 620 FICO® credit score is generally where you want to be.

USDA Loans Pros – No down payment required – Can be used to cover up to 100% of your new home’s price – Doesn’t call for a great credit score Cons – If you qualify for a conventional mortgage, you can’t get one Eligibility – Cannot make more than 115% of the adjusted U.S. median income – Must be purchasing a home within an eligible rural area Best For – Low-to-mid income Americans looking to live in a rural or semi-rural area

If you’re not eligible for a VA loan, a United States Department of Agriculture (USDA) mortgage is likely the next closest loan you’ll find. It too doesn’t call for a down payment, which takes much of the initial financial stress of a mortgage off your back. Even applicants with a scarred credit history will usually get a USDA loan, as the credit stipulations attached to this type of loan are fairly easy to fulfill. Should you fall below the acceptable threshold, though, you may need to take on a 10% down payment.

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But even a loan as great as this has its catches. The most prominent of these is the fact that to gain eligibility you must be looking to purchase a home in a federally recognized and approved rural, semi-rural or suburban area. On top of that, if your income is more than 115% of the adjusted U.S. median income, you’ll be eliminated from contention.

Good Neighbor Next Door Program Pros – Get a flat 50% discount on the value of your new home – After three years, you can sell the home and keep all equity Cons – Not available to most people and in most areas – You’re required to live in the home for at least three years following purchase Eligibility – Must be a police officer, firefighter, emergency medical technician or a pre-K to 12th grade teacher Best For – Teachers or emergency personnel with little in savings

In an effort to boost communities around the country that the Department of Housing and Urban Development (HUD) has termed “revitalization areas,” the government agency created the Good Neighbor Next Door Program. Rather than provide an actual mortgage, this program is designed to offer a 50% discount on homes in these places for emergency medical technicians, police officers, firefighters and pre-K through 12th-grade teachers. To cover the remaining half, the program allows you to get any kind of mortgage you want, including VA, FHA and conventional ones.

If you’re thinking about playing the system for a cheaper home, this program has rules set in place to keep that from happening. Anyone who chooses to utilize this program must agree to make the new home his or her primary legal residence for at least three years. For those who can make it through that time, you can then sell the home, leaving you with all the equity and profit to which you’re entitled.

Fannie Mae/Freddie Mac Pros – Very low down payment stipulations – Little to no credit needed for approval – Many loan styles available Cons – Could come with higher interest rates Eligibility – In some cases, no income requirements in underserved areas Best For – Anyone who is looking for a low down payment loan option, but doesn’t qualify for any of the above options

Fannie Mae and Freddie Mac are federal government-backed lenders created to address a number of loan issues in the U.S., including problems surrounding first-time homebuyers. Though they’re similar, their loan offerings are different.

The Home Possible® mortgage from Freddie Mac comes in two variations: “Home Possible Advantage: 97% LTV” and “Home Possible: 95% LTV.” They each require just a 3% and 5% down payment, respectively, as the LTV percentage refers to “loan-to-value,” or what percentage of your new home’s value will be covered by the loan. A Home Possible Advantage mortgage comes only as a fixed-rate loan in up to 30-year terms. On the other hand, a Home Possible mortgage offers much more choice, with 15- to 30-year fixed-rate and 10/1, 7/1, 5/5 and 5/1 terms available. Each comes with cancellable mortgage insurance as well.

Fannie Mae’s answer to Home Possible loans is the HomeReady® mortgage, which calls for a 3% down payment. All you need to do to qualify is have a FICO® credit score of 620 or above and have an income less than or around the U.S. median. Unfortunately, though, private mortgage insurance is necessary for this loan, though it can be cancelled after you’ve grown to own at least 20% equity in your home.

NADL Pros – Minimal credit score requirements – No down payment and no private mortgage insurance – Cheap closing costs Cons – Limited group of eligible borrowers Eligibility – Home must be located on allotted lands, Alaska Native corporations, Pacific Island territories or federally-recognized trusts Best For – Native American veterans that lack money for a down payment

The VA formed the Native American Direct Loan (NADL) for Native American and Pacific Islander veterans of the U.S. and their spouses. Even if you have low credit and no assets for a sizable down payment, an NADL is still attainable if you’re eligible. In fact, this mortgage can be had without a down payment and private mortgage insurance. However, you’ll still be required to pay closing costs, though they’re significantly lower than those related to a conventional mortgage.

The final precondition associated with this loan is that your new home is on one of the following: allotted lands, Alaska Native corporations, Pacific Island territories or federally-recognized trusts. If not, a VA loan might be a better choice.

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