Resources for First-Time Home Buyers
Congratulations on taking your first steps towards home ownership! Pursuing and ultimately buying your first home is a significant investment and a huge game changer for you and your family! I’ve laid out some great resources below to get you started in your quest.
Let’s Get Started!
Before you start your search for a home, it’s important to get organized, have all your finances in order, and do all your homework. In addition to reading up on all the options, programs, and links below, I highly recommend you seek the advice of a professional mortgage broker. They can get you prequalified–an important step in buying a home! That being said, check out some great information I dug up for you!
What Are My Options?!
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While getting pre-approved through a reputable lender is a great way to get started, Fannie Mae’s Knowyouroptions.com is an incredible step-by-step companion to help guide you along with the goal of home ownership in mind. Ideally, a good FICO score and saving up enough money for a down payment and closing costs, should be at the forefront if you want to purchase a home through a conventional loan.
Think you’re Ready to buy? Check out their guide:
Fannie Mae’s Know Your Options to Home Buying
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So you’ve done your homework and want to see what programs may be out there for you? Nerdwallet.com does a great job summarizing programs and loans for first-time homebuyers. They touch base on conventional and VA loans, as well as FHA loans designed for those with weaker credit. Check out their list to see what may be your best fit!
8 First-Time Home Buyer Loans and Programs
Additionally, Nerdwallet.com has compiled their list of programs offered in California for first time home buyers. Again, I highly recommend you seek the opinion of a professional mortgage broker to help you determine if any of these programs are right for you. Here is Nerdwallet’s list of California First-time Home Buyer Programs:
California First Time Home Buyer Programs
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Southern California Home Financing Authority (SCHFA) is a joint powers authority between Los Angeles and Orange Counties formed in June 1988 to create first-time homebuyer programs for low- to moderate-income households. Check out what Los Angeles County Development Authority has to offer!
LACDA Home Mortgage Programs
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Local Programs for Financial Assistance!
There are some great charities and grants available to first-time home buyers. The Los Angeles Housing and Community Investment Department as well as the association I belong to– The Pacific West Association of REALTORS®— have some amazing financial assistance programs for first-time home buyers.
The Los Angeles Housing and Community Investment Department is offering financial assistance programs for qualified home buyers. Check out the details at the link below to see if you might qualify!
Los Angeles First-Time Home Buyer Assistance Programs
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PWR Open Doors
Pacific West Association of REALTORS® Charity Foundation offers Payment Assistance through the Open Doors Program. There are two programs available–The First-Time Buyer Down Payment Assistance Program and the Men and Women in Uniform Program.
First-Time Home buyers: As your REALTOR® and a member of PWR, I may be to help you receive up to $3,500 in down payment assistance, if you are eligible. Funding is limited and not all qualified applicants will be approved. Please see the link below for more details:
First-Time Buyer Down Payment Assistance
Military, Active Duty & Veterans: As your REALTOR® and PWR member– if you are my client, you may be eligible to receive up to $3,500 to be used for closing costs, rate buydown or down payment. This program is first come, first served. See more information at the link below:
Men and Women in Uniform Program
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Ok, I’m Excited! I’m Ready to Buy A Home!
You’ve done all your research, got in touch with some great lenders, and now you’re ready to make some big decisions! The pride of home ownership is so close! But again, I cannot stress this enough, it’s very important that you seek out the advice of a qualified professional mortgage broker! They have all the resources you can imagine and will jump-start you to exactly where you need to be! Getting pre-approved through a professional lender not only shows sellers that you are a serious buyer in this very competitive market, but it also helps you know exactly what you can afford in a home!
Ready to buy?! Go ahead and give me a shout!
I hope this was a great resource for you! From the bottom of my heart, I look forward to helping you achieve your dream, every step of the way!
-Steven
