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Joan Trossen, Realtor© / Broker
(909) 653 . 4341
joni@AskJoni.com



First Time Home Buyer Programs - Past and Present - home buyer programs, down payment, CalHFA, VA, FHA loans, Riverside, San Bernardino

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In recent years, many loan programs were created specifically for first time home buyers.
These loans featured lower down payments and approval guidelines that make it easier to qualify.

However, in today's market, things have "tightened up." At present, there is little money for special programs at the state and federal level. BUT, it shall improve. FHA and VA are "IT."

With the low prices, coupled with low interest rates, those who qualify (job, credit, cash or gift money) can purchase easily. The following is that which was offered in past years. Some or most will be forthcoming when the economy levels off in the Inland Empire (Riverside and San Bernardino Counties) and the real estate market stabilizes itself. Check with me for the latest info.

WHO CAN UTILIZE FIRST TIME HOME BUYER PROGRAMS?

    Contrary to what the title implies, first time home buyer programs are not limited to first time home buyers. Most first time home buyer programs specify that you can't have owned a home in the past three years. Some programs restrict only the past 12 months. Many first time home buyer programs are for people with moderate incomes, and there can be other restrictions.

WHAT ARE FIRST TIME HOME BUYER LOANS?

    The purpose of first time home buyer programs is to make it easier for non-owners to become owners. Some programs offer lower interest rates, some feature easier qualifying, and some a combination of both. The California Housing Finance Agency (CalHFA - formerly CHFA) program features low interest rates. The Mortgage Credit Certificate (MCC) program features reduced taxes. Community Home Buyer programs feature low down payments. It is important to note that monies for the program are limited.

FHA OR VA FOR FIRST TIME HOME BUYERS.

    FHA (Federal Housing Administration) 3.5% down and VA (Veteran's Administration) loan programs are not limited to first time home buyers, but they are great programs for buyers with small or zero down payment - VA.

FHA (Federal Housing Administration)