First Time Home Buyers
First Time Home Buyers understand that owning your own home is one of the cornerstones of the American dream. Indeed, low interest rates over the past decade have meant that more Americans than ever before have become first time home buyers. Yet, as anyone following the news knows, the subprime lending market of the past has created a number of repercussions, including many homes foreclosing due to the inability of owners to make their house payments.
With foreclosures increasing and the hot housing market cooling, the asking prices for homes are dropping a touch. This is great news for first time home buyers who are seeking to purchase a home in California. Indeed, California first time home buyers may have before them the best opportunity to own a home in years. With the new Zero Down California™ program, California first time home buyers may purchase a home with zero down payment. If home buyers align themselves with a savvy Realtor®, they may be able to negotiate with a seller for closing costs. In this sense, not only would a down payment be taken care of, but there would be no closing costs either. Imagine that! It si possible to walk into your own home with no out of pocket expenses.
What to Look for in a Lending Program
When it comes to mortgages in California- it’s important to find the right mortgage program for the needs of you and your family. For example, if you have limited available funds, you will need to find a program that may fund the entire purchase. Zero Down California™ is the most flexible niche option for 100 percent financing (or zero down) available. You have the flexibility of FHA financing along with your choice of fixed rate terms for the downpayment. An ideal loan for those with current limited resources and who may be able to qualify otherwise.
What if Your Credit is Less than Ideal?
Before you go to a lender, you should check your credit rating. Federal law requires that each of the three major credit reporting agencies provide you with a free annual credit report. Reviewing these reports will not only provide you with your credit rating, but will alert you to any misinformation or errors contained in your report.
Bad credit mortgages come with higher interest rates, so it pays to clean up your credit before actually buy.