Steps to Buying a Home. Cal. HFA understands that buying a home is a huge responsibility; it is also a huge opportunity. Owning your home means you can paint the walls with your favorite color, plant flowers and vegetables if you choose and plant the seed for an investment in your future. Of course, before you leap into all of the benefits of homeownership, you should get prepared first. To help you get ready and get the most out of Cal. HFA’s loan programs and assistance, follow these easy steps. Step 1. Learn about Cal. HFA’s financing options and eligibility requirements. Most people borrow the large amount of money they need to buy a home. This type of borrowing is called a first mortgage loan. There are also mortgage loans that can help out with down payment or closing costs, called junior loans. Cal. HFA has first and junior loan options for low to moderate income families, including low to zero interest rate down payment assistance loans. Although many of our programs are for first- time homebuyers, you do not need to be a first- time homebuyer to use Cal. HFA's FHA and Conventional first mortgage loans. Cal. HFA does not accept loan applications directly. A Cal. HFA approved Lender will qualify you for a home loan, so you will need to apply with one of our Preferred Loan Officers or approved Lenders (See Step 2). You can find the details about Cal. HFA mortgage loans by clicking the “Loan Programs” tab above. You can find out more by clicking on the “Borrower & Property Eligibility” tabs above. Another option is to use our Eligibility Calculator to see what programs are right for you. Don’t forget to check with your local housing authorities and agencies for additional down payment assistance that you can use with Cal. HFA’s first mortgage and down payment assistance loans to lower your overall monthly mortgage payment. Step 2. Talk to a Cal. HFA Preferred Loan Officer to get pre- qualified for a loan amount. After determining if you are eligible for a Cal. HFA home loan, the next step is to speak to a knowledgeable loan officer and get pre- qualified to determine how much of a loan you can afford. You may also use a prequalification calculator to give you an idea of where you stand financially before contacting one of our Preferred Loan Officers. Lenders will figure how much you can borrow based on a formula. This formula considers your gross income, current debts, new mortgage payment (including taxes and insurance), and credit. Cal. HFA teams up with a number of preferred loan officers who know all about our programs, financing, documentation, eligibility and other details. Click on the “Find a Loan Officer” tab above to contact a Loan Officer in your area. Step 3. Attend a homebuyer education course if you are a first- time homebuyer. If you are a first- time homebuyer, and have been pre- qualified, you must attend a homebuyer education course. This education will help you understand the importance and responsibilities of homeownership. In order to obtain a Cal. HFA home loan, your loan officer must produce your certificate of completion from one of the following entities: Step 4. Figure out your needs and wants. Make a list of the things you'll need to have in your home, and a list of things you’ll want in your home. Ask yourself how many bedrooms and bathrooms you'll need and get an idea of how much space you want. How big do you want the kitchen to be? Do you need lots of closets and cabinet space? Do you need a big yard for your kids and/or pets to play in? Once you've made a list of your must- haves, don't forget to think about the kind of neighborhood you want, types of schools in the area, availability of public transportation, the length of your commute to and from work, and the convenience of local shopping. Arizona Housing Assistance Programs. There is a lot of housing assistance programs available for first time homebuyers in Arizona. 2012 Willo Home Tour; Buying An Arizona Home. Find out how to qualify for a first time home buyer FHA loan today. If you're a first time home buyer, we have first time home buyer programs. Take into account your safety concerns as well as the rate of home appreciation in the area. Choosing where you are going to live should be done with care. Step 5. Start looking for a home. This is the time to employ a real estate agent. A real estate agent will assist in finding a home within your budget and help you make an offer on the home. They’ll also know about open houses and help you through much of the paperwork involved in the home purchase. Once you’ve found a home that fits most of your needs and is in your price range, make an offer through your real estate agent. If your offer is accepted, congratulations! If not, don’t lose heart, and don’t feel pressured into making an offer that’s outside your budget; there are other homes just waiting for the right new owner.
Specializing in 2016 first time home buyer assistance in LOS ANGELES, Long Beach, Downey, Carson and nearby cities with first time home buyer programs! Only ONE buyer needs be a first time homebuyer in.
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