California First Time Home Buyers
There has never been a better time for California First Time Homebuyers than right now. Housing prices have fallen from all time highs to affordable levels throughout California. North County San Diego including the cities of Oceanside, Vista, Carlsbad, Rancho Bernardo, Poway, San Marcos and Escondido were all considered to have some of the highest property values in Southern California. However, these communities and most others throughout the state have suffered huge declines in home values since the housing bubble burst in 2007.
California FHA and VA Mortgage Options
First time buyers can take advantage of several extremely attractive financing options such as California FHA mortgages for as little as 3.5% down payment. California VA mortgages, that offer ZERO down payment options to qualified military personnel. In addition, FHA also offers 100% financing for some California rural communities under their USDA program.
What Is The Definition of a First Time Home Buyer?
According to HUD, a first time home buyer is a person that meets any ONE of the following conditions:
An individual who has had no ownership in a principal residence during the 3 year period ending on the date of purchase of the property. This includes a spouse. If either meets the above test, they are considered first time home buyers.
A single parent who has only owned with a former spouse while married.
An individual who is a displaced homemaker and has only owned with a spouse.
An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
An individual who has only owned a property that was not in compliance with State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
California FHA and VA Mortgages are both fantastic options for First time home buyers if you and the property you're interested in purchasing fit the requirements specified by the
particular FHA or VA home loan program you select.
Get more information regarding your specific situation by clicking on our Purchase Assistant or Refinance Advisor at the top of this page. We will get right back in touch with you to go over your qualifications and our recommendations for the best mortgage loan options for your situation.
