Get Top First Time Home Buyer Loans in San Francisco Bay Area
Buying the first home in San Francisco can be a real challenge. Property prices in California are astronomical, being, in fact, the highest-priced state in the continental USA. A house averages a price of about 750K, and you would need about $150K downpayment, which is the 20% that most standard financing requires.
However, it’s not all bad news. Fortunately, first-time homebuyers can buy their dream home through one of the first-time homebuyer loans that you are eligible for. It is essential then that you know a little more about first time home buyer loans in San Francisco Bay Area.
Top-6 FAQs About Financing for First-Time Homebuyers in San Francisco
- What Financing Options Are There in California for First-Time Homebuyers?
You can explore different national financing options for first-time homebuyers, which are offered by most lenders, such as Conventional Mortgage, USDA loans, VA loans, or FHA loans. However, the California Housing Finance Agency, or CalHFA, offers excellent mortgage alternatives for qualified first-time homebuyers, such as the CalHFA/CalPLUS conventional loan, the CalHFA/CalPLUS, and the CalHFA VA loan.
- How Do I Qualify As a First-Time Buyer in San Francisco?
To qualify as a first-time homebuyer in the Golden State, it does not necessarily have to be your first home. If you have not owned or occupied your own home in the last three years, you are considered a first-time homebuyer in California. This will allow you to access a first-time homebuyer program that will make it easier for you to purchase your home.
- What Is the CalHFA/CalPLUS Conventional Loan?
This is a fixed-rate CalHFA loan with a term of up to 30 years. It is available to those who wish to purchase a single-family home, including manufactured homes on a permanent foundation. This loan must be insured by private mortgage insurance purchased in the conventional market. You can also use this credit option to refinance your conventional mortgage.
- What is CalHFA/CalPLUS?
This is an excellent alternative that allows you to obtain a mortgage with fixed interest rates for up to 30 years. The great advantage of this option is that the mortgage interest rates are significantly lower than those of the conventional market. Keep in mind that there are certain specific requirements to qualify.
- What is the CalHFA VA?
This is an alternative for veterans or military spouses. This loan is backed by the U.S. Department of Veterans Affairs. It has a low, fixed interest rate for 30 years. You must meet specific VA requirements to get it.
- How Much Down Payment Money Would I Need With These Credits?
The cost of the down payment for your first home will depend on the loan you get. Many first-time buyer credit options only ask for 3%, about $22K. However, you can even get a 0% down payment with some alternatives.
Get the Best First Time Home Buyer Loans in San Francisco Bay Area
If you want to access any of the options in this first-time homebuyer’s guide, the wisest thing to do is to have the support of an elite real estate agency that will help you avoid home buyer mistakes and help you get the loan you want. At Alex Maltez Real Estate Group you have the most outstanding team of realtors ready to help you get the home of your dreams. Let our more than 20 years of experience work in your favor. Get in touch and explore the best home financing options with us.