Benefits of the First Time Home Buyer Program

Did you know California recently experienced a boom in the housing market, with a 25.2 percent increase in home sales from 2011 to 2012? In fact, during October of 2012, California experienced its highest home sales in a five year period. The state of California has the California Homebuyer’s Down payment Assistance Program, which provides the option for a deferred payment. Up to 3 percent of the purchase price or the appraised value of the home covers the down payment or closing costs of a home. If you are looking for down payment assistance programs for a new home, you might want to check out the benefits of the first time home buyers program.

The intent of the first time home buyers program is to give people who have never had a mortgage, the option to get their foot into a new home. Another type of program to consider if you have never bought a home before is FHA home loans. FHA home loans consist of assistance from the government to help people get into a home as well. While looking for homes in Cherry creek in Sacramento CA, be sure to realize not all homes qualify for FHA home loans. In fact, you can find information online about FHA homes to find out which homes allow people to use the FHA home loan program.

With an FHA home loan, the applicant does not have to worry about their credit score. Instead, each applicant’s credit worthiness is reviewed in context. Another program used to help people buy a new home is the Veterans Administration Home Loan programs. The Veteran’s association will guarantee a certain percentage of the mortgage to help people qualify for a new home. As you can see, programs like the first time home buyers program, FHA loans and Va home loans, are helpful for people who want to finance their next dream home. Be sure to look up more information online about a first time home buyers program if you have never purchased a home before.
Helpful info also found here.