The opportunity to lift us out of the housing crisis lies with first time home buyers.
Governments at all levels know that for true economic recovery to occur, housing has to make a comeback and first time home buyers will lead the way.
As a result when you survey the lending landscape you see a wide array of first time home buyer loan programs designed to put first time home buyers on the path to homeownership.
The following list is by no means inclusive, but covers many of the available programs for first time home buyers.
Some of these programs are only for first time home buyers in Riverside County, CA, some for first time home buyers in California, others are applicable across the United States.
Not all the programs require that you be a first time home buyer but many do, especially to receive down payment assistance or tax credits. Most programs define first time home buyer as “not having owned a home in the last three years.” Even if you were one of the first casualties of the housing meltdown you may qualify for one or more of these programs, as long as your last three years of tax returns do not show the interest or property tax deductions.
Not everyone qualifies for these programs as some have maximum income limits and property eligibility requirements, but if you are working with a first time home buyer specialist, we can determine the programs best suited for you in your search as a first time home buyer.
The common thread of these programs is they have loan down payment requirements (3.5% or less) or can be combined with down payment assistance and have more flexible qualifying guidelines than conventional loans with 5% down payment.
1. FHA – First time home buyer program since 1934, 3.5% down payment – may be combined with down payment assistance programs. No income limits
2. VA – ZERO down payment for qualified veterans and active duty military. No income limits
3. USDA – Zero down payment, income limits and property eligibility requirements.
4. CALHFA /FHA – First time home buyer program for California first time home buyers. Maybe used with CHDAP down payment assistance which qualifies for lower interest rate. May be used with qualified down payment assistance programs. Has income limits and property eligibility requirements.
5. Riverside County (CA) Down Payment assistance programs, up to 20% down payment assistance for qualified first time home buyers. Each program has different income limits and property eligibility requirements.
a) RHP – Redevelopment Housing Program – for bank owned and short sales in unincorporated areas of Riverside County.
b) FTB-First Time Buyer Program – for short sales in targeted cities within Riverside County.
c) NSHP- Neighborhood Stabilization Housing Program – for bank owned properties in targeted cities with Riverside County.
6. MCC – Federal Income Tax Credit for qualified first time home buyers in Riverside County.
7. HUD Homes- $100 down payment for certain homes offered by Department of Housing and Urban Development. No Income limits or FTHB restriction
8. HomePath – 3% down financing for special Fannie Mae REOs – No income limits or FTHB restriction
9. HomeStep – 3% down financing for special Freddie Mac REOs – No income limits or FTHB restriction
10. CalStrs – 3% down for California Teachers – No income limits or FTHB restriction
11. FHA 203k – FHA Financing for homes that need repairs, includes costs of repairs in loan amount – No income limits or FTHB restrictions.
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