Going from renting to paying your mortgage is a rewarding experience. For first-time buyers in Orange County or Riverside County, the process can feel overwhelming. To help buyers along the process, we’re going to share three first-time loan options to consider.
CalHFA Conventional Program
This program is perfect for first-time buyers. This is a mortgage loan insured through private mortgage insurance. The interest rate on this loan is fixed throughout the 30-year term.
In order to qualify, borrowers will need to complete educational counseling and also obtain a certificate of completion through a qualifying homebuyer counseling organization.
If buyers choose this program, it’s important to note that there are income limits that must be met.
CalHFA FHA Loan Program
Another option for first-time buyers is the CalHFA loan program. This is an FHA-insured loan with a 30-year fixed-rate mortgage.
For this loan, borrowers must occupy the property as their primary residence. Additionally, buyers will need to complete homebuyer education counseling and also obtain a certificate of competition through an eligible homebuying counseling organization.
It’s important to know that borrowers will need to meet the income limit requirements to qualify for this program.
CalPLus FHA Program
This program is another great option for first-time buyers in California. This is also an FHA-insured loan. But the main difference with this FHA loan is that it comes with a slightly higher 30-year fixed interest rate.
For this program, borrowers will need to occupy the property as their primary residence. In addition, buyers will need to complete the homebuyer education counseling and receive a certificate of completion from a qualifying homebuyer counseling organization.
In addition to this, buyers will need to meet income limit requirements to qualify for this loan.
Before reaching out to a mortgage broker to get connected with potential mortgage lenders, it’s important to consider your options for the best deal. The good news is that there are plenty of first-time buyer options to choose from.
Here at Team Sosi, we are dedicated to providing an exceptional customer experience for buyers. We want to make your home buying process as seamless as possible. If you have any questions, reach out to us today to learn more.