First Time Home Buyer
A First-time Homebuyer is someone who has Not owned a home (including a home owned by a spouse) in the past three years. This definition is often used to determine eligibility for various first-time homebuyer programs, loans, and incentives. It's important to research specific program requirements, as some may have additional criteria, such as credit score, debt-to-income ratio, and income limits.
FHA and VA loans are typically the best for first time home buyers.
FHA mortgages can be had with as little as 3.5% down and monthly mortgage insurance.
In California, the lowest credit score a first-time homebuyer may need to qualify for a mortgage in 2025 will depend on the loan type. FHA loans can be obtained with a credit score as low as 500, but a 10% down payment will required in this case. With a 3.5% down payment, the minimum credit score for an FHA loan is 580. Conventional loans, on the other hand, typically require a minimum credit score of 620.
If you're a First Time Home Buyer, you might have the following questions:
1. How much Money do I need to Buy a Home?
2. How much House can I Afford?
3. Can I get a mortgage with my Credit Score?
4. How much Cash will I need for Closing Costs?
5. Will I need 20% Down Payment?
6. What is "PITI" ?
7. What is the 28/36 Rule?
8. After I'm approved, should I ask for a Home Inspection?
9. What is included in the Sale - Appliances etc.?
10. How long does the process take from Begining to getting the Keys?
If you have any questions, please email me at:
federico@federico4homes.com
If you have any questions regarding a FTHB, send me an email or give me a call, and I'll do my best to help you out!
661 904-4223
federico@federico4homes.com