First Time Homebuyer
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 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