Financing in 93552>Question Details

Natalie Quin…, Other/Just Looking in Palmdale, CA

I am a first time buyer, and i have heard of a program that I may be able to qualify for. What would I need?

Asked by Natalie Quintana, Palmdale, CA Thu Dec 4, 2008

wants info on the first time buyers program...what I need to qualify...and how to begin the process

0 votes Share Flag Financing in 93552

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CALFHA is one of the best programs I know for first time buyers. If you are a first time buyer, you owe it to yourself to check it out!! Their website link is

Here is some of their basic information:

The California Housing Finance Agency (CalHFA) is making homeownership affordable for first-time homebuyers in California. If you haven't owned a home in which you have occupied for the past three years, you could qualify for this program.

When the CalHFA program is combined with a Federal Housing Administration (FHA) loan you can receive a low-cost, fixed-rate mortgage to help make homeownership affordable and sustainable.

With the CalHFA FHA loan, plus down payment assistance from the California Homebuyer's Down Payment Assistance Program (CHDAP), you only have to bring one percent of the sales price in buyer contribution.

With the CalHFA FHA loan, you benefit from:

Only 1% of the sales price buyer contribution required

Stability of a below-market 30-year fixed-rate loan
3% junior lien can be used for down payment and/or closing costs
Discounted interest rate even for lower credit scores
99% loan to value (with CHDAP junior lien)

Good Luck!
1 vote Thank Flag Link Wed May 2, 2012
First of all, both sides should avoid using real estate agents. They suck money out of the deal, hide offers from the sellers, and hide properties from the buyers. Just find a property or buyer on your own, have the property inspected, and get a real estate lawyer to draw up or review the offer.
If you own, sell now so you can actually keep some of that funny money that appeared out of thin air. Otherwise, it will be painful to watch it vaporize back into thin air. Investors in mortgage-backed bonds subsidized the increase in the price of your house. Now they want their money back, and your challenge is to prevent them from getting it. The only way is to sell before your neighbors do. Time is not on your side.

If you can't sell without a loss, it's probably best to just walk away and free yourself from mortgage slavery. It depends on whether your loan was "recourse" or "non-recourse". In the latter case, the deal is simply that you can stop paying the loan and give back the house at any time. It's perfectly legal and moral according to the terms of the mortgage. Now that the government has temporarily stopped taxing forgiven debt, you can do it without owing anything! But talk to a lawer and accountant first.

If you want to buy, look around and see that house prices are falling. Why hurry to buy into a falling market? Time is on your side. Save your cash and buy for much less in the future. The way to win the game is to have cash on hand when others cannot get a loan. You do not want to be bidding your hard-earned savings against people who are bankrupting themselves with debt. It will be time to buy when lenders once again demand a 20% downpayment from everyone and get serious about checking ability to repay. You'll know prices are reasonable when it's cheaper to own than to rent. We're not there yet, not even close. Find a nice cheap rental, invest your savings every month, and enjoy the show till then.
1 vote Thank Flag Link Sun May 31, 2009
Hi Natalie, to start with take a Homebuyer Education course. Most are free and they are the starting point to qualify for any 1st Time Buyer Programs. Some of the benefits are down payment and closing costs programs. Good Luck.
0 votes Thank Flag Link Mon Sep 30, 2013
For any first time buyers that might read this take a homebuyer education class they are offered online and in person and are required for any downpayment and closing costs assistance programs.
0 votes Thank Flag Link Sun Sep 29, 2013
Contact a lender and start the approval process. Getting pre-approved takes about 10-15 minutes and is pretty painless. Depending on your credit, income and assets, qualifying you for the first-time homebuyer program shouldn't be difficult.

Feel free to contact me if you would like some help locating financing. We deal with clients all across America. I specialize in purchase deals and can make the financing process pretty painless.

Kellen Gracey
Mortgage Specialist
BayBurg Financial
Office: (954)764-7064 (ext 211)
Toll Free: (866)230-9050 (ext 211)
Cell: (386)237-7231
0 votes Thank Flag Link Mon Jun 1, 2009
Ferris Financial Group, Inc. has a special program for first time home buyer, depending on the county you live in. This program can loan up to 100% of the purchase price. We would have to review your credit, income, job stability and debt to income ratio's etc. to see if you would qualify. We would want to make sure that when you buy your first home you can afford the home you purchased.

We are a Loan broker company. The way we are set up, in some cases we can compete with the banks to place your loan and can probably do it for less than a bank can do it. As a loan broker we are licensed by the Department of Corporations with a Finance Lenders / Brokers license. We also are licenced by the Department of Real Estate. If you are interested in hearing more, please call Ferris Financial Group, Inc., Jack Ferris at 925-858-2879 so we can discuss with you what we can or cannot do.

Licenses and Certificates Held:

California Real Estate Brokers License

California Real Estate Officers License

Department of Corporations Lenders and Broker License

State of California Occupational License

Salesperson License for Manufactured Homes

Manufactured Home Dealers License

CAL VET Loan Certification

Here is our contact information if I can answer any more questions:

Jack Ferris
Ferris Financial Group, Inc.
0 votes Thank Flag Link Tue Jan 6, 2009
Hello Natalie,

If you have not already established a lending relationship, I would suggest speaking with Kelly @ MMC Lending out of Palmdale, her number is (661) 949-2002 or via e-mail at:

She will sit down with you and do a very comprehensive review of your current financial situation and assist you in obtaining a loan that will be beneficial to you. NOW is a great time to purchase. Between now and 7/1/09 if you are a first time homebuyer (you have not owned a home within the last 3 years) you could qualify for a $7,500 1st time homebuyer tax rebate. Kelly will be able to explain exactly how that would work for you and she will gear the payment plan to your current debt to income ratio.

If I can be of further assistance, please feel free to contact me via the web at or by cell (661) 466-6849.

Tamara Stoebe, REALTOR®, QSC®
Troth REALTORS® GMAC Real Estate
1801 W. Ave. K
Lancaster, CA 93534
Cell: (661) 466-6849
Fax: (661) 422-3006
0 votes Thank Flag Link Sat Dec 13, 2008
If you're seeking financing, it might not be a bad idea to speak to a banker (someone who works for an actual bank). I say this because banks tend to have access to most if not all first-time buyer programs in a local area whereas brokers may not be able to get access to as many of those products. I'm not saying don't talk to a broker (I've worked in both worlds) but a much higher percentage of banks will have the first-time buyer programs for your area than brokers will. Many programs require lenders to contribute funds towards the program on a yearly basis and this pushes out many brokers.

If you'd like to know what first-time buyer programs you qualify for, please call or email me. I can read you off a list of every one in your area and we can go over the qualifications for each. You may be able to use more than one together.

Rob Weber
Wells Fargo
p) 312.274.4136
Web Reference:
0 votes Thank Flag Link Mon Dec 8, 2008
Hi Natalie
I would suggest to go with a local Mortgage Broker that is able to offer all the possible loan products. I am in the San Fernando Valley and can offer all products. I would suggest to visit my blog to learn a little more about products and home buying process.
my contact info is
direct line 818 749 6858
0 votes Thank Flag Link Fri Dec 5, 2008
Hi Natalie,

There are some interesting loan programs for first time home buyers across the state of CA. There is down payment assitance available at the city, county and state levels that I work with. With can structure these programs with a FHA loan or VA loan. I work with many first time home buyers across the state and I'm very familary with all the programs.

Rob Chomentowski
Sr. Loan Officer
Affinity Financial
0 votes Thank Flag Link Fri Dec 5, 2008
Your best bet is to contact a local and trusted mortgage broker. Stay away from the internet lenders. they will be able to pre quailify you at no cost. Once you know what you can quailify for you should hire a buyer broker who can assist you with each step of the buying process. Usually you can hire one at no cost to you as they get paid at closing by the fee offered by the listing broker to listing agents at closing. good luck with your search.
Web Reference:
0 votes Thank Flag Link Thu Dec 4, 2008
Hi Natalie, You need to contact a lender. Talk to friends, relatives, co-workers for a referral. Talk to them about first time buyer programs. I'm sure they can help you. Good luck!
0 votes Thank Flag Link Thu Dec 4, 2008
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