Are there any first time home buyer programs in 94513? My wife and I are first time buyers/she is a teacher.

Asked by Shilo, 94513 Tue Aug 19, 2008

My wife is a teacher, so we would like to take advantage of any programs for teachers and first time home buyers that are out there. We are looking to buy by the end of the year, but not sure if waiting and trying to improve credit scores is a better idea?

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Tony Abad, Agent, El Cajon, CA
Sun Nov 29, 2009

I'm curious, did you buy before the end of 2008?

0 votes
Alex Barraza, Agent, Concord, CA
Sat Aug 23, 2008
In today's market environment banks are constantly changing their programs;best thing to do is:

1. Identify a reputable loan officer and stay with one.
2. Your credit report should not be run multiple times in a short period of time,i.e. monthy, bimonthy as it
brings your score down.
3. When you give documentation to any loan officer/realtor provide them with copies only keep your
4. When someone runs your credit report, always request a copy of it, this means you probably have to
pay for this report.
5. Keep in mind you are working through a process to be able to reach your goal.
6. Francisco Chan is a loan officer I have worked with who is honest and can help you identify a program
to get the best loan for you. His number is: 925 229 1985.

Good luck and best wishes.
0 votes
Yona Bello, , Studio City, CA
Wed Aug 20, 2008
Hi Shilo,

Yes there are programs available to you. I use Nancy Everett who can be reached at 818-424-5626.
Nancy has helped me with several of my teacher clients and you should definitely take advantage of this program.

Yona Bello
0 votes
Janice Spenc…, , 94531
Wed Aug 20, 2008
Dear Shilo,

I didn't see any answers from a local agent yet, so I thought I'd take a moment to respond to your question. Brentwood has a Down Payment Assistance Program that can be used in conjunction with an FHA loan, but it is quite difficult to use this source since they require you to use one of only three loan agents and they may be out of funds right now. FHA currently allows Seller Funded Down Payment Assistance, but will discontinue doing so after Oct. 1st. State employees have access to some special programs through CALPERS. I work with a certified mortgage planner who is well versed on all the First Time Buyer Programs available, and she takes the time to help you decide of the options available, which makes the most sense in your long range financial plan. If you'd like her contact information, let me know.

Janice Spencer
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0 votes
Joel Fletes, , Daly City, CA
Tue Aug 19, 2008
Hello, If your wife has 3% down, she can get HUD owened properties for up to 50% off. That's HUD idea to get more "health neighbors" to certain areas. What everyone says about FHA is ok, but as I said, there are some extra benefits if you are a teacher, firefighter and police officers. Call Yansy at 650-271-4765, Sr. Loan Consultant
0 votes
The Hagley G…, Agent, Pleasanton, CA
Tue Aug 19, 2008
There are several programs for first time home buyers, teachers, and community servants. I would recommend talking to a local mortgage broker and compare the programs. You can also get an idea of whether you qualify now....or whether you need to take care of issues on your report first. I like Linda Grassi at 925-824-4848. She does my personal loans. Great gal
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0 votes
Jerry Flynn, Agent, Clayton, CA
Tue Aug 19, 2008
What are you credit scores now? FHA Loans has a 3% Down Payment, and now you can ask for the seller to pay up to 6% of the Sale's Price, for your recurring and Non recurring closing costs. That is the lowest down payment going, unless one of you are a Veteran, and then you can get in with no Down Payment.

The FHA Loan will change to 3.5 % Down Payment on October 1, 2008, so you have to act fast. FHA Loans also allow for someone to Gift you the down payment, also, but it has to be a Gift, so you don't have to pay it back.

Now is the time to buy, because it is almost impossible to guess when the market is going to bottom out, and when it does, the prices start right back up again, and it's harder to find a home. It becomes a seller's market, and it's harder to get the sellers to pay your closing costs.

I'm basing this on 33 years experience in the Real Estate Industry, and I've seen just about every market out there. So my advise is Buy now.

I hope the answered your Question.

Have a Great Day.

Jerry Flynn
0 votes
Catherine My…, Agent, Walnut Creek, CA
Tue Aug 19, 2008
There are some excellent teacher programs... low downs, silent second loans... several options. I have a couple of referrals for you if you'd like to contact me , I will give you a couple local names.
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