You are not alone in this issuet, most prospective first time home buyers are not aware of numerous mortgage loan programs that are made available for them through the city and local government agencies. Although most of these programs are income based, however, majority of the first time home buyers qualify. Popular among the programs is "down payment assistance" or "City subsidized mortgage loan" programs. These Mortgage loan programs allow qualified first time home buyers to get down payment assistance up to $60,000. There are certain guidelines and regulations for this type of loan programs and they all depend on the availability of fund but for those struggling with saving enough money for down payment and closing cost, it serves the purpose. There are other mortgage loan programs that are made available to first-time home buyers through some mortgage companies and banks but those typically are to help some category of qualified buyers with either all or part of their closing cost.
Nevertheless, the first reasonable thing to do if you are thinking of buying a house, is to talk to a Realtor who based on his/her experience and knowledge, will be able to guide you through the necessary process of buying a house from obtaining the loan (including finding available down payment assistance program) through the rigorous process of finding your desired home, to guiding you through the numerous escrow paperwork, to closing and delivering the keys to you.
For more information on mortgage loan assistance programs and other real estate needs call:
CalBRE Lic. 01715456
43832 20th St. West
Lancaster, CA 93534