You are in luck. Depending on your income, you can qualify for the City of Bellflower's 1st Time Homebuyer Assistance program (up to $40,000) towards down payment and closing costs, the MCC program (a little know program that provides a tax credit against your federal income taxes), and also many state and county sponsored programs. Additionally, if you work with a realtor who specializes in 1st Time Homebuyer's they may be able to help you find a property and negotiate with the seller to have them participate in AmeriDream or Nehemiah which allows up to 10% toward down payment assistance and 6% towards closing costs. The financial markets are definitely leaning towards helping 1st Time Homebuyers with verifiable income. So if you fit that description, now is a great time for you to buy.
Let me know if I can be of further assistance in answering your questions, helping you find a lender who specializes in 1st Time Homebuyer Programs, or helping you find the right home at the right price. I have lived and invested in the greater Long Beach area of the past 12 years and would be pleased to help you find the right real estate professionals to make your dream of homeownership a realty.
Real Estate Consultant
RE/MAX Palos Verdes Realty
Best of Luck,
I would check with a couple differt local banks and possibly a mortgage broker. It sounds like you would be a good candidate for an FHA loan. Additionaly, look into state programs for first time homebuyers, MY state has an excellennt program for first time homebuyers and i find it to be one of the most valuable programs for first time homebuyers. Your loan officer should be highly educated on these programs with current market conditions. In my state it is one of the few programs where I can offer first time homebuyers 100% financing with marginal credit. Good luck with everything!
Feel free to contact me to pre-apply for any of these programs and best of luck to you in your home buying venture.