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Mortgage lender for first time home buyer | Omac mortgages

Purchasing a house in California can be overwhelming and the price can be exorbitant. Some of the available Mortgage Loan Programs for Californian FTHBs are CalHFA FHA Loan Program

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Mortgage lender for first time home buyer | Omac mortgages

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  1. Mortgage Lender for First Time Home Buyerin California • Labeling a First Time Home Buyer (FTHB) will vary as it relies on the government provisions the FTHB would need as a benefit. The U.S. Department of Housing and Urban Development (HUD) identifies an FTHB as anyone who fulfills the below-givencriteria: • * Anyone (individual) who did not possess a principal residence through the span of 3 years. Here the end of such period would be the date of purchase of a new property. (This takes into account the spousealso!) • Others would include single parents or displaced homemakers who were owners of a house along with the former spouse or spouse in the permitted period (3Years). • An individual house owner of a principal home not perpetually attached to a permanent groundwork in harmony with relevant conventions orregulations. • Purchasing a house in California can be overwhelming and the price can be exorbitant. Some of the available Mortgage Loan Programs for Californian FTHBs are CalHFA FHA Loan Program. It is an FHA-insured loan comprising of CalHFA and a fixed interest rate for 30 years on the first mortgage. Others are CalPLUS FHA Loan Program, CalHFA USDA Program, CalHFA VA Loan Program, MyHome Assistance Program, and CalPLUS Conventional Loan Program. Down payment in CA could vary from 3.5% to 10% (On Home Value) contingent on the credit score. Lower the credit scores higher the down payment. The average required credit score is 730; a credit score less than 580 could make the down payment up to 10%. In the case of a VA guaranteed home loan the down payment is eliminated. Some of the best mortgage lenders for an FTHB in CA for the year 2021 are BB&T; Movement Mortgage; Rocket Mortgage; Low rates.com; and Guild Mortgage; Carrington; Fairway; Ally; Bank of America; PMC; Caliber; and Chase. Loans may be conventional; funded by Fannie Mae or Freddie Mac; FHA loans where the down payment will depend on the credit score; VA loans for veterans; USDA loans (Rural/ low income); and HUD programs for police; teachers; and fire-fighters. Californian Association of Realtors report 2021 confirms a "Good Time toBuy"!! 1 | P a ge

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