First time home buyer California-First time buyer incentives Are there first time buyer incentives for the first time home buyer in Los Angeles? You bet! Let’s start with the most popular first time buyer loan, FHA.
FHA requires only 3.5% down and you can get the seller to cover your closing cost. Here is a ton more information on FHA with greater detail on qualifying for this loan. Info on FHA. FHA alone is a great first time buyer incentive.
But what other first time buyer incentives are there for the first time home buyer in California? Well, there are a couple real estate agencies here in Los Angeles that offer the First time home buyer in California first time buyer incentives in the form of a cash rebate at the close of escrow. Munson Realty is one of them.
How does that work? In a nutshell, the seller of your prospective new home will pay us the Realtor a commission, usually 2.5-3% of the purchase price. Munson Realty will then rebate to you (in the form of a check at closing) 15% of our commission.
There's a chart below to give you a good idea of what you can expect. These first time buyer incentives are extremely useful and help replenish any closing cost you may have paid or perhaps buy a washer & dryer, furniture or fund any little personal touches you might want to make to your new place.
While having these first time buyer incentives are a great bonus for the first time buyer in California, it’s really important that you understand all of the steps to buying a home and find an excellent Realtor to locate and negotiate your homes purchase. Take a look at our 6 Steps to buying a home for the first time home buyer in California below.
6 Steps to buying a home & Getting your Home Buyers Rebate
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