Right now we're in the middle of a real estate market where buyers are getting great deals not only on homes, but on the financing as well. Never in recent years have there been as many great choices of homes for sale as there are today. Gone for now are the days when you had just a handful of homes to chose from and just two choices: take it or leave it. Then you had to battle it out with other buyers and ended up settling for a home you weren't crazy about. There is a terrific selection and you can find a home you'll be in love with for years to come. For first-time home buyers the news is even better. There are below market loans from the California Housing Finance Agency (CalHFA) that are available for first time buyers (which includes anyone who hasn't owned a home for at least 3 years.) In Ventura County, CalHFA will loan on brand new and resale homes priced up to $729,750 and new homes in targeted census tracts can be as high as $784,282. This is a huge deal because just a few years ago the maximum purchase prices allowed could barely get you a starter condo.
CalHFA offers the kind of loans that won't get you in trouble like the subprime loans you've read about. These are 30, 35, or 40 year low-interest, fixed rate loans. No variable rates and no surprise increases in your payment to worry about. There are even programs to help with closing costs and down payment assistance. If you work for the public school system there are even more advantages.
So what's the catch? Well, there are limitations on how much income you can make and just like the old days, there is a bit more paperwork (and time) involved so you'll need at least a 45 day escrow period, but that's pretty much it.
Visit www.calhfa.com on the web to learn more and find a list of approved local lenders. Or better yet, sent me an email and I can refer you to a lender who specializes in first-time buyers.