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First Time Homebuyer Programs
For First Time Homebuyers, the preapproval-buying process may seem daunting, but we can help make it a smooth passage. We’ll guide you through the process of loan pre-approval, search, inspections, negotiations and purchase. We’ll help you become thoroughly familiar and comfortable with what you’re buying.
We specialize in federal, state & local programs that assist and subsidize first time homebuyers. We research programs offered by Bay Area counties and municipalities. We will place you in a program or a combination of programs that best serve your needs. Federal, state and local programs available to qualified first time homebuyers include:
CalHFA
Eligible first time buyers can qualify for:
97% 1st (CalHFA) 30 year fixed as low as 4.75%
3% second*
$25,000 loan*
$7,500 loan to qualified teachers*
3% CalHFA downpayment assistance loan*
*Interest & principal deferred until 1st is due, property is
refinanced, sold or rented
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California Home Source
The lease-purchase program is designed to help moderate-income individuals & families with stable incomes overcome the credit and savings barriers to home ownership. The program offers very flexible credit criteria and provides the down payment & pays all the closing costs.
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Mortgage Credit Certificate (MCC)
A federal program that provides assistance to 1st time homebuyers for the purchase of owner-occupied homes. The MCC program can help you qualify for a mortgage loan by increasing your buying power of your current income. The federal income tax advantage provided by MCC for a home buyer who keeps the same house will be equal to 15% of the mortgage interest paid annually on a dollar for dollar basis. This means the total of 15% of your mortgage interest is deducted directly from your annual tax debt. The remaining 85% of your mortgage interest is taken as a deduction from your gross income in the usual manner.
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Local Programs
Most major metropolitan cities have first-time homebuyer programs. Choose the city and we will help you with the right program.
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