8 Best Programs for First Time Home Buyers

8 Best Programs for First Time Home Buyers Visit: http://sellectrealty.com/first-time-home-buyers-programs/ If you are looking to buy a home in California and struggling to find a right loan program, you have come to the right place. Here you will find everything about 8 best loan programs for first time home buyers in California. CalHFA Conventional Program and CalHFA FHA Program: Both of these first time home buyer loan programs are offered by CalHFA approved lenders for a 30 year fixed rate mortgage. The lenders are associated with either Extra Credit Teacher Program or California Home Buyer Down Payment Assistance Program. CalPLUS Conventional Program and CalPLUS FHA Program: These two programs also offer a 30-year fixed loan amount. The providers of these loans are either the federal government or some private mortgage insurance firm. CalPLUS Conventional Program may also combine with a Zero Interest Program (ZIP), which gives first home buyers an option to avail $6,500 extra regarding down payment assistance. The interest rate is zero on these first time home buyer loan programs. California Home buyer Down Payment Assistance Program (CHDPAP): Another program that is only available for the first time home buyers in California. The minimum down payment required to qualify for this first-time homebuyer program is just 3 percent of the actual price of a house. Mortgage Credit Certificate: Mortgage Credit Certificate (MCC) is limited to only first home buyers. MCC Tax Credit is a federal tax credit. The main benefit of choosing this loan is that it reduces the federal income tax liability, which provides buyers an option to use the saved money in mortgage installments. A typical percentage that a borrower can claim for this loan is between 10-20 percent. Extra Credit Teacher Home Purchase Program: This is an exclusive junior loan program, ranging from $7,000-$15,000 and is often used for down payment assistance for first-time home buyers. The program is only available when combined with CalHFA loan and only teachers, staff members, administrators of California schools can apply for this. The Cal-EEM Plus Grant Program: The last program of this list is Cal-EEM + Grant program. The primary purpose of this loan program for first time home buyers is to raise awareness among the homeowners to make their homes more energy efficient. This is a 30-year mortgage plan and comes with a grant that is specifically used to make a home energy efficient. Plus it can be combined with Extra Credit Teacher Program or California Home Buyer Down Payment Assistance Program for additional benefits. These are some of the best programs for first time home buyers in California. You can know more about these programs right here. These are the best programs for first time home buyers in California. Read carefully and choose wisely.