First Time Home Buyers in California Have So Many Choices…

Take Advantage Of Several Loan Opportunities Including 30 Year Fixed Rates

• Zero Down Payment - 100% Loan to Value with just one loan
• 3% Down Payment - 97% Loan to Value with just one loan
• 5% Down Payment - 95% Loan to Value with just one loan
• Up to $2,000 CASH Credit toward closing costs - paid by the lender
• Finance closing costs - Get one loan up to 103% of purchase price
• More Flexible rules about Income to Payment Ratios
• More Flexible rules about Credit History or Alternative Credit History
• Loans amounts up to $350,000

Some programs are available to qualified buyers with income restrictions (a percentage of the median income for the specific county) or are only available for properties located in qualified low-income census tracts (we can tell you if the home you want is located in a qualified census tract.) Other programs do not have an income or location restriction. We help qualified buyers purchase with no down payment AND receive a CASH credit toward closing costs. We'll guide you through the loan process and make it easy to understand because we want to help you own your first home.

To find out if you qualify all you have to do is apply on line or call for more information.

Another First Time Buyer Choice is the California Housing Finance Agency (CHFA)

Why choose CHFA Financing?

• Lower interest rates generally available
• Minimum down payment of 3 to 5%
• No Down Payment in certain counties, when using the 100% loan program
• No Down Payment when borrower is eligible for VA (Veterans Administration) loan
• 30 Year Fixed Rate loan terms
• Lower Fees to Borrowers
• Assumable, subject to eligibility criteria

Borrower requirements to qualify for a CHFA loan:

• Be a first time buyer. Defined as a person(s) who has not had an ownership interest in their primary residence for the past 3 years. (Requirement waived if property is located in a Federally designated Targeted Area.) A Targeted Area is a Census tract in which 70% or more of the families have an income, which is 80% or less of the statewide median family income.
• Have an annual household/family income that does not exceed income limits for the family size and county in which the home is located.
• Have sufficient funds available to meet the required down payment - of from three to five percent - plus closing costs. Some restrictions apply to gift funds.
• Property must be owner-occupied for the term of the loan or until sold.
• Meet credit, income and loan requirements of the CHFA lender and the mortgage insurer.
• Have the legal right to permanently reside in the United States.

To find out if you qualify all you have to do is apply on line or call for more information.

Other Plans to help 1st Time Home Buyers might not be what you expect…

Some of the other financing plans that 1st time home buyers often find helpful actually allow 2^nd, 3^rd or even current homeowners to purchase or refinance using that plan. You may benefit from one of those types of plans. Your Flagship Mortgage Company representative will help you select the best loan program for you, even if it means you don't use a "first time" buyer restricted loan.

To find out if you qualify all you have to do is apply on line or call for more information.

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