First Time Home Buyer Guide

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Universal Home Loans specializes in helping first time home buyers in Kern County and surrounding areas. We also specialize in all types of home buyer loan programs and are ready to assist you in securing the perfect deal for your unique needs. Call Universal Home Loans today to get started!

Government Loans for First Time Home Buyers in California

The California Housing Finance Agency (CalHFA), a subdivision of the Department of Housing and Community Development in Sacramento, offers a variety of affordable housing programs for home buyers in California. Even though the state has a good economy ($21 billion surplus in 2015), its housing market also has many challenges. In particular, many first time home buyers struggle to enter the market due to high prices and student loan debt. The CalHFA program was created to help with these problems by assisting qualified borrowers with meeting basic requirements of owning a home such as down payment, closing costs and credit qualification.

Need Help with Making a Down Payment?

First time home buyers in California can face many different hurdles as they consider purchasing a home. For most first time home buyers, the down payment is an important part of the loan approval process. In fact for most conventional loans, the minimum down payment is 3%. This means that to receive approval for a $300,000 loan, a borrower would have to have a down payment of $9,000. With so many other expenses associated with purchasing a new home, this can be a significant amount. Fortunately there are several options available to assist in making your down payment and closing costs more manageable.