Top First-Time Home Loan Programs in Anaheim: What You Need to Know


 

Buying your first home in Anaheim is an exciting milestone, but securing the right financing can be overwhelming. Fortunately, there are several first-time home loan programs designed to make homeownership more accessible. Here’s a breakdown of the best options available for first-time buyers in Anaheim.


  1. FHA Loans (Federal Housing Administration Loans)
FHA loans are one of the most popular choices for first-time homebuyers because of their low-down payment requirements and flexible credit score criteria.
Minimum down payment: 3.5% (for credit scores of 580 and above)
Lower credit score requirements: Acceptable for scores as low as 500 with a 10% down payment
Government-backed: Offers security to lenders, making it easier to qualify
Ideal for: Buyers with lower credit scores or limited savings
  1. Conventional 97 Loan Program
This program, backed by Fannie Mae and Freddie Mac, allows first-time buyers to purchase a home with a low-down payment.
Minimum down payment: 3%
Credit score requirement: 620 or higher
No upfront mortgage insurance required (unlike FHA loans)
Ideal for: Buyers with good credit looking for a low down payment option
  1. CalHFA First-Time Homebuyer Programs
The California Housing Finance Agency (CalHFA) offers special loan programs and down payment assistance for first-time buyers in Anaheim.
CalHFA FHA Loan: Combines an FHA loan with CalHFA’s down payment assistance
MyHome Assistance Program: Provides up to 3.5% in down payment and closing cost assistance
Ideal for: Buyers needing additional financial support to cover upfront costs
  1. VA Loans (For Veterans and Active-Duty Service Members)
For eligible veterans, active-duty military personnel, and their spouses, VA loans provide unmatched benefits.
No down payment required
No private mortgage insurance (PMI)
Competitive interest rates
Ideal for: Military members and veterans looking for affordable home financing
  1. USDA Loans (For Homes in Eligible Areas)
While Anaheim itself may not qualify for USDA loans, nearby areas might. This program is excellent for buyers considering homes in suburban or rural regions.
No down payment required
Lower mortgage insurance costs
Ideal for: Buyers looking to purchase homes in USDA-eligible areas near Anaheim
  1. Good Neighbor Next Door Program
This HUD program offers a 50% discount on home prices for teachers, firefighters, law enforcement officers, and EMTs purchasing in designated areas.
Minimum down payment: $100
Must live in the home for at least three years
Ideal for: Public service professionals looking for affordable housing options
  1. Local Anaheim and Orange County Assistance Programs
Anaheim and Orange County offer several first-time homebuyer assistance programs, including grants and low-interest loans for down payments and closing costs.
Orange County Down Payment Assistance Program
Anaheim First-Time Homebuyer Program
Ideal for: Buyers looking for additional financial support specific to the region
Final Thoughts
Choosing the right first-time home loan program depends on your financial situation, credit score, and homeownership goals. Whether you’re looking for a low down payment, government assistance, or special benefits for veterans, Anaheim has plenty of options to help you achieve your dream of homeownership.
Need help finding the best loan program for you? Contact a local mortgage expert today to explore your options!
📞Contact us at 657–777–0024

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