California's Top Mortgage Programs for First-Time Homebuyers in 2024
Purchasing your first home is an exciting milestone, but it often comes with challenges, especially in a competitive housing market like California. Fortunately, there are several mortgage programs specifically designed to help first-time homebuyers achieve their dreams of homeownership. Here’s a comprehensive guide to the top mortgage programs for first-time buyers in California in 2024 . 1. CalHFA (California Housing Finance Agency) Programs CalHFA offers a variety of programs tailored for first-time buyers. These include: a. CalHFA FHA Loan This loan combines the benefits of an FHA loan with down payment assistance, making it easier for first-time buyers to afford a home. Key Features: Low down payment (as little as 3.5%) Flexible credit requirements Compatible with other CalHFA assistance programs b. My Home Assistance Program Designed to cover down payment and closing costs, this program provides a deferred-payment loan of up to 3.5% of the purchase price. c. CalHFA Conventio...