California Wants You To Become A Homeowner! And There Are Many First-Time Buyer Programs To Help You.

A massive challenge for every Californian

Californians have a huge challenge when they want to become homeowners. The average home price in our state is $760,800, significantly above the national average of $428,700. In the Bay Area, it is even worse: $1,084,500 is our regional average. 

With these numbers, becoming a homeowner for the first time might seem nearly impossible. On top of that, mortgage rates are taking longer than expected to return to where they were in 2021 if they ever do. 

The government is on your side…with conditions

So, should you forget about owning a home in California? Our government thinks you should and has put in place substantial programs to help you get the home of your dreams. 

As with everything government-related, access to that help depends on many personal or family circumstances. If you are interested in joining those programs, start by considering your:

1. Debt to Income Ratio (DTI) – DTI is the percentage of your monthly income before taxes and deductions that goes into paying your debts. The higher the portion, the less likely you will be considered for some programs. 
2. Credit score – is a number ranging from 300 to 850 that measures how worthy you are, to a lender’s consideration, to repay a loan. It depends on your history of taking debts and making timely payments. 
3. Income limits – to get into these programs, your income must be below your home county’s threshold.
4. First mortgage – most programs require that you enroll for a first-ever home purchase. 
5. Primary residence – Californian programs aim to acquire a primary home.
6. Veteran status – there are programs specifically designed to help veterans of the U.S. Army purchase their first home. 

It might seem complicated and forbidding, but the rewards are worth it. If approved for a program, your down payment can be significantly lower than usual, and the interest rate can also be lower. With that, you can become a first-time home buyer with less stress on family finances. 

Our Real Estate education program can help you get access to these programs

At The Cal Agents, we know that becoming a California homeowner is a huge challenge. We know all of the different programs that our government provides so that you reach that goal. We also work with preferred lenders if you are interested in owning a home at The Bridgewater. Not all lenders are equal, but we work with a wide range of them, and we can assist with breaking down the pros and cons of working with each type of lender.

Our Real Estate 101 class takes you from the overall picture of buying a home to a thorough and private consideration of your particular situation. We always have your best interests in mind while negotiating the purchase of the home of your dreams.. 

The class is free to attend and we run them on the 1st Saturday of each month at our office. Register here for our next classes to set yourself on the path to home ownership, with or without the support of the State of California.