Home Buyer Purchase Loans

First Time Home Buyer Programs

For a first time buyer, there are loan programs that have been specifically designed to help you with your first purchase.  Many first time buyers have little cash for a down payment.

A first time buyer loan can offer you low down payments and lower interest rates.

One of our loan advisors at Legacy Financial Services can help determine if you fall into the specific lender guidelines to help you get a loan approval. 

Who qualifies as a First Time Buyer?

Most people think a first time buyer is one that has never owned a home.  Yes that is correct; however the first time home buyer programs are available to individuals who have not owned a home for the past three years.

How can an FHA loan benefit me?

An FHA (Federal Housing Administration) loan requires a low down payment that is appealing to a buyer who has a small amount of money to put down.  It allows the homebuyer to purchase a home for up to four units.

FHA loans are more lenient with FICO scores (credit scores) rather than other loan types.  This can help a buyer with their purchase.

You don’t have to be a first time homebuyer to qualify for an FHA loan.  As long as you meet all the qualifying criteria to get an FHA loan, your dream of home ownership will come true.

With the help of an Orange County FHA loan specialist at Legacy Financial Services, you can  pre-qualify for an FHA loan before you begin looking for your home.

Are there other loans besides FHA that offer low down payments?

Yes! There are conventional type loans that offer low down payments with 3% down and financing of 97% of the appraisal.  The qualifications may be slightly more difficult, but many people opt to go with the low down conventional loan. 

In many instances in comparison to FHA, the conventional loan may have lower closing costs and payments.

It is important when trying to determine which loan program is best for your situation to talk with one of our loan officers that specializes in purchases at Legacy Financial Services.  The loan officer at Legacy Financial Services can review your specific scenario and see which programs fit best for your current situation.

Do VA loans offer low down payments?

If you are a veteran, you may qualify for a VA loan.  With a VA loan, you can purchase a property with a zero down payment.  You would still need to go through the qualification process for a loan approval.

Contact one of our VA loan experts at Legacy Financial Services to review your eligibility.

Can I buy a home using a Reverse Mortgage and have no payments?

Yes you can if you are 62 years or older and have enough money to use as your down payment. You will never have to make a monthly mortgage payment if you choose not to for a Reverse Mortgage for a purchase.

The borrower must reside in the home as their principal residence, pay all property taxes, insurance and maintain the home.  The home cannot be used as a rental property.

The Reverse Mortgage purchase loan that you will qualify for is based on your age and location of the property. The older you are, the higher the loan. There are calculations that are done to determine what loan amount you are eligible for.

Our California Reverse Mortgage specialists at Legacy Financial Services can help you with your Reverse Mortgage for your purchase. Call us today.