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NMLS# 243348
Full-Service Loan Originators
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FIRST-TIME HOME BUYERS
The BEST HOME LOAN LENDER for FIRST-TIME Home Buyers in California
YOUR FIRST HOME PURCHASE
At The LOAN Lady HOME LOANS
Mortgage Lender for FIRST-TIME Home Buyers
Purchasing a home in California is a significant investment and an exhilarating milestone. Whether you're a first-time buyer or a seasoned homeowner, you’ll need assistance. Collaborating with Joanna Perry from The LOAN Lady for Home Loans, our
Dedicated Mortgage Broker, ensures a seamless experience from contract to closing.
We Provide Quick Pre-Approval that will provide you an Idea of the
Down Payment Amount and amount for you to Make a Strong Offer
💡Did You Know?
OVER 80% OF HOME BUYERS GET PRE-APPROVED BEFORE MAKING AN OFFER? (ZILLOW)
Getting a mortgage preapproval demonstrates to the seller that you are a committed buyer who has begun the mortgage process.
First Time Home Buyer in California – Everything You Should Know
Purchasing a home in California can feel overwhelming, particularly for first-time buyers.
Since a home represents the largest investment for most individuals, the thought of making such a commitment can be intimidating. However, if you're new to the home buying journey, you can ease your concerns by learning about the process and what to expect.
If you're purchasing your first home in California, our comprehensive guide will provide you with a clear understanding of the home buying and tips to ensure everything goes as smoothly as possible.
First-time homebuyers are individuals who have not owned a property for the prior 3 years.
It important to note that you may still be eligible for specific mortgage programs designed for first-time buyers, even if you have previously owned a home. For instance, FHA (Federal Housing Administration) loans are targeted at first-time homebuyers, but you can qualify if you do not have a FHA Mortgage currently.
DID YOU KNOW?
Many mortgage lenders typically seek a credit score of approximately 620. If your score falls below threshold, you may need to explore additional options when on your own.
Lenders often implement a concept known as a credit overlay to establish a minimum credit score that aligns with their risk tolerance.
Before applying, check your credit score and estimate your down payment based on your intended home purchase amount.
First-time homebuyers often face two major roadblocks to getting a mortgage:
their credit score and their lack of cash to make a large down payment.
If this sounds like you, schedule a call with The LOAN Lady Home Loans Mortgage Lender.
We are the Trusted First-Time Home Buyer Mortgage Lender
PICKING THE RIGHT NEIGHBORHOOD FOR YOU
When searching for a new home, you'll explore various neighborhoods in California.
Before making an offer, how can you decide which area suits you best?
PRICING PREDICTABILITY
To assess if your new home will maintain its value in the long run, look into the historical sale prices of similar properties in the area.
RATE OF OWNERSHIP
Homeowners are more inclined than renters to invest in property upgrades over time, which will enhance the overall value of the community.
SAFETY
Increased homeownership rates are typically linked to safer communities. Those who homes tend to be more invested in the security and overall quality of life in their neighborhoods.
SCHOOL DISTRICT
A community with a top-rated school district can enhance the quality of life, even for those without children.
FREQUENTLY ASKED QUESTIONS
WHY IS MY CREDIT SCORE IMPORTANT?
Your credit score plays a crucial role not just in securing a mortgage, but also in obtaining a more favorable interest rate. A higher credit score typically results in a lower interest rate, potentially saving you a significant amount of money.
HOW MUCH HOUSE CAN I AFFORD?
The initial step in buying a home is to establish a budget. Begin by evaluating your monthly income alongside your expenses, including debt payments, savings, retirement contributions, and college funds.
HOW MUCH MONEY DO I NEED FOR A DOWN PAYMENT?
The more substantial your down payment, the less you'll need to finance when buying a home. With a conventional mortgage, a payment of at least 20% will exempt you from paying private mortgage insurance. The minimum down payment required depends on the specific type of mortgage you choose.
ARE DACA RECIPIENTS ELIGIBLE FOR A HOME LOAN?
CONVENTIONAL LOAN ELIGIBILITY
Anyone can apply for an CONVENTIONAL Loan –
including Deferred DACA Deferred Action for Childhood Arrivals (DACA) recipients.
All applicants must meet certain loan requirements, including:
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Proof of steady employment history and verifiable income
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A minimum credit score of 620 with a 3.0% down payment
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A debt-to-income ratio of 50% or less (see below)
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Up to 4 year waiting period if you’ve experienced bankruptcy and up to 7 years after a foreclosure
FIRST-TIME HOME BUYER
Congratulations! Purchasing a home is your first step towards building wealth and ensuring a stable financial future. We take great pleasure in assisting first-time home, as it gives us the opportunity to share our knowledge and guide you through the mortgage process.
Are you new to the home buying journey? Here are some questions that real estate professionals suggest you pose to your mortgage loan officer:
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What influences my mortgage interest rate?
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Is there anything I can do now to improve my credit score or lower my debt-to-income ratio before I get pre-qualified?
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Do I qualify for any down payment assistance programs?
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How much will I need to pay in closing costs?
Are you new to the home buying journey? Here are some questions that real estate professionals suggest you pose to your mortgage loan officer:
💡Did You Know?
PRE-APPROVAL IS OF HIGH IMPORTANTCE AS IT HELPS YOU SET REALISTIC EXPECTATIONS AND BUDGET FOR YOUR HOME PURCHASE
With a pre-approval, you’ll know precisely how much money you can spend on your new home, which can help you narrow down your search to homes that fit your budget.
HOMEBUYERS GUIDE
FIRST-TIME
FIRST TIME
HOMEBUYERS GUIDE
Purchasing a home in Southern California is a significant milestone, and you don’t have to navigate it alone. Our First-Time Home Buyers Guide covers everything from the down payment to the closing disclosure, providing you with all the information you need to prepare for this exciting journey.
Contact Joanna Perry of The LOAN Lady Home Loans to discuss
First-Time Home Buyers Purchase
GET PRE-APPROVED
Establish your budget, present a more competitive offer, and demonstrate to the seller that you have already initiated the financing process.
EXPLORE YOUR CHOICES
Your finances are important, and so is your mortgage. Discover how choosing the right home loan can pave the way for your financial success
QUESTIONS?
Have a question and haven’t found the answer? Ask away - we’re here to help!
The LOAN Lady Home Loans - Professional, Efficient, Dependable
We are the Trusted First-Time Home Buyer Mortgage Lender
Standout mortgage lenders for first-time home buyers.
For first-time home buyers, finding the right mortgage can be a big challenge. You want to work with a lender that can give you the best rate, the right term and the lowest closing costs, as quickly and efficiently, as possible.
I initially spoke to Ax who reached out right away upon my inquiry.
There was follow up by Joanna and when I emailed her with a concern she got right back to me .
Noel, D from Monterey, California
INSOMNIA
ANTI-AGING + ACNE
SEASONAL ALLERGIES
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