Profile picture for Brangon951

Any first time homebuyer benefit

I am going through a purchase in California and because of the speed at which the sale is taking place I am not able to see every aspect. One thing I was thinking is any government benefit of any form available for a 1st time home buyer whether it is federal, tax or local? I just did a google and found irs publication that 2010-2012 buyers has some kinda of tax relief or something. Since my purchase is completing on 2014, it appears I am out of luck for at least on this part. Thanks, 
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January 02 - US
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Answers (4)

Profile picture for Brangon951
Hi Wet, I looked through CALI program called CALFHA however my income does not qualify for any of the programs available.
Mike/Brian I am already deep into sale process and loan process is almost complete and finishing toward the closing steps. Problem is I loaned from one of my previous loaners at 4.5% rate. Looks like FHA might have been something to look at. Only chance I seem to have is refinancing at lower rate. Do you think FHA could be an option during refinancing? 
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January 03
FHA is a good place to start, for more information contact me directly.  Consult with your tax adviser for the benefits of purchasing a home in 2014.  Many of the people in this forum know the tax advantages of purchasing, but are not aloud to legally give tax advise.  Hope that helps!
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January 03
There are loan products that are specifically geared towards first time home buyers. These loans such as FHA loans have great benefits that are meant for first time home buyers. These benefits include easy credit qualification (580+), low closing costs, and low down payment (3.5%). As a first time buyer I strongly suggest that you look further into these types of loans. If your credit scores are above 580 and if have funds for a 3.5% down payment along with closing costs, this would be a great option for you to consider. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on financing with your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. There would only be a few more details needed to sort out your situation. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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January 03
Profile picture for wetdawgs
You are right.  There are currently no federal credits for first time buyers.

Your next step is to google California as well as your current community name for possibilities.    Some of them must be done in conjunction with the loan process and need qualified lenders, so don't wait.


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January 02
 
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