First Time Home BuyersFirst lets identify who is considered to be a First time home buyer In California, In CA, anyone who has NOT Owned a home in the past three years is considered and called a First Time Home Buyer. Why is it that this group of buyers are distinguish as a first time buyer and what benefits does it have?The idea behind the First Time Home Buyer is provide financial assistance and enable this group of people to purchase a home.For example, the Local and state agencies have verity of programs one of which is the down payment assistance program. In another word, all this group of buyers would need is to qualify for the loan and have sufficient fund to pay the closing cost.The closing cost is roughly about 1% to 1.5% percent of the purchase price.To take advantage of thes type of program, search and find a local agent who works with this group of buyers and is knowlegable not on these but also loans that will return 20% of the tootal yearly interest paide as a Tax credit. October 16 2013 - Laguna Niguel00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.