Buy My First Home

First-time home buyers need to consider three factors when financing the purchase of their first home: down payment, credit and income. It’s important to understand each of these aspects so that you can prepare to qualify for your first home purchase.

 

Buy My First Home

First-time home buyers need to consider three factors when financing the purchase of their first home: down payment, credit and income. It’s important to understand each of these aspects so that you can prepare to qualify for your first home purchase.

 

Buy My First Home

First-time home buyers need to consider three factors when financing the purchase of their first home: down payment, credit and income. It’s important to understand each of these aspects so that you can prepare to qualify for your first home purchase.

let’s get started

Are you a First Time Buyer?

First-time home buyers need to consider three factors when financing the purchase of their first home: Down Payment, Credit and Income.

It’s important to understand each of these aspects so that you can prepare to qualify for your first home purchase.

Here, you’ll find information and resources to help you purchase your first home in California – whether it’s a single- or multi-family residence, a townhome, a condo or an apartment.


let’s get started

Are you a First Time Buyer?

First-time home buyers need to consider three factors when financing the purchase of their first home: Down Payment, Credit and Income.

It’s important to understand each of these aspects so that you can prepare to qualify for your first home purchase.

Here, you’ll find information and resources to help you purchase your first home in California – whether it’s a single- or multi-family residence, a townhome, a condo or an apartment.


you have options

Down Payment Assistance

It’s a myth that a 20 percent down payment is required to qualify for a home loan. Although
having a 20 percent down payment is good to have, it’s not a requirement.

FHA Loans – If you do not have 20 percent to put down on a home loan, an FHA loan is an option that you first time home buyers may want to consider.

FHA loans require a down payment of only 3.5 percent of the home’s purchase price.

VA Loans– VA loans are available in California, as well as nationwide. They are guaranteed by the U.S. Department of Veteran Affairs and are designed to provide assistance in purchasing a home for service members, veterans, reservists, National Guard members and certain surviving spouses.

Gifts from Relatives – Like many potential home buyers in California, coming up with a 20 percent down payment to lock in a property purchase can be a challenge. Parents, or other relatives, can help with funds for a down payment by giving loans and or gifts.

CalHFA Loans – CalHFA loans are available to California residents and this option also provides for little to no down payment as well. Potential home buyers can review the programs CalHFA offers or speak with a trusted lender to see if a service member qualifies for a CalHFA loans.

you have options

Down Payment Assistance

It’s a myth that a 20 percent down payment is required to qualify for a home loan. Although
having a 20 percent down payment is good to have, it’s not a requirement.

FHA Loans – If you do not have 20 percent to put down on a home loan, an FHA loan is an option that you first time home buyers may want to consider.

FHA loans require a down payment of only 3.5 percent of the home’s purchase price.


VA Loans– VA loans are available in California, as well as nationwide. They are guaranteed by the U.S. Department of Veteran Affairs and are designed to provide assistance in purchasing a home for service members, veterans, reservists, National Guard members and certain surviving spouses.


Gifts from Relatives – Like many potential home buyers in California, coming up with a 20 percent down payment to lock in a property purchase can be a challenge. Parents, or other relatives, can help with funds for a down payment by giving loans and or gifts.


CalHFA Loans – CalHFA loans are available to California residents and this option also provides for little to no down payment as well. Potential home buyers can review the programs CalHFA offers or speak with a trusted lender to see if a service member qualifies for a CalHFA loans.

Snapfi Down Payment Dilemma eBook

WORRIED ABOUT YOUR DOWN PAYMENT?

FREE eBook: The Down Payment Dilemma

Educate yourself on the available options to help you get into a new home without the typical 20% down! It may surprise you how many great programs exist to help the first-time home buyer.


Loans, Terms and Stuff

CALPLUS FHA

What it is

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.


Who is eligible?

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.

A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.

How it helps home buyers

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.

Qualification

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today.

Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.

CALHFA FHA

What it is

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.


Who is eligible?

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.

A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.

How it helps home buyers

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.

Qualification

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today.

Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.

EXTRA CREDIT TEACHER PROGRAM

What it is

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.


Who is eligible?

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.

A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.

How it helps home buyers

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.

Qualification

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today.

Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.

EEM GRANT

What it is

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.


Who is eligible?

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.

A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.

How it helps home buyers

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.

Qualification

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today.

Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.

CAL-EEM + GRANT PROGRAM

What it is

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.


Who is eligible?

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.

A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.

How it helps home buyers

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.

Qualification

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today.

Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.

CALHFA MYHOME JUNIOR LOAN

What it is

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.


Who is eligible?

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.

A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.

How it helps home buyers

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.

Qualification

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today.

Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.

Loans, Terms & Stuff

CALPLUS FHA

What it is

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.


Who is eligible?

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.

A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.


How it helps home buyers

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.


Qualification

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today.

Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.

CALHFA FHA

What it is

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.


Who is eligible?

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.

A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.


How it helps home buyers

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.


Qualification

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today.

Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.

EXTRA CREDIT TEACHER PROGRAM

What it is

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.


Who is eligible?

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.

A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.


How it helps home buyers

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.


Qualification

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today.

Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.

EEM GRANT

What it is

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.


Who is eligible?

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.

A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.


How it helps home buyers

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.


Qualification

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today.

Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.

CAL-EEM + GRANT PROGRAM

What it is

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.


Who is eligible?

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.

A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.


How it helps home buyers

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.


Qualification

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today.

Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.

CALHFA MYHOME JUNIOR LOAN

What it is

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.


Who is eligible?

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.

A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.


How it helps home buyers

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.


Qualification

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today.

Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.

Improve your Credit

If you’re in the market to buy a home, there are a few things you should know about the type of credit score that’s needed to qualify for a home loan. The exact FICO score number that’s needed varies, depending on the type of loan that you’d like to qualify for.

  • If you’re not sure what your credit looks like right now, or even if you are, and you would like to get started on the path to home ownership, this is a perfect opportunity to get a complimentary copy of your credit report and then to speak with a trusted lending expert.

  • debt-to-income ratio are more likely to run into trouble making monthly payments.

  • To calculate your debt-to-income ratio you simply add up all your monthly auto, installment and revolving debt payments (you do not need to include groceries, electric, phone etc.) and divide them by your gross monthly income.

  • For example if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2000.

Improve your Credit

If you’re in the market to buy a home, there are a few things you should know about the type of credit score that’s needed to qualify for a home loan. The exact FICO score number that’s needed varies, depending on the type of loan that you’d like to qualify for.

  • If you’re not sure what your credit looks like right now, or even if you are, and you would like to get started on the path to home ownership, this is a perfect opportunity to get a complimentary copy of your credit report and then to speak with a trusted lending expert.

  • debt-to-income ratio are more likely to run into trouble making monthly payments.

  • To calculate your debt-to-income ratio you simply add up all your monthly auto, installment and revolving debt payments (you do not need to include groceries, electric, phone etc.) and divide them by your gross monthly income.

  • For example if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2000.

LET`S GET STARTED

Ready to Buy your First Home?

SnapFi helps first-time buyers to buy their home sooner.

LET`S GET STARTED

Ready to Buy your First Home?

SnapFi helps first-time buyers to buy their home sooner.

get started