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First Time Homebuyer

I am looking to purchase my 1st home with no money down. I currently have a good savings (ROTH IRA) of $285k but I would like to avoid pulling this out for a down payment. My FICO is 686 and I work full time making $120k per year. The value of the home is $530k in Brea, CA. Are there any first time buyer/no money down programs I can look into? by AlyssaGalagos76849 from Brea, California. Jul 30th 2018 Reply


Blake Kleckner (BlakeK)
#389 ranked lender in California - 257 contributions

There are many no down payment loan programs, however, they are typically income based. Earning $120K/year may disqualify you. There are other loan programs, though, that have minimal down payments that might work for you. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. If you get a chance, read some of my blogposts on Lender411. They are quite informative. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. I started doing mortgage loans in CA in 2005, only do them here so I have an exceptional understanding of this extraordinary market, and, unlike the vast majority of loan officers, I am an accountant by education. As such, I am able to analyze current market conditions and structure creative loan alternatives for my clients in a manner much different, and more advantageous to them, than virtually all other loan officers. Representing more than 45 quality lenders that offer in excess of 1,500 loan programs, we definitely have something for everybody.

Jul 30th 2018
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Of course. You have lots of options.

Jul 30th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,428 contributions

Making $120K a year will disqualify you for most all down payment assistance programs, since they are typically intended for "Low Income" borrowers. That being said, we do have access to a program that does not have income restrictions. The rate will be higher, but it solves your problem..(feel free to reach out to me for more info) Other than that, Conventional has 3% down payment options, and FHA requires 3.5% down. If you are a military veteran, you might qualify for a VA loan.. those loans are 100% financing.. Let me now if I can help. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jul 31st 2018
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Michael Diaz (sincityloandr)
#60 ranked lender in Nevada - 60 contributions

there is a new loan program rolling out from Freddie mac to cover you on this with no income restrictions. Feel free to contact me with any questions

Aug 29th 2018
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Dave Skow (daveskow)
#1 ranked lender in Washington - 165 contributions

FHA requires a 3.5% down payment and there are some conventional loan programs that require 3% down ..these will likely be your best bet

12 days ago
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