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If you are a first time home buyer, trying to get the money together to purchase your home can be difficult. It doesn't have to be, however, and we have brought on Jenny Van from iMortgage to talk about some specialty programs that they have for first time buyers that are more affordable than you would think.
One program that they typically offer is a down payment assistance program which covers 3% of a typical 3.5% down payment. She can structure this type of loan properly so that you can come in as a borrower with very little money and still qualify. On the other hand, if you happen to bring a lot of money to the table, Jenny has helped clients with incomes as high as $99,000 qualify for this 3% down payment assistance program.
So what are some of the other requirements needed to qualify? The main factor is having a credit score of at least 640. This is a great program and Jenny has been able to structure certain deals to where a buyer is coming in with as little as $2000 to spend and is able to buy a home.
If you have any questions about these programs or the LA real estate market in general, please give us a call and we'd be happy to help.
