Hello, friends. Here’s my monthly update on the outlook for current rates in general, but first — information about loans for first-time home buyers. Skip to Current Rates here.

Loans for First Time Buyers

With rates falling again and a lack of inventory in many regions in California, especially the Bay Area, the home buying season is going to be a hectic one again in 2020. Loans for first time buyers will be a challenge as they feel the pinch with many multiple offers to compete with. I will include a series of information for first time buyers over the next few months that may be of use to you or someone in your sphere of influence.

How to Get a Mortgage as a First Time Home Buyer

“Mortgage 101”

I start with an informational meeting I call “Mortgage 101.”

This is my free consultation with you that usually involves one big data dump to introduce you to the mortgage industry. Then I continue your education throughout the home buying process to arm you with information.

Analyze Your Buying Situation

I look at your personal, unique, financial scenario, educate you regarding what you need to know about the mortgage process, and lay out your options based on what loan products you can qualify for, whether or not you have the funds for a down payment, and your monthly payment requirements.

I analyze your individual situation and help you understand what you can purchase and what price range fits within your budget. At that point, if you are ready, I will collect your information and we can start the preapproval process.

  • If you have great credit, and easy access to a down payment for 20% or more of your desired home price, that’s fantastic!
  • If not, I will work with you to explain your options, including giving you concrete steps for raising your credit score, and different types of financing and insurance that will make your dream possible!

Shop Our Database of Lenders

Next, we will shop our database of over 100 lenders for you to find the loan you need at a great rate, that gives you the most bang for your hard-earned ratings and bucks.

First Time Home Buyer Programs

There are different types of first-time home buyer programs. Variations are impacted by your credit scores/credit history, type of job, income level, available funds, and property location.

The short answer is:

No matter where you are in your life, your credit history, or accumulated savings, talk to us. If you have:

  • limited credit (shorter length of time)
  • limited breadth (lacking m