Buying your first home, whether a condo, townhouse, or house, can be a huge life undertaking. Sometimes it can be hard to even know where to begin.
Fear not, there are resources out there that cater directly to first-time homebuyers like yourself that could help make the process easier.
Federal and State Resources
As a first-time homebuyer, educating yourself on the process and your options could also make the process less intimidating.
A great resource online is The U.S. Department of Housing and Human Services’ (HUD) website. This federal agency’s website offers a large variety of free resources for homebuyers ranging from information about housing discrimination and fair lending to information on what special federal home buying programs you might qualify for. On this website, you’ll also find a complete list of HUD-approved housing agencies that can provide free counseling near you for more personal help and advice on an array of home-related topics specific to the area that you are looking to buy a home in.
In California, we have the California Department of Housing and Community Development that offers a number of programs centered around providing stable, safe homes affordable to veterans, seniors, young families, farmworkers, people with disabilities, and individuals.
Also specific to California, the CalHFA offers downpayment and closing cost assistance to eligible individuals for up to $11,000. To qualify, you must have a credit score above 660, have not owned a home in the past three years, and can not be buying a new construction home, manufactured home, or home with an accessory dwelling unit like a guesthouse.
The most straightforward way to have an open dialogue about your specific options when it comes to buying a home along with getting your questions answered in one place is to make an appointment and meet with a Member Advisor.
At Camino Federal Credit Union, our Member Advisors are ready to help you through the financial aspect of homeownership – home loans. Contact us to set up an appointment and discuss your mortgage options today.
This is by no means a comprehensive list of all the resources that are out there for first-time homebuyers, but starting your research online with federal and state agencies and then reaching out to home mortgage lenders could provide you with a good overview of programs out there and options available for you.
Do you need help deciding which option is best for you? Let us know!
Let Camino help you. We want to help our members to find the best option that works for their needs. We offer many options for those looking to purchase or refinance a home. Please give us a call at 800-835-3400 to speak with one of our Member Advisors, or contact us for more information. NLMS ID 666196