1st Time Home Buyer Programs with 0 or little down

One of the biggest challenges for a 1st time home buyer is coming up with a down payment. Here are some popular loan programs that require 0 down, 3% down, or 3.5% down.

CalHFA- This loan allows for 0 money down when you combine the CalFHA 1^st and 2^nd mortgage. The first is an FHA loan with 3.5% down, and the 2^nd covers the 3.5% down payment at a low rate with deferred interest. This program has income and loan limits we can go over with you but is a great option for purchasing with no money down.
USDA loans- 0% down loans with very inexpensive mortgage insurance (less than half the cost for FHA). The only issue is that the property needs to be in a rural area and there are income limits as well.
VA loans- 0% down and no mortgage insurance (mortgage insurance is an extra charge on most loans with less than 20% down). This makes VA loans extremely attractive for military service members, veterans or active duty. You can check eligibility on our VA site www.VeteransLoansUSA.com
HomeReady- This is Fannie Mae’s affordable loan product. It only requires 3% down and has discounted mortgage insurance. One unique feature is that you can use “boarder income” (rent paid to you from a roommate), added to your income to qualify. You must be a first-time home buyer and there are income limits in some areas. Contact us for more details.
FHA- This is a popular option for many first-time buyers. It only requires 3.5% down and does not require a great credit score. The down payment can be all gift funds and there are no income limits. You can find out more information and apply for an FHA loan on our site https://www.grandlending.com/fha-loans/

If you’d like to check eligibility for any of these loans, have questions, or want more details please visit us www.GrandLendingCA.com or call 800-293-2133. Thank you for reading!

Article written by Brian VerBurg

Maz Rostamian

17:05 18 Oct 24

Brian and Nichole are highly skilled professionals with a proven track record in the mortgage industry. Their expertise and problem-solving abilities have consistently helped us in securing purchase and refinance loan transactions. They are exceptionally responsive, professional, and knowledgeable. We wholeheartedly recommend them for both purchase and refinance loans.

Roxana Amini

19:13 02 Oct 24

There’s a reason Brian and Nichole of Grand Lending have 5-star reviews across the board. I’d give them 100 stars if I could.I reached out to them on a Sunday afternoon to simply inquire about Loan options. I did not expect them to respond immediately. Within 1 hour, they assessed my information and provided a pre-qualification letter.Over the next several months, I made numerous offers and needed revised pre-qual letters. I’m convinced Brian and Nichole do not sleep because no matter what time of day, they delivered. They were committed to supporting me, with no financial incentive, until I found "the one."I ultimately found "the one" and thanks to Grand Lending, I was able to purchase it and pay LESS per month as a homeowner than I did as a renter...while in a fire zone!Not only did Grand Lending lock in an incredible interest rate (with money back), Brian went out of his way to obtain the HOA insurance documents because escrow was stalling. He also helped me get a Homeowner Insurance policy at a rate that I didn't even think was possible. Even my broker said, lenders normally don't go the extra mile like this.Finding Brian and Nichole is one of the best decisions I've made. Thank you both, from the bottom of my heart.Bumpy the rabbit also thanks you for her new yard.

Ghooye Sefid

23:46 04 Sep 24

Nichole and Brian are the absolute best and most professional in the business!They made our first home purchase a breeze. They closed our purchase loan in under 2 weeks with an amazing rate. They are so knowledgeable and answer all of our questions quickly. They made sure the escrew went smoothly and kept all the parties informed throughout the process. They know what they need to do. We 100% recommend them!

Vahid Ghadamyari

03:57 27 May 24

We had an exceptional experience working with Brian and Nichole from Grand Avenue Realty & Lending. From the very beginning, he demonstrated outstanding professionalism and expertise. Brian took the time to thoroughly understand my financial situation and providing clear and comprehensive advice tailored to my needs.The entire process was smooth and efficient, thanks to their excellent communication skills and attention to detail. Brian kept me informed at every step, promptly addressing any questions or concerns we had. He went above and beyond to secure a competitive interest rate and favorable loan terms, which made a significant difference in my home-buying experience.What stood out the most was his dedication to ensuring I felt comfortable and confident throughout the process. I highly recommend Brian and Nichole to anyone looking for a knowledgeable and reliable mortgage broker. Thank you, Brian and Nichole, for making our dream of homeownership a reality!

David Barnes

20:06 01 Aug 23

Brian and Nichole were so great to work with and great communicators throughout the process.

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