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California First Time Home Buyer: Home Loans

By Joseph Hendizadeh

California First time Home Buyers may qualify for a first time buyer's home loan. These home loans have helped thousands of people purchase a home for their families when they wouldn't have been able to before. There will be some research involved, to see which bank or company offers you the best rates. If you are looking for a mortgage refinance, there are certain ways to go about that, which will also be explained.

There are a couple of different programs that can benefit the first time home buyer. In getting a California Home Loan. If you are struggling with the deposit/down payment amount, you may qualify for the California Home buyer's Down payment Assistance Program (CHDAP). This program will assist you with your down payment if you meet the income limits.

If you do not qualify for CHDAP, you can definitely apply for a grant. There are a few possibilities to choose from when applying for grants. You will need to research federal grants for first time home buyers and decide which one is best for you and your situation. You will then have to do a little research on how to write a great grant proposal and fill out the application correctly to ensure that there will be no delays in the process.

There are three critical steps that you need to follow when you decide to buy a home. These will help you out tremendously when go into a lender to apply for a home loan.

1. Get your credit in shape. The better your credit score the better chance you have at qualifying for a decent loan to help you purchase the home you have always wanted. Check your credit reports and see what you can fix.
2. Organize all of your documents. You will need copies of tax returns, W-2's, wage statements, pay stubs and bank account statements when you go into a lender and fill out the application.
3. Figure out your budget. One good way to do this is to create a spending log. Track everything you buy over a two month period--everything! This will give you a great idea on how much you can really afford for a home. Following these three simple steps and doing the research on lenders and federal grants for first time home buyers will help you out immensely when you are ready to make that big purchase.

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