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California First Time Home Buyer Program Offers Zero Down Payment Home Mortgage Loan - Buy Real Estate with No Money Down

April 14th 2006

California First Time Home Buyer Program Offers Zero Down Payment Home Mortgage Loan - Buy Real Estate with No Money Down

No Money Down

For a California first time home buyer, the down payment is probably the biggest hurdle. It has been planted in the buyer's mind that a twenty per cent cash down payment is required.

But the mortgage marketplace is changing and with a good income and good credit, homes can be purchased with zero down, one hundred per cent financing.  There are California lenders that have specialized programs that want to help people purchase their first home. Some programs are tailored for people with damaged credit, while most can help people with little saved for a down payment.

There are numerous lenders that specialize in loans for first time home buyers. Some of these lenders will even loan up to 103 percent of the home's purchase price to include closing costs.


Loan programs are available where up to $300,700 can be borrowed. There are a few lenders offering zero down jumbo mortgages over $300,700. The best way to buy your first home for no cash out of your pocket is to qualify for a 100 percent mortgage where the borrower receives a pre-approval letter or certificate from the lender.

Getting pre approved will help determine what price range to be looking in for California real estate. Many first-time borrowers confuse being “pre-qualified” with being “pre-approved.” Pre-qualification is a pretty casual process, where you are told how much money can probably be borrowed based on income and existing debt.


It is very important to take into consideration expenses for things like repairs and maintenance that are currently paid for by your landlord.  In the eyes of the seller a pre-approved buyer is far more credible than a pre-qualified one. To obtain pre-approval letter a formal loan application is submitted with all the relevant documentation. Everything is verified and credit is checked, then the California mortgage lender agrees in writing to make the loan. The loan will be subject to a satisfactory property appraisal and title search.

With interest rates as low as they are right now, this is arguably the best time for first time home buyers to enter the real estate market. For more information about California first time home buyer mortgage loans, or the free pre approval process please call 866 398 4664 or go to:


In addition to first time home buyer programs, GoldMedalMortgage.com offers home improvement loans, home equity loans, and debt consolidation loans through participating partners.


FreeFinancialConsulting.com offers free, no obligation, advice in all areas of personal finance including insurance and home loans. In addition to California reverse mortgage information, advice on other mortgage products such as refinance and debt consolidation is available.

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By Keith Hunt
Free financial consulting company

Books on Lending

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Important:  The material on Best Syndication is for informational purposes only and is not meant to be advice. You should always seek professional advice before making financial decisions. 
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Copyright 2005 Best Syndication                   Last Updated Wednesday, April 11, 2012 01:59 PM