At Sierra Pacific Mortgage we are 1st time home buyer specialists. Our office is located in Palmdale, but we can help any first time home buyer in Palmdale, Lancaster, Santa Clarita or anywhere else in the area. If you thought that owning a home is out of your reach think again. There are many program designed for 1st time home buyers that make owning a home easier than you might think. Even if you weren’t able to qualify we can still help you. There is no need to pay rent and pay your landlord's mortgage when you can put that money towards a home of your own. Also, with interest rates and home prices being at record lows, you can get more home for less money each month. We’ve helped many people just like you; we will walk you through the whole process to make sure we find the perfect loan program for your situation.
One such program is the FHA loan. The FHA loan is a loan that anyone can qualify for. The only big limitation is that the loan needs to be below $729,750. Even at that limit, there are tons of homes in Palmdale, Lancaster, and Santa Clarita that you can choose from. The biggest advantage of an FHA versus a conventional loan is that with an FHA loan the down payment is just 3.5% compared to 20% which is typical for a conventional loan. High down payments are usually the biggest hurdle for a 1st time home buyer, and FHA helps with that. Also the financial requirements are a lot looser than a conventional loan. While you still need decent credit, you don’t need it be perfect.
Another option if you are a veteran or active duty is the VA Loan. With Edwards Air Force Base just north of Lancaster, there are a lot of people who qualify for this great program. The biggest advantage of purchasing a home with a VA Loan is that you can own a home for no money down. Like we mentioned, a down payment is usually the biggest hurdle for a first time home buyer. With a VA loan, the down payment is eliminated all together. Also, the financial requirements are some of the easiest around. In fact a majority of people who qualify for a VA home loan wouldn’t qualify for a conventional loan.
If you are not eligible for a VA Loan there is still a home loan product that can get you in a home for no money down. That loan is a USDA rural housing loan. This is a loan that anyone can qualify for. The big limitation here is that it has to be in a smaller community. The USDA created this loan to make it more attractive to populate rural areas. Even though you can’t purchase a home in the cities of Palmdale, Lancaster, or Santa Clarita, communities just outside of town do qualify. So if you are looking for a more rural lifestyle and don’t mind a little extra drive to town then this is the loan for you. It’s also much easier to qualify for then conventional loans and most importantly it can move you in with out a down payment.
If you are a 1st time home buyer, use our free Purchase Assistant, and let us know a little bit more about yourself. We can take that info and find a program that will help you get in a home of your own.