0% Down First Time Buyer Loans

Why Rent When You Can Buy?

If you’ve never owned a home, or have been renting for the past three years, you may be eligible for one of the many first time home buyer programs offered by the California Housing Financing Agency (CalHFA), a California state agency. CalHFA creates and finances progressive housing solutions so more Californians have a place to call home. This program is great for first time home buyers in Orange County, including Laguna Hills, Newport Beach and Irvine.

CalHFA’s two primary financing programs called CalPLUS and MyHome, offer closing cost and down payment assistance so more Californians have a place to call home. These programs are also designed to reduce home buyers’ out-of-pocket funds due at closing, as well as reduce monthly payments by providing discounted mortgage insurance programs. Moderate income families, Millennials, and former home buyers who currently rent, can now stop worrying about saving enough for a down payment.

As a trained and certified CalHFA provider, Thomas Drasler has met the high standard required to offer the full portfolio of these California down payment assistance programs to prospective first time home buyers.

First Time Home Buyer Eligibility

  • First-Time and Non First-Time Home buyers
  • Buyer Intends to Occupy the Property as Their Primary Residence
  • No Co-signers
  • Income Limits Apply – Based Median Income by County
  • Household Size
  • Minimum Credit Score of 640

Property Eligibility

  • Purchase Price Limits by County i.e., Orange County $600,000
  • Single Family Residence or Condos
  • Owner Occupied ONLY
  • No Income Producing Component i.e., renting out a unit of a duplex

“MyHome” Assistance Program – Down Payment Loan

  • Loan Covers Down Payment of 3% or 3.5% (FHA) of the Sale Price/Appraised Value
  • ALL Payments are Deferred until Home is Sold or Refinanced
  • 3% Simple Interest Rate
  • 2nd Position Loan

 “CalPLUS” Loan to Cover Closing Costs

  • Increase Interest Rate on 1st Loan
  • Zero Interest Loan to Cover Closing Costs
  • Deferred Payments – paid off when sell or refinance home

This program includes a 0% down payment, and is available to those with a FICO score of 640 or higher, on a purchase price of up to $435,000. Income verification is required.

If your paying over $1900 per month in rent it is actually CHEAPER to BUY than RENT!

Purchase Scenarios with ZERO Buyer Funds Needed:

Example #1

$435,000 Home Purchase vs. Paying $2,400/Month Rent

Combined Monthly Payment: $3,042*

Monthly Tax Benefit:                 ($437)

Monthly Principal Paid:             ($504)

Actual Net Monthly Payment:   $2,101

 

Example #2

$335,000 Home Purchase vs. Paying $1,900/Month Rent

Combined Monthly Payment: $2,284*

Monthly Tax Benefit:                 ($339)

Monthly Principal Paid:             ($390)

Actual Net Monthly Payment:      $1,555

*Payment includes Principal & interest, taxes, mortgage and hazard insurance.

Although we are located in Laguna Hills, we work with clients around all of Orange County and California, including in Newport Beach, Irvine, Aliso Viejo, Dana Point, Laguna Niguel, San Clemente, Mission Viejo and as far as Oceanside and San Diego.