Temecula First Time Home Buyer Assistance Programs

Temecula First Time Home Buyer (FTHB) assistance loan programs do exist and funds are still available for first time home buyers in the city of Temecula, CA and surrounding communities.

In fact, if you meet the minimum credit score requirement, and your income doesn’t exceed the household limit, some Temecula home buyer assistance programs DON’T even require you be a first time home buyer to qualify!

What is a Temecula First Time Home Buyer Loan?

FIrst Time Home Buyer Programs in Temecula A First Time Home Buyer loan is a program that makes it easier to purchase a home.  This is often accomplished with down payment assistance, closing costs assistance, or even NO down payment at all!

Who qualifies as aFirst Time Home Buyer? Anyone who hasn’t been on title, deducted mortgage interest on taxes or owned a home in three years.

Inquire About ==> Temecula First Time Home Buyer Programs

Available First Time Home Buyer Assistance Programs in Temecula

IMPORTANT NOTE: First Time Home Buyer Assistance program funds are limited and available on a first reserved basis.

  1. City of Temecula First Time Home Buyer Program RDA FTHB (Program Discontinued).  This was the City of Temecula’s official First Time Home Buyer Program.  When the economic crisis hit, Governor Brown shut down 400 local economic and housing redevelopment agencies to help offset the states budget deficit.
  2. First Time Home Buyer Program FTHB (Program Suspended). This program was offered by the Riverside County Economic Development Agency (EDA) and offered down payment assistance to low income individuals.
  3. Neighborhood Stabilization Homeownership Program NSHP (Program Suspended).  This Riverside County EDA program provided down payment assistance to purchase foreclosed bank owned homes in targeted or blighted areas of the county.
  4. Redevelopment Homeownership Program RHP (Program Discontinued).  This Riverside County down payment assistance for low to moderate income people buying in unincorporated areas.
  5. CalHFA CHDAP (Funds Available). California Housing Finance Agency (CALHFA) offers the California Homebuyer’s Downpayment Assistance Program (CHDAP) in Temecula.  CHDAP provides 3% assistance in the form of a small silent second mortgage.  Funds can be applied towards meeting the FHA 3.5% down payment or towards paying closing costs on a Conventional loan.
  6. CHF ACCESS (Funds Available).  The FHA ACCESS program provides 3% down payment assistance in the form of a 2nd lien.  Borrowers DO NOT have to be first time home buyers!
  7. CHF Platinum Grant (Funds Available).  The Platinum Grant program provides 3% to 5% of the loan amount to be applied towards the 3.5% down payment on an FHA loan or to pay closing costs on a VA or USDA loan.  This grant does not have to be repaid.  Borrowers DO NOT have to be first time home buyers.

Additional $0 or Low Down Payment Loans for First Time Home Buyers

FHA Loans – Do not have to be a FTHB, but the program only requires 3.5% minimum down payment and credit requirements are fairly liberal.

VA Home Loan – Do not have to be a FTHB.  Special 100% no down payment loan program for active duty and veterans.  No monthly mortgage insurance required.

USDA Home Loan – Do not have to be a FTHB.  100% financing for people buying in more ‘rural’ areas.

Conventional loan – Possible to purchase with only 3% or 5% down payment and no monthly PMI.

Do You Qualify for a Temecula FTHB Loan?

Temecula first time home buyer programs require a borrower qualify based on the same criteria than any other person would when applying for a home loan.

  • Credit Score – minimum credit score is 600.  Contact me if you want to increase your score.
  • Income – need enough income to meet the debt-to-income (DTI) ratio guidelines.
  • Employment – need a two year employment history.  School/degree/education/training for a specific field will count towards this.
  • Down payment – this is where the FTHB assistance program helps you.

Each first time home buyer assistance program has different qualifying guidelines.

How Much Do You Qualify For?

How much a borrower qualifies for is determined by your DTI ratio.  This is basically your gross qualifying income divided by your total monthly debts….including the total estimated housing payment of the home being purchased.

How to Apply for a Temecula First Time Home Buyer Assistance Program

Home buyers must work with a lender who is approved and certified (like me) to offer these niche first time home buyer programs.

Be careful, some lenders have been known to tell eligible/qualified home buyers that they don’t qualify or that funds aren’t available when in fact they are!!

If there is a FTHB program I’m not able to offer, I’ll tell you and refer you to a lender who can help you.

Contact me here or call direct (951) 215-6119 for more information on Temecula FTHB programs or to find out if and/or how much you will qualify for.

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