Loan Programs for First Time Home Buyers

If you’re buying a home for the very first time, you may not be sure where to begin. Getting your finances in order is important. You’ll need to have enough money saved to be able to afford your down payment, monthly mortgage payments and monthly home utility bills. This is in addition to your other current expenses. Fortunately, there are several loan programs that can help first time home buyers.

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How To Buy A Home Without A Down Payment

It can take many buyers several weeks, months or years to save enough money to be able to afford a house. Careful budgeting and spending can eventually pay off. Most homeowners take out mortgage loans that require a certain amount of money be paid upfront, although there are several ways to purchase a house and not make a down payment.

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What is Escrow?

An escrow is a common component of many home sales. It’s an agreement in which a third party (usually a title or escrow agent) retains a significant sum of money in an account until a home has been sold. The buyer will deposit money into the escrow account as a sign of good faith and to signify their intent in owning the home.

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What Is Earnest Money?

Buying a home in California can be expensive. You need to have enough money saved for a down payment, as well as future mortgage and utility payments. Closings costs, earnest money and other expenses may also be required for the transaction.

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