What is the Best Home Loan for New Buyers?
Back to all FAQs
The best home loan for new buyers in California will depend upon the buyer's unique goals, and financial status. That means that some first time buyers will find that a conventional loan (such as a Fannie Mae or Freddie Mac loan) best fits their down payment budget. Other new buyers may benefit from an FHA loan, which may have a down payment requirement of as little as 3.5%. Still other first-time home buyers who are buying a more expensive home, will need to obtain a jumbo loan for their financing needs. The best loan for any first time buyer will be contingent upon credit score, proof of employment/income, amount that will be used as a down payment, and the amount that you can afford to pay each month in a mortgage payment. For the options available to you, contact a top Southern California mortgage broker who can walk you through the process of selecting the best mortgage loan for new buyers.