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What are the Requirements for a First Time Home Buyer Loan in SoCal?

Posted by Summit Lending on August 23, 2017
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First-time home buyers in SoCal - like all buyers seeking to obtain a mortgage loan- must meet certain requirements in order to be approved for a home loan. However, the requirements for obtaining a first-time home buyer loan will vary, depending upon your unique circumstances, and the lender's specific rules and guidelines. But, with rents reaching all-time highs in areas such as Orange County, Los Angeles County, and other Southern California communities, for many renters, it's a great time to finally make the transition from renter, to homeowner.

It's understandable if the process of obtaining a first mortgage is intimidating. But rest assured, there are wonderful programs available for first time homebuyers in SoCal, and Summit Lending's Orange County based mortgage brokers and loan officers are here to walk you through the process. We are happy to guide, and explain every step of the process, so that you're always aware of your options, your approval status, and the status of the loan as you go through the purchase process.

Some of the types of loans available for first time homebuyers throughout Southern California include VA loans, FHA loans, and Fannie Mae and Freddie Mac loans.

A first-time home buyer who is also on active duty, or is a veteran of the U.S. military, may find easy access to a first-time home mortgage loan through a VA loan. VA loans in Orange County, Los Angeles County, Ventura County, and other Southern California communities, may be available with minimal down payments. However, former military service members will need to meet specific requirements pertaining to number of days of consecutive duty during wartime or peacetime.

First time home buyers who are not veterans also have terrific options available when it comes to securing a mortgage loan for your first home purchase in Southern California. From FHA loans (AKA government loans), requiring smaller down payments in many cases, to other government sponsored loans such as Fannie Mae or Freddie Mac loans, which have programs designed to meet the specific needs of first time home buyers, at Orange County based Summit Lending, if you're looking for a first-time home buyer loan, we can help.

Our top rated and top reviewed team of Southern California mortgage professionals welcome the opportunity to help first-time home buyers to get the best loan, for the lowest interest rates available. So, if you're preparing to buy your first home in Los Angeles County, Orange County, Riverside County, San Bernardino County, Ventura County, or San Diego County, contact us today. It's a great time to obtain a first-time home buyer loan in SoCal as interest rates remain incredibly low, while rental rates continue to climb.

As a family owned and operated Southern California Direct Mortgage Lender and Mortgage Brokerage, Summit Lending maintains an A+ Rating from the Better Business Bureau, and is a 5-Star Yelp and 5 Star Facebook reviewed mortgage brokerage. Summit Lending proudly supports veteran's associations, non-profits benefitting children in developing nations, and local schools. In addition, Summit Lending is a Southern California Homes for Heroes Affiliate Lender. You can hear from our President and Founder Lisa Alley, on KFI radio throughout Southern California, each week.

Based in Orange County, CA, with offices throughout Southern California, Summit Lending can be reached online, on Facebook, or via phone at 888-451-9006. From conventional fixed rate loans to Jumbo loans, VA loans, FHA loans, reverse mortgages and cash out refinances, at top Yelp! reviewed Summit Lending we are eager to assist you in accomplishing your short and long term real estate financing goals.