Options With California First Time Home Buyer Grants
California first time home buyer grants are for people who want to realize the dream of home ownership but are not able to qualify for a loan without a little help. The government wants to help qualified people buy their home because they know that people who own their own homes make good citizens and bring stability to their community.
Home owners are more stable than renters. Home owners have pride of ownership and are more involved in their community because they have more at stake because their family lives, plays, and goes to school there.
People who own their home are more likely to be full time employees working to support their family and their home. When more people are working this means a more stable economy verses people living on unemployment checks.
Take full advantage of the state’s plan to make a better life for everyone by applying for a home buyer grant program. These programs are here for you.
You will qualify for special assistance if you are a first time home buyer. This is true even if you have owned a home in the past, you can still qualify for the first time home buyer status.
The program defines the first time home buyer as someone who has not owned a home in the previous three years. If you have owned a home before, but you sold it to pay off your debt, or you had to sell to relocate for work, or for whatever reason, if you have not owned a home in the previous three years, you are considered a first time home buyer by the government.
Your income cannot exceed the limit set by the government. This includes your total household income if you and your spouse work. You will need to include copies of your tax returns with your application.
The state sets a price limit on the house it will help you purchase. They will not help you move into a luxury house, but they do not want you to move into a run down house in a bad area either.
The grants are limited to single home residences. The government will not help you buy an apartment building or duplex. The person who will be on the deed must be an American citizen or permanent resident alien in order to qualify for government assistance.
You will be limited to government approved lenders that have to meed certain standards.
Before you have your loan broker search for a loan, let him or her know that you are looking for state assistance so he will narrow his lender search.
These are the minimum requirements you have to meet to start the grant process. But you will be subject to other qualifications according to your situation. Once you start the application you will receive more directions from the government. It can be a time consuming application process but it is well worth the time you spend filling out forms and sending information to the state agency. When you finally own your home you will realize it was worth the wait.
Are you a ca first time home buyer, you need to know your rights and know more regarding other things too, like first time home buyer grants.
