Buy My First Home
First-time home buyers need to consider three factors when financing the purchase of their first home: down payment, credit and income. It’s important to understand each of these aspects so that you can prepare to qualify for your first home purchase.
Buy My First Home
First-time home buyers need to consider three factors when financing the purchase of their first home: down payment, credit and income. It’s important to understand each of these aspects so that you can prepare to qualify for your first home purchase.
Buy My First Home
First-time home buyers need to consider three factors when financing the purchase of their first home: down payment, credit and income. It’s important to understand each of these aspects so that you can prepare to qualify for your first home purchase.
SNAPFI HOMEPAGElet’s get started
Are you a First Time Buyer?
First-time home buyers need to consider three factors when financing the purchase of their first home: Down Payment, Credit and Income.
It’s important to understand each of these aspects so that you can prepare to qualify for your first home purchase.
Here, you’ll find information and resources to help you purchase your first home – whether it’s a single- or multi-family residence, a townhome, a condo or an apartment.
let’s get started
Are you a First Time Buyer?
First-time home buyers need to consider three factors when financing the purchase of their first home: Down Payment, Credit and Income.
It’s important to understand each of these aspects so that you can prepare to qualify for your first home purchase.
Here, you’ll find information and resources to help you purchase your first home – whether it’s a single- or multi-family residence, a townhome, a condo or an apartment.
you have options
Down Payment Assistance
It’s a myth that a 20 percent down payment is required to qualify for a home loan. Although
having a 20 percent down payment is good to have, it’s not a requirement.
FHA Loans – If you do not have 20 percent to put down on a home loan, an FHA loan is an option that you first time home buyers may want to consider.
FHA loans require a down payment of only 3.5 percent of the home’s purchase price.
VA Loans– VA loans are available nationwide. They are guaranteed by the U.S. Department of Veteran Affairs and are designed to provide assistance in purchasing a home for service members, veterans, reservists, National Guard members and certain surviving spouses.
Gifts from Relatives – Coming up with a 20 percent down payment to lock in a property purchase can be a challenge. Parents, or other relatives, can help with funds for a down payment by giving loans and or gifts.
CalHFA Loans – CalHFA loans are available to California residents and this option also provides for little to no down payment as well. Potential home buyers can review the programs CalHFA offers or speak with a trusted lender to see if a service member qualifies for a CalHFA loans.
you have options
Down Payment Assistance
It’s a myth that a 20 percent down payment is required to qualify for a home loan. Although
having a 20 percent down payment is good to have, it’s not a requirement.
FHA Loans – If you do not have 20 percent to put down on a home loan, an FHA loan is an option that you first time home buyers may want to consider.
FHA loans require a down payment of only 3.5 percent of the home’s purchase price.
VA Loans– VA loans are available nationwide. They are guaranteed by the U.S. Department of Veteran Affairs and are designed to provide assistance in purchasing a home for service members, veterans, reservists, National Guard members and certain surviving spouses.
Gifts from Relatives – Coming up with a 20 percent down payment to lock in a property purchase can be a challenge. Parents, or other relatives, can help with funds for a down payment by giving loans and or gifts.
CalHFA Loans – CalHFA loans are available to California residents and this option also provides for little to no down payment as well. Potential home buyers can review the programs CalHFA offers or speak with a trusted lender to see if a service member qualifies for a CalHFA loans.
Loans, Terms and Stuff
What it is
The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher 30 year fixed interest rate than our standard FHA program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.
Buyer Requirements
This program is available for both first time and non-first-time homebuyers.
- Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.
- Minimum 660 Credit Score
- Borrower contribution can be Gift
- CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
- Max 45% Debt to Income Ratio
- Meet CalHFA income limits for this program. Limits vary by county. (ex: Santa Clara County = $228,300)
- 105% Combined Loan to Value including assistance loans
CalPlus FHA Loan Terms
- FHA insured first mortgage
- 30 year fixed rate term
- High Balance FHA loan amounts allowed
- Has exclusive access to ZIP - Zero Interest Program
- Can be combined with ECTP - Extra Credit Teacher Program
- Can be combined with MCC and/or EEM
- Can be combined with MyHome Assistance Program
- CalPLUS loans are not subject to a recapture tax
Property Requirements
- Sales price of the home cannot exceed $795,000 (effective 1/1/2020)
- Be a single-family, one-unit residence, including approved condominium/PUDs
- Guest houses, granny units and in-law quarters may be eligible
- Condominiums must meet the guidelines of the first mortgage
If you believe that you may qualify for this program, and would like to speak with an approved lender, please contact SnapFi today.
Applications are not accepted directly from individuals. SnapFi is a qualified CalHFA lender and will work with you to submit an application on your behalf.
What it is
The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.
Who is eligible?
Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.
A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.
How it helps home buyers
Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.
Qualification
If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact SnapFi today.
Applications are not accepted directly from individuals. SnapFi is a qualified CalHFA lender and will work with you to submit an application on your behalf.
What it is
The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.
Who is eligible?
Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.
A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.
How it helps home buyers
Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.
Qualification
If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact SnapFi today.
Applications are not accepted directly from individuals. SnapFi is a qualified CalHFA lender and will work with you to submit an application on your behalf.
What it is
The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.
Who is eligible?
Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.
A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.
How it helps home buyers
Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.
Qualification
If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact SnapFi today.
Applications are not accepted directly from individuals. SnapFi is a qualified CalHFA lender and will work with you to submit an application on your behalf.
What it is
The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.
Who is eligible?
Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.
A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.
How it helps home buyers
Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.
Qualification
If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact SnapFi today.
Applications are not accepted directly from individuals. SnapFi is a qualified CalHFA lender and will work with you to submit an application on your behalf.
What it is
The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.
Who is eligible?
Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.
A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.
How it helps home buyers
Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.
Qualification
If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact SnapFi today.
Applications are not accepted directly from individuals. SnapFi is a qualified CalHFA lender and will work with you to submit an application on your behalf.
Loans, Terms & Stuff
What it is
The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.
Who is eligible?
Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.
A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.
How it helps home buyers
Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.
Qualification
If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact SnapFi today.
Applications are not accepted directly from individuals. SnapFi is a qualified CalHFA lender and will work with you to submit an application on your behalf.
What it is
The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.
Who is eligible?
Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.
A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.
How it helps home buyers
Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.
Qualification
If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact SnapFi today.
Applications are not accepted directly from individuals. SnapFi is a qualified CalHFA lender and will work with you to submit an application on your behalf.
What it is
The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.
Who is eligible?
Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.
A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.
How it helps home buyers
Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.
Qualification
If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact SnapFi today.
Applications are not accepted directly from individuals. SnapFi is a qualified CalHFA lender and will work with you to submit an application on your behalf.
What it is
The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.
Who is eligible?
Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.
A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.
How it helps home buyers
Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.
Qualification
If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact SnapFi today.
Applications are not accepted directly from individuals. SnapFi is a qualified CalHFA lender and will work with you to submit an application on your behalf.
What it is
The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.
Who is eligible?
Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.
A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.
How it helps home buyers
Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.
Qualification
If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact SnapFi today.
Applications are not accepted directly from individuals. SnapFi is a qualified CalHFA lender and will work with you to submit an application on your behalf.
What it is
The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.
Who is eligible?
Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school.
A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member — or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.
How it helps home buyers
Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.
Qualification
If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact SnapFi today.
Applications are not accepted directly from individuals. SnapFi is a qualified CalHFA lender and will work with you to submit an application on your behalf.
Improve your Credit
If you’re in the market to buy a home, there are a few things you should know about the type of credit score that’s needed to qualify for a home loan. The exact FICO score number that’s needed varies, depending on the type of loan that you’d like to qualify for.
-
If you’re not sure what your credit looks like right now, or even if you are, and you would like to get started on the path to home ownership, this is a perfect opportunity to get a complimentary copy of your credit report and then to speak with a trusted lending expert.
-
debt-to-income ratio are more likely to run into trouble making monthly payments.
-
To calculate your debt-to-income ratio you simply add up all your monthly auto, installment and revolving debt payments (you do not need to include groceries, electric, phone etc.) and divide them by your gross monthly income.
-
For example if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2000.
Improve your Credit
If you’re in the market to buy a home, there are a few things you should know about the type of credit score that’s needed to qualify for a home loan. The exact FICO score number that’s needed varies, depending on the type of loan that you’d like to qualify for.
-
If you’re not sure what your credit looks like right now, or even if you are, and you would like to get started on the path to home ownership, this is a perfect opportunity to get a complimentary copy of your credit report and then to speak with a trusted lending expert.
-
debt-to-income ratio are more likely to run into trouble making monthly payments.
-
To calculate your debt-to-income ratio you simply add up all your monthly auto, installment and revolving debt payments (you do not need to include groceries, electric, phone etc.) and divide them by your gross monthly income.
-
For example if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2000.
LET`S GET STARTED
Ready to Buy your First Home?
SnapFi helps first-time buyers to buy their home sooner.
LET`S GET STARTED
Ready to Buy your First Home?
SnapFi helps first-time buyers to buy their home sooner.