First time homebuyer- CALHFA?

**fouroheight68** · 03-01-2008, 06:21 PM

Hello,
Im planning on "jumping in" and buying my first home this summer. I realize that as a first time home buyer, I have alot of great options at my disposal. One of these options is the CALHFA program here in California. From what I understand, the requirements of this program are: less than 75k income, 1st time buyer, 2 months mortgage in the bank, and credit score over 680.

My main concerns about not being able to buy a house are: I dont have the cash for a significant down payment, so I would be using the 100% financing option. Also, I have 1 year left of college, and will not be making my FULL income for at least a year. However, I am currently in an internship with a company making on average 35k a year, which has offered 70k when I graduate.

I have excellent credit, and the home I plan on purchasing is brand new, 2100 sq ft, 4 bedroom, and I plan on picking it up for 220-250k (the builder has already expressed that this price range might be accepted). I plan on living in the home, and renting the other 3 rooms to my college friends to cover part of the mortgage (1400 worth).

Now that the background is out of the way, I would like your opinions on the CALHFA program? Or, are there any other options that fit my needs that I should look into?

Thank you!
Steve

**vbenitez** · 03-03-2008, 11:48 AM

From what I know about the program, it's great but difficult to qualify for. It sounds as if you've done plenty of research already and it looks good for you. Best of luck.

**castlelady** · 03-03-2008, 12:21 PM

I'm in Ohio and we too have a first time home buyer program. Here they will typically count any an all income coming into the home - so if you tell them you might have roomates - I'm not sure if they would also try to count their income against you too? Just something else to think about.

Also here alot of our builders have below market financing options and they'll pay your down payment for you via ameridream or nehemiah which are both FHA programs. So if your builders do something similar - that might be better than using the first time home buyer programs.

**bronsonb** · 03-04-2008, 10:22 PM

I would recommend getting a good loan officer that can explain all the different mortgage options that will fit your needs. I think that is a great idea to rent out the other rooms to your friends. I had a friend that did that and the roommates paid for most of his mortgage.

As a first time buyer you need to go to propertyinfodirect.com for some more great information on how to buy a home in todays market.

**castlelady** · 03-05-2008, 05:19 AM

I totally agree - that's very true - you need to find a good lender who participates in the first time home buyer programs and they can tell you what the best option is. Since there are so many lenders and it's hard to know who to trust, Finding a REALTOR