Alliance Helps First Time Homebuyers in San Jose
At Alliance Lending, we partner with lenders that offer many first time home buyers in San Jose easy and affordable solutions to buying their first home. We also participate in many programs, grants and down payment assistance avenues to make first time home buying attainable. These programs can help first time home buyers who may have credit scores or income levels that keep them from qualifying for traditional conventional mortgages.
FHA Home Loan Program
More than any other type of loan product, FHA helps more first time home buyers become homeowners. With a minimum of a 580 credit score and steady employment, a first time buyer can qualify for an FHA-backed loan with only 3.5 percent as a downpayment. Credit scores of 500 to 570 require a 10 percent downpayment. This downpayment can be a gift from a family member or even a friend. FHA closing costs can also be rolled into the loan so you won’t have to pay them upfront. FHA loans are good for primary residences only.
FHA 203k Rehab Loan Program
An extension of the FHA loan program, the FHA 203k Rehab program enables a borrower to seek one-stop financing for a home requiring repairs. This program is good for first time home buyers in San Jose who may want to purchase a home to renovate. Requirements for FHA 203k loans are the same as FHA loans but require a credit score of 640.
VA Home Loan Program
Loans backed by the Veterans Administration are available for those borrowers who are active or retired veterans. These loans require no money down. Unlike FHA, they require no mortgage insurance which makes a VA loan one of the best options available for first time home buyers in San Jose who qualify.
Conventional 97 Loan Program
Conventional loans made by lenders who qualify with Fannie Mae or Freddie Mac loan criteria offer opportunities for first time homebuyers. Fannie Mae and Freddie Mac have created mortgage loan programs specifically to assist first time buyers. Called a Conventional 97.
We were able to close a week Overall, Kimmy was an absolute joy to work with and we will always recommend her to our friends and family. We know exactly who to call if we decide to purchase additional properties in the future!
First time buying a home can be a heavy process to take on Jason Palomino Alliance Group and Associates has an amazing Team. Kimberly made the experience wonderful. She was beyond helpful, patient, and went the extra mile.
We were working with Rudy and his team, they were extremely helpful to close in 30 days. Process was easy and communication was good. The team made suggestions for best options for loan. Overall it was a great experience.
