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First time home buyer mortgage

by Cristina P

Dear Mr. Ragan,

I sent an email to a CALFHA top preferred loan officer. Here's what i wrote to him:

Good Afternoon Mr....,

I chanced upon your information at Cal HFA website when i was looking at requirements and qualifications re first time homebuyer assistance program.

I'm planning to buy a small property, probably about $200k worth. I want to know about HUD, government mortgage program, etc.

I'm a public classified school employee, I work 10 months a year and my yearly income is only about 35k. I don't have money to put in as down payment.

Presently, if i will combine all my loans, I have already paid 30% more or less. I am living with my 19 year old son. He is a full-time college student and has a part time job, Last year, he earned an annual income of 10k, but this year it will be a lot less since he is concentrating on school.

I have already attended the first time homebuyer seminar early this year. Please let me know if there's a government assistance program or any other program that can help me with my plan. Also, i know percentage of paid off loan changes, please update me on this.

Hope to hear from you soon.


Cristina V P

I waited for two days, when i still didn't get a reply, i wrote an email to CALFHA and ask for their suggested loan officer. The loan officer replied after 2 days, asking me to call him.

Meanwhile, the top loan officer's assistant replied to my email after 5 days, giving me a list of things that i need to submit to pre-qualify for a loan together with an attached application form.

I got nervous, and in my mind, i was thinking, should i just go to one i trust - my bank, Schools First, i called and got a voice message telling me to leave my name and number and he will call me asap.

That was early morning and i waited the whole day, to no avail. I just want my questions answered before i move forward, because i'm still waiting for my paycheck so i can pay my monthly obligations before proceeding with this plan of mine.

Reason is because they might want to check my credit score right there and then.So i searched and searched online till i found you. I'm in the dark about the ins and outs of buying a house but i would like to do that this year.

Please answer my questions and help me understand better.

Thank you, Sir!

Cristina P

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First Time Home Buyer Mortgage Questions
by: Jeffrey

Hello Christina,

Thanks for finding my website and writing to me with your questions.

The mortgage process is complicated and what you need to do is research in order to understand how it works.

I always recommend that people work with the lender they feel most comfortable with.

As a school employee, it sounds like you have a credit union that you already work with. I think it may be best if they offer mortgages that you go there and apply for the loan.

However it sounds like you have limited income and no down payment money available so you are likely going to need an FHA 203b home loan.

Not too many credit unions offer them that I'm aware of.

The reason I recommend the FHA 203b loan is because it works well with down payment grants and other programs that may be available in your state.

Visit my page on California first time home buyer grants to find more information and down payment programs for first time home buyers.

You are correct they will need to check your credit. Also you will need to verify income and debt obligations.

Just spend a little time here at my site and do your homework. You should find answers to all your questions.

Feel free to write back to my reply here if you have further questions.


Jeff Ragan

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