First Time Homebuyer Mortgage Loans from Delta Home Loans

We Cater To First-Time Homebuyers!

We know how exciting it is when you make the decision to buy your first home. Many elements must be put into play to ensure your loan process runs smoothly. We can help you through every step of realizing your dreams of home ownership!

Who Should You Trust?

Frequently, the first person you consult about buying a home is a real estate agent or broker. Although real estate brokers provide helpful advice on many aspects of home buying, they may serve the interest of the seller, and not your interest.  Talk to a Home Loan Specialist, who only represents you.  Delta Home Loans has trusted Loan Consultants who can handle your tough questions while ensuring you are well protected during the home buying process.

Current Loan Programs Available To First-Time Homebuyers

• FHA loans are insured by the Federal Housing Administration and allow as little as 3.5% down payment.  The borrower does not have to be a 1st time home buyer and can own other properties.
  
  • Non-occupant co borrowers are allowed to assist in the loan qualification for this mortgage type.
  • Seller assistance is allowed up to 6% of the sales price to go towards the buyers closing costs only.
  • Fixed rate and adjustable rate programs are available.
     
• Conventional mortgage allow as little as 10% down payment and with a 20% down payment there is no mortgage insurance.  This program is also available for second home financing and investment property purchase up to 4 units.
  
  • Long term fixed rate as well as short term fixed rate at a lower interest rate is available as well as adjustable loan programs.
     
• USDA Rural Guarantee loan program is available in “rural” communities that are more than 60 miles from a major city and the property address must be verified through USDA for it eligibility. 102% financing is available with the 2% allowed to cover closing costs provided the home appraises for more than the sales price.
  
  • Mortgage insurance is not a cost associated with this loan however the USDA does charge a funding fee of 2.125% of the loan amount/sales price and this is financed in the loan amount.
  • 30 year fixed rate is currently offered for this program
  • Maximum income guidelines do apply and are up to 115% of the median income for the area.
     
• VA loans are guaranteed by the Veterans Administration and allow up to 100% financing for qualified veterans.
   
• Jumbo and Non-Conforming Jumbo programs are for loan amounts over the current conforming loan limit of $417,000 and current loan limits are determined by areas to a maximum of $729,000 currently. These typically have a slightly higher interest rate and may have different qualifying criteria.
   
• Cal PERS (Public Employee Retirement System) members are eligible for this program as well as a combination of this program and FHA for a 0 down payment purchase loan.  The 3.5% down payment is secured by the PERS retirement account. PERS loans are available with 5% down payment.
   
• STRS (State Teachers Retirement System) retirement members are allowed to purchase a home with as little as 3% down payment.