Buying your first home can be very challenging. You will need to know what are the requirements for first-time home buyers in Sunnyvale. Also, you will need to be an eligible first-time home buyer. Luckily, there are many programs and grants in California. So, you will be assisted and provided with homebuyer education courses. And, the Golden State has a variety of first-time home buyer loans and grants. You will also learn how to qualify for them. All this will help you to buy your first real estate in Sunnyvale. And, once you complete the purchasing procedure, it will be time for moving. Let the reliable moving companies San Francisco help you with it.
Quick facts about Sunnyvale, California
Sunnyvale, CA is located in Santa Clara County. It has 155,550 residents, and many consider it one of the best places for living. In case you decide to move to this picturesque city, you can expect a median home value of $1,528,500. In case you decide to rent, it will cost you $2,837 on average. The median household income is $161,670.
The city has lower crime rates than the national average. And, in case you have kids, you might like to know that Sunnyvale public schools are highly rated. Besides, in case you plan to buy property, check if you can qualify as a first-time buyer. And how you can apply for grants and loans. So, when you manage to get a nice home for yourself, rely on Santa Clara County movers to safely move you there.
Who are first-time homebuyers?
The first that comes to mind, speaking about first-time home buyers, are persons buying their first property ever. But, the truth is actually a bit different. So, first-time homebuyers are actually:
- people who didn’t own a principal residence in the past three years
- single parents
- a displaced homemaker
- suppose who was not a homeowner (although the other one was)
- an individual who has owned a property that is not in compliance with building codes (or a mobile home)
The good thing is that, as a first-time homebuyer, you will have access to down payment assistance. So, you can receive grants or low-or no-interest loans, to help you get a property in Sunnyvale. And, soon as you complete purchasing a home, you can ask for affordable assistance from movers Sunnyvale. That way your whole transition will be smooth and without any stress.
Properties you can purchase using housing loans include:
- single-family homes
- planned unit developments
- manufactured housing
- guesthouses and accessory dwelling units (in some cases)
And in order to apply, you must have permanent US residency. You must possess one of the following:
- U.S. Born or Naturalized Citizen
- Permanent Resident (Green Card Holder)
- Refugees or those granted asylum
How to apply for CA programs for first-time home buyers in Sunnyvale?
California has an active first-time homebuyer assistance program. So, that is good news for first-time homebuyers in CA, Sunnyvale including. First-time homebuyers might be unfamiliar with the mortgage lending process. Also, they might lack the knowledge of how to compare interest rates, fees, and other costs related to loan plans.
In case you are not sure how to apply, the best is to start by checking the California Housing Finance Agency (CalHFA) website. There, you will find the info about mortgages, down payments, and closing costs programs. You will also find out if you are eligible for CalHFA programs. And, which program might best suit your situation?
Programs for first-time home buyers in Sunnyvale
So far, we could see general provisions and requirements for first-time homebuyers. Besides that, every CA city has its own policy related to assisted programs for first property buyers. So, let’s see what are the specific related to home buying in Sunnyvale.
Sunnyvale CA offers Below Market Rate (BMR) homes
BMR homes, by definition, are those which are affordable for people with low to moderate income. And, by the rule, they have a lower value than similar homes sold on the open market. Also, the BMR owners must occupy the home as their primary residence. And, they can’t rent it out under any condition.
To apply for assisted homebuyer program in Sunnyvale, you have to meet certain criteria.
- Living or working in Sunnyvale at the time of application submission
- Living or working in Santa Clara County at the time of application submission
State grants and loans
First-time homebuyers from Sunnyvale can also apply for state grants and low-interest rates loans. So, if you decide to purchase a home whose value is higher than the BMR, you can decide between several loan borrowers. Like in all other cases, you will have to meet their criteria. And, to qualify for any of the CalHFA’s special mortgage loans, you’ll need to:
- Be an eligible first-time home buyer
- Complete a home buyer education course
- Meet CalHFA’s median income limits
- Have a minimum credit score of 660-680, depending on the program
- Purchase a primary residence within the state of California
Once you become a homeowner, you might give a call to reliable local movers San Francisco. With their assistance, your move will be completed fast, and safely.
The latest CalHFA mortgage plan for Sunnyvale, CA
We already mentioned that each CA city has its own mortgage plan. The reason for that is simple. Namely, real estate defers from one to another city. So, taking the loan from one of the borrowers, rather than applying for the city’s BMR homes, the homebuyer will be paying one of the following interest rates:
- 6.66% for a 30-year fixed loan
- 5.93% for 15 years fixed loan and
- 6.10% for a 5-year ARM
Mortgage plan for Sunnyvale home buyers
Since the mortgage plan is calculated on the bases of the average market home price, they defer. So, they will have different values in Los Angeles, than in San Francisco. Here is the present mortgage plan for Sunnyvale first-home buyers:
- Loan Type – Purchase
- Loan Term – 30 years
- Location – Sunnyvale, CA
- Purchase Price – $ 400,000
- Downpayment – $ 20,000 (20% of the purchase price)
- Required credit score – 740+
Buying a home in Sunnyvale, CA
We could see that, in case you want to purchase a home in Sunnyvale, CA, you can choose between two options. You can apply for the BMR homes assisted program. And, you can apply for getting grants or low-or no-interest loans. Also, first-time home buyers in Sunnyvale can apply for down payment assistance. So, although CA is known for high real estate prices, there are ways to purchase property at more affordable prices.