California has a lot to offer. Whether it is enjoying the sunny weather, beautiful coastline and majestic mountains, California can be a great place to live. However, California can also be awfully expensive. California's median home values are quite a bit above the national median value. Currently, a little over 50% of California's residents are homeowners. To break it down, California has approximately 14 million homes and home ownership is 54% according to the US Census Bureau. The median home value in California is about $509,1400 which is more than double the US median value at 217,600.
California Homebuyer Deals & Programs
California homebuyers can get great deals with their down payments and closing costs. These deals are available to first time buyers and the income limits are vary by County. These programs assist with down payments and closing costs. When choosing a California home loan company ask about CalPLUS FHA loans or CalPLUS conventional loans.
California Energy Efficient Homes Program
The California EEM grant allows energy efficient improvements over and above the maximum FHA loan amount. This is only available with the CAL-EEM first mortgage. The grant is for up to 4% of the first mortgage amount.
MyHome Assistance Program
This California program is exclusive to first time buyers. The income limits vary by County. Although this is exclusive to first time buyers there are exceptions for borrowers who are affected by natural disasters in California. Extends a deferred payment junior loan up to the lesser of 3.5% of the purchase price or appraised value depending on which load program you choose.
Searching for the Right California Home Loan Company
Most Californians will be using search engines on their smart phones to find home loan companies. This will provide you with many different review platforms, but the most popular are Google reviews and Yelp. These reviews are a great way to get a feel for how the company operates from past and current clients of these California Home loan companies. Remember, every business will get a few bad reviews over time but if you see relatively the same specific complaint being said by 5 or more reviewers, you might want to steer clear of that home loan company. Also, if a company is proactive in responding to negative feedback on review platforms in a respectful manner, you can be sure they will provide good customer service.
Communication is Key
Before settling on a home loan company, be sure to call and talk to more than one company to shop for the best rate available. Remember, shopping for the lowest rate is not the only indicator of the right home loan company to go with. You will want to pay attention to closing costs that you will need to pay up front, as well as customer service you receive during your call which both play a huge role in determining the value of your lender. Also, there are many different types of loans and their uses vary based on your financial situation.
Compare the Best California Home Loan Companies
At Amerifund Home Loans, our goal is to make the home loan process simple and dare we say, enjoyable. In doing so, we want to provide you with a free “checklist” to help you find the best home loan company for you. Simply provide your NAME & EMAIL and we will send you a PDF with the best questions to ask your potential home loan company. Go ahead and use the checklist on us to see how we stack up!