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Getting The Best Mortgage For Your California Home

Getting The Best Mortgage For Your California Home

Although California's housing market is one of the most expensive and competitive in the nation, many options exist to help you purchase a home in this beautiful state. By doing a little research and investigating, almost anyone can realize the dream of owning their own home in California.
If you are a first-time home buyer, several programs exist to assist you in getting an affordable mortgage. The federal government offers a variety of programs to assist home buyers with down payments, mortgage insurance, special loans for active-duty or retired military, teachers, and police officers.  They also have programs that offer incentives for those buying a home in certain neighborhoods. Be sure to look into these programs and take advantage of them whenever possible.

Also, the state of California has implemented programs of its own to assist first-time home buyers. Programs geared toward first-time home buyers include thirty year fixed-rate mortgages with interest rates much lower than the national average.  In addition, there are also programs that deal with down-payment assistance for low and middle income families. The California Department of Veterans' Affairs offers loans to veterans at low interest rates as well.

In addition, many cities and counties have their own home buyer assistance programs. Take a trip down to your local city hall and find out how to apply for these benefits. Many people don't know they are available, so you might get very lucky and find a great incentive. Spending a little time researching these government programs can save you thousands of dollars in the long run.