What Type of Home Loan Is Best for First-Time Buyers in Roseville?
Buying your first home in Roseville is exciting but it can also feel overwhelming, especially when choosing the right mortgage. With so many options available, first-time buyers often wonder: which home loan is best? Here’s a breakdown of some of the most popular options available in Roseville, including a closer look at CalHFA loans, a top choice for California residents.
Conventional Loans
Conventional loans are popular for buyers with solid credit and a larger down payment (usually at least 3%). These loans aren’t backed by the government and typically offer competitive rates. First-time buyers who qualify may also access special conventional loan programs with reduced mortgage insurance requirements.
FHA Loans
FHA loans are insured by the Federal Housing Administration and are ideal for buyers with lower credit scores or smaller down payments (as low as 3.5%). They’re a great option if you’re just starting to build credit or if saving for a large down payment has been a challenge.
VA Loans
For eligible veterans, active-duty service members, and some surviving spouses, VA loans are a powerful option. They offer 0% down, no private mortgage insurance (PMI), and favorable interest rates. If you’re a veteran living in or moving to Roseville, a VA loan is worth exploring.
CalHFA Loans: A Smart Choice for California First-Time Buyers
The California Housing Finance Agency (CalHFA) offers loan programs specifically for first-time buyers in the state. CalHFA loans are designed to make homeownership more affordable by offering competitive interest rates and down payment assistance.
Through programs like the CalHFA FHA or CalHFA Conventional Loan, borrowers can pair their primary mortgage with assistance options such as MyHome or the Forgivable Equity Builder Loan. These programs can help cover your down payment or closing costs, which is especially helpful in competitive markets like Roseville.
To qualify, you’ll need to meet income limits, take a homebuyer education course, and work with a CalHFA-approved lender (like the JJ Mack Team).
USDA Loans
USDA loans are backed by the U.S. Department of Agriculture and are intended for homes in eligible rural and suburban areas including some parts of Placer County near Roseville. These loans offer 0% down and low interest rates, but income and location restrictions apply.
Ready to Find the Right Loan for Your First Home in Roseville?
At the JJ Mack Team, we specialize in finding the best home loan for first-time buyers in Roseville and helping to guide you through every step, from pre-approval to closing. Whether you’re looking for an FHA, VA, USDA, or conventional loan, we’ll help you choose the best option for your needs and budget.
Contact us or fill out the form below to schedule a free consultation and take the first step toward owning your home in Roseville!