Answers to Your Home Financing Questions

We've received a lot of financial questions from first-time home buyers, so I brought in a financing expert to help me give some answers.

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We've received a lot of financial questions from our viewers, so today I'm pleased to be joined by Patricia Chavez from Pacific Funding Group to help me answer some.

Who is actually considered a first-time home buyer? This is somebody who has not owned a property for three years or has rented a property for three years.

Are there down payment assistance programs? Yes, there are plenty of down payment assistance programs. Some do require you to be a first-time home buyer. There are also plans that will allow you to own a home already and still qualify for down payment assistance.

Do you have advice for first-time home buyers with low credit scores? For starters, first-time home buyer programs don't have high credit score requirements. The minimum score required is 640, which is not very high. If you're nowhere near 640, it all depends on why. In some instances, buyers who don't have established credit could open credit cards and, within a couple of months, be ready to buy. In other cases, we have potential buyers with a couple of dents in their credit, and in most cases, those credit problems can be fixed.

Hopefully, you find this information helpful if you're thinking about buying your first home. If you have questions about financing for Patricia, give her a call at 707-361-4228 or send her an email at

If you have any questions about East Bay area real estate, give me a call or send me an email. I would be happy to help you!