First Time Home Buyer in Ventura County

If you are looking to purchase a home in Ventura County and have at least a 3% down payment (which can be gift funds from a family member), we are confident we are your best source for a mortgage.

Community First Mortgage is a mortgage broker located in Thousand Oaks, California. We have been in business (in the same building!) since 1986. Being a mortgage broker, lenders discount their rates to us which is why we can offer better rates to you than if you worked with
the same lender directly.

Here are a few common loan programs we offer:

  • FHA (Federal Housing Administration) loans with as little as 3.5% down.
  • Conventional loans with as little as 3 – 5% down.
  • VA (Veterans Administration) with as little as 0% down.

FHA Loans for a First Time Home Buyer in Ventura County

Pros = Low down payments, Low interest rates, Easier qualifying guidelines

Cons = Higher upfront fees (that can be financed), mortgage insurance likely required for the life of the loan

We typically offer FHA loans to homebuyers with credit scores under 660, have less than a 5% down payment and/or who have credit issues – as this allows for the lowest payment and interest rate.

Here is an example (as of 11/18/21) of how an FHA loan would look based on a $640,000 sales price, single family home, 3.5% down ($22,400), and a 660 credit score:

$ 2,442 = principal and interest payment based on a rate of 2.375% (rates as of 11/18/21)***
$ 438 = MIP monthly (Mortgage Insurance Premium)
$ 667 = Property taxes (paid monthly)
$ 100 = Homeowner’s insurance (estimated)
$ 3,647 = total housing payment

*** FHA charges the borrower an upfront mortgage insurance premium based on 1.75% of the sales price or $11,550 in this scenario. This fee is financed in your loan amount which makes the total loan in the scenario above $628,408. While you put 3.5% down, 1.75% was added back to your loan, but this is typically what an FHA buyer would like to do instead of paying for the fee in cash at closing.

Also, to give you an idea on lender credits, today 2.375% has a $1,100 lender credit that you can apply toward closing costs. Higher rates with larger lender credits will be available through us. Lender credits are not always offered by other lenders in Ventura County. Choose your mortgage broker wisely!

Conventional Loan for a First Time Home Buyer in Ventura County

Pros = Can have lower mortgage insurance premiums (depends on credit score), avoid FHA’s upfront fees, and mortgage insurance is not for the life of the loan.

Cons = Can have higher interest rates than FHA and VA, can have higher mortgage insurance premiums, can be more difficult to qualify

We typically offer Conventional loans to homebuyers who have a credit score that is higher than 660, have at least a 3-5% down payment, and do not have credit issues that would preclude them from closing on a conventional loan.

Here is an example (as of 11/18/21) of a conventional loan based on a $640,000 sales price, single family home, 5% down ($32,000) and a 780+ credit score:

$ 2,523 = principal and interest payment based on a 2.875% rate***
$ 117 = PMI (Private Mortgage Insurance)
$ 667 = Property taxes based on 1.25% of the sales price
$ 100 = Homeowner’s insurance (estimated)
$ 3,407 = Total housing payment

***With a conventional loan, you avoid FHA’s upfront fee (1.75% of the loan amount)

VA Loan for a First Time Home Buyer in Ventura County

Pros = No mortgage insurance, low interest rates, easier qualifying guidelines

Cons = upfront fee, limitations on the amount of VA financing.

VA loans are a fantastic option for Veterans, Active Duty and Reservist, and military families.

Here is an example (as of 11/18/21) of a VA loan based on a $640,000 sales price, single family home, 0% down, and a 700+ credit score

$ 2,545 = principal and interest payment based on a 2.375% rate***
$ 667 = Property taxes based on 1.25% of the sales price
$ 100 = Homeowner’s insurance (estimated)
$ 3,312 = Total housing payment

***With a VA loan, you would have a 2.3% funding fee ($14,720) in this scenario and this amount can be financed as it is in the loan amount above.

If you are a first time home buyer in Ventura County let us help you secure the best possible rate on the loan program that benefits you the most.

To get started with the preapproval process please complete an application on our website. We look forward to hearing from you!

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