"You are unique,
...so are your mortgage needs"
                              858.485.0462
Mortgage Consulting Since 1983

First-Time buyer Loans

My staff and I are on a mission to help people purchase their first home. A “first-time buyer” is anyone who has not owned a home during the preceding three years. There are many considerations when buying one’s first home:   • How much do I qualify for?   • How does my credit score affect my buying power?   • How much will it cost me to buy my first home?   • How can I find the most favorable loan program?   • What is the process to follow when I buy my first      home?

We are approved by the Department of Housing and Urban Renewal as an FHA lender.

First-Time buyer loans are either “government” loans or “conventional” loans. Government loans are backed by either the US Government or the State of California. Conventional loans are simply loans not backed by a government entity. Quality Funding is active in both arenas.

Conventional Loans

We can offer loans with loan amounts up to 100% of the purchase price. Depending upon your credit and other factors we may be able to qualify you using non-traditional income sources to boost your qualifying and with limited documentation. The full range of loan products is available in this category. We recommend that you call us so that we can match you to the right program.

Government Loans

FHA Loans: Loans backed by the Federal Housing Administration. Presently the maximum FHA loan is $362,790. This program requires a down payment of 3% and is available with fixed or adjustable rates. This program is popular because it permits blood-relatives to co-sign with children so that the incomes and assets of the parents and children can be combined enabling the children to qualify for their first home.

CALHFA Loans: These are loans backed by the State of California and are generally available with no down payment. There are sales price and income caps. Presently the maximum purchase price for San Diego County is $486,625 for newly constructed homes and $543,859 for resale homes. Higher limits are available for certain areas – check with us. Your gross annual income cannot exceed $80,028 for a family of one or two persons and your annual gross income cannot exceed $93,366 for a family of three or more persons.

We offer the following CALHFA loans:

• FHA loans
• 40 Year fixed-rate loans
• 35 Year fixed-rate loans*
• 30 Year fixed-rate loans

* Interest-Only payment option for the first five years.

MCC Loans: “MCC” stand for Mortgage Credit Certificate. MCC is a Federal income Tax Credit program. An MCC provides a double bonus. It increases the loan amount that you qualify for and it increases your take-home pay. The MCC entitles you to take a federal income tax credit of twenty percent (20%) of the annual interest you pay on your home mortgage.
Because the MCC reduces your federal income taxes and increases your net earnings, it is a great help in qualifying for your first mortgage.

The MCC is registered with the IRS, and it continues to reduce your federal income taxes each year for as long as you live in your home. And, you still are able to deduct the remaining 80% of the interest that you pay on your home loan as well as 100% of the real estate taxes you pay each year.

With an MCC you can immediately reduce the amount of your withholding each month by the amount of the tax credit thus putting the amount of your tax credit into your pocket each and every month for as long as you live in your home.

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