First-Time Home Buyer Qualifications: What to Know

By The Lending Mamba | Your Trusted California Mortgage Partner

Buying your first home is a big milestone—exciting, but also overwhelming. At The Lending Mamba, we’re here to simplify the process and help you understand exactly what it takes to qualify as a first-time home buyer in Anaheim, Cerritos, Chino Hills, or anywhere in California, this guide breaks it down for you.

Who Is Considered a First-Time Home Buyer?
Surprisingly, you don’t have to be someone who has never owned a home to qualify. You’re considered a first-time buyer if:

You haven’t owned a home in the past 3 years

You’ve only owned a home with a spouse (and you’re now single)

You’ve owned a property that wasn’t permanently affixed to a foundation (like an RV)

Basic Qualifications You’ll Need
Here’s what most lenders (including us at The Lending Mamba) look for when you apply:

1. Stable Income & Employment
Lenders typically prefer 2 years of steady employment.

Self-employed? We can look at your bank statements or tax returns to qualify you.

2. Credit Score
A score of 620 or higher for most conventional loans.

FHA loans accept scores as low as 580, sometimes even 500 with a larger down payment.

3. Debt-to-Income (DTI) Ratio
Your total monthly debt payments (including your new mortgage) should ideally be 43% or less of your monthly income.

4. Down Payment
Conventional loans: As low as 3% down for first-time buyers.

FHA loans: Minimum of 3.5% down with a 580+ credit score.

Don’t forget about down payment assistance programs—we can help you find local options.

5. Proof of Assets & Savings
You’ll need to show bank statements or proof of where your down payment and closing costs are coming from.

Loan Programs Designed for First-Time Buyers
Here are a few options we often recommend:

FHA Loans: Flexible credit and low down payments.

Conventional 97 Loans: Only 3% down for qualified buyers.

VA Loans: $0 down if you’re a veteran or active-duty service member.

CalHFA Loans: State-run loan programs with competitive rates and assistance options.

Documents You’ll Need to Apply
Be prepared to provide:

Photo ID (like a driver’s license)

W-2s or tax returns (2 years)

Recent pay stubs or proof of income

Bank statements (2–3 months)

Any documents related to additional income or liabilities

 The Lending Mamba Tip:
Get pre-approved before you house hunt! It strengthens your offer and shows sellers you’re serious and financially ready.

Final Thoughts
Buying your first home in California doesn’t have to be complicated. At The Lending Mamba, we walk you through every step—from approval to keys in hand. Let us help you take the leap with confidence!

📞 Call us today at 657-777-0024
🌐 thelendingmamba.com
📧 Email: Info@thelendingmamba.com