2007-07-11 02:14:22 - No down payment home loans that allow Rancho Cucamonga CA apartment renters to become California real estate owners. First step obtain free mortgage pre-approval letter.

If you are searching for an Rancho Cucamonga CA apartment rental you may qualify for a zero downpayment home mortgage loan. First time home buyers programs allow renters to become California real estate owners.

Many renters can afford a monthly mortgage payment, and therefore own a home; they just do not realize it. Without a down payment they feel that

homeownership is not within reach.

There are numerous lenders that offer 100% loans to First Time Home Buyers who do not have enough money for a down payment. There are 100% loans which only require a 'stated income.-

A stated income is different from a 'verified- income where the lender will require current pay stubs to verify your income. With a stated income loan, the lender will accept what the borrower 'states- as his or her income. The stated income must be within reason for the job.

First Time Home Buyer, 100%, stated income loan that do not require any reserves are also available. A reserve usually refers to monthly payments. If a lender requires 2 months reserves, they are looking for 2 months P.I.T.I. (principal, interest, taxes & insurance) in a liquid account.

With these programs available homeownership becomes a reality and the money starts going back into renters' pocket instead of the landlord.

The first step is to determine how much home that can be afforded based on credit FICO credit score. A FICO score is very important for First Time Home Buyers, the higher the score the more programs available.

There are excellent loan programs available with FICO scores as low as 620, but with the lower FICO score, you would lose some perks like no reserves or some stated programs, etc.

With a little research those looking for a Rancho Cucamonga CA apartment rental may be pleasantly surprised that they can qualify for a home loan.

For more information on home loans for California First Time Home Buyers, please call 866 398 4664 or go to www.goldmedalmortgage.com/FirstTimeHomeBuyerLoans