Your Step-by-Step Guide to Buying a Home in California
Buying your first home in California is an exciting but complex process. Here's a clear roadmap to take you from renting to owning.
Step 1: Assess Your Finances
Start by reviewing your credit score (aim for 680+), calculating your debt-to-income ratio, and determining how much you have saved for a down payment. In California, the median down payment for first-time buyers is around 10%.
Step 2: Get Pre-Approved
Pre-approval is essential in California's competitive market. Contact at least 2–3 lenders to compare rates and terms. A pre-approval letter strengthens your offer and shows sellers you're serious.
Step 3: California First-Time Buyer Programs
- CalHFA MyHome Assistance: A deferred-payment junior loan of up to 3.5% of the purchase price for down payment/closing costs.
- CalHFA Dream For All: A shared appreciation loan providing up to 20% of the home purchase price.
- Golden State Finance Authority: Down payment assistance and below-market rate mortgages for qualifying buyers.
Step 4: Work With a Buyer's Agent
In California, buyer's agent representation is free to you — the seller typically pays agent commissions. A skilled buyer's agent knows local markets, can identify off-market deals, and protects your interests throughout the transaction.
Step 5: Make an Offer and Close
Once you find the right home, your agent will guide you through making a competitive offer, negotiating inspection repairs, reviewing disclosures, and closing. In California, escrow typically takes 30–45 days.
Ready to start? Contact a Global Sell Realty agent today for a free buyer consultation.
