Mike's Blog

Looks like even Silicon Valley residents are looking for homes outside their own area. 😄 According to Realtor.com, 94.4% of home shoppers from San Jose in Q2 2026 were looking outside the area. The most popular destination was San Francisco / Oakland / Fremont, where homes were about 28% cheaper.Los Angeles is seeing a similar trend - more than 70% of home shoppers were looking outside their metro area. Buyers aren't giving up on homeownership - they're simply willing to go farther. 🏠🚗 Would you be willing to move 90 miles farther from work if it meant getting 30% more home for your money?

What do you think?

First-Time Home Buyer Financing Guide: Every 0% and Low-Down-Payment Option in 2026 Buying your first home doesn't require 20% down. Below is every major low- and no-down-payment program available in the U.S. right now — what it is, who qualifies, and where to verify it yourself before talking to a lender. ⚠️ Disclaimer: This is general education, not financial or legal advice. Program rules, income limits, and rates change — always confirm current numbers with the official source linked and a licensed loan officer before making decisions. 💵 0% Down Payment Options 1. VA Loan (Veterans, active duty, eligible spouses) What it is: A mortgage guaranteed by the Department of Veterans Affairs with no down payment and no monthly private mortgage insurance (PMI). Requirements: 90 consecutive days active duty during wartime, or 181 days during peacetime (National Guard/Reserve: 6+ years or activation) Valid Certificate of Eligibility (COE) No VA-set minimum credit score, but most lenders want 580–620+ Home must be your primary residence VA funding fee applies (waived for some service-connected disabilities) Verify here: https://www.va.gov/housing-assistance... 2. USDA Loan (Rural & many suburban areas) What it is: A zero-down mortgage backed by the U.S. Department of Agriculture for homes in USDA-eligible areas (about 97% of U.S. land, including many suburbs). Requirements: Property in a USDA-eligible area (check the map link below) Household income at or below 115% of the area median income Credit score of roughly 640+ for streamlined approval (lower scores may qualify with manual underwriting) Home must be primary residence, not income-producing Upfront guarantee fee (~1%) + low annual fee (~0.35%) instead of traditional PMI Verify property eligibility: https://eligibility.sc.egov.usda.gov/... Verify program details: https://www.rd.usda.gov/programs-serv... 🔑 Low Down Payment Options (3% – 3.5%) 3. FHA Loan What it is: A government-insured loan that's the most popular option for buyers with limited savings or lower credit scores. Requirements: 3.5% down with a credit score of 580+ 10% down with a credit score of 500–579 Primary residence only Upfront mortgage insurance premium (1.75%) + annual MIP Down payment can be entirely gifted from family, employer, or an approved nonprofit Two years of steady employment/income history typically expected Verify here: https://www.hud.gov/buying-a-home 4. Conventional 97 / Fannie Mae HomeReady® What it is: A conventional loan requiring just 3% down, aimed at low-to-moderate income buyers. Requirements: Credit score of 620+ Household income at or below 80% of area median income (AMI) Homeownership education course required DTI generally under 45–50% Mortgage insurance is cancellable once you reach 20% equity (unlike FHA) Check your income limit: https://ami-lookup-tool.fanniemae.com... Verify program: https://singlefamily.fanniemae.com/or... 5. Freddie Mac Home Possible® / HomeOne® What it is: Freddie Mac's equivalent 3%-down conventional programs. Home Possible targets low-to-moderate income buyers; HomeOne has no income cap but requires at least one first-time buyer on the loan. Requirements: Home Possible: credit score 660+, income at/below 80% AMI HomeOne: credit score 620+, no income limit, at least one borrower must be a first-time buyer Primary residence only Homeownership education required for first-time buyers Verify eligibility map: https://sfgate.freddiemac.com/tools/h... Verify program: https://sf.freddiemac.com/working-wit... 🤝 Down Payment & Closing Cost Assistance (Stack With Any Loan Above) 6. State & Local Down Payment Assistance (DPA) Programs What it is: Grants, forgivable loans, or second mortgages from state housing finance agencies that cover part or all of your down payment/closing costs. Requirements: Vary by state — typically income limits, home price caps, homebuyer education, and owner-occupancy. Search your state's program: https://www.hud.gov/topics/rental_ass... 7. Good Neighbor Next Door (Teachers, Firefighters, EMTs, Police) What it is: HUD sells eligible homes in revitalization areas at 50% off list price to qualifying public servants. Requirements: Full-time teacher (K–12), firefighter, EMT, or law enforcement officer Must live in the home as primary residence for 36 months Home must be in a designated revitalization area Verify here: https://www.hud.gov/program_offices/h... 8. Mortgage Credit Certificate (MCC) What it is: A federal tax credit (not a loan) that lets first-time buyers claim a portion of their annual mortgage interest as a direct tax credit. Requirements: Issued through state/local Housing Finance Agencies; income and purchase-price limits apply; usually must be paired with a new mortgage. Verify here: https://www.hud.gov/program_offices/h... 📊 Quick Comparison Program Min. Down Min. Credit Score Income Limit? Who It's For VA Loan 0% No VA min (lenders ~580–620) No Veterans/military families USDA 0% ~640 Yes (115% AMI) Rural/suburban buyers FHA 3.5% 580 No Buyers with lower credit/savings HomeReady 3% 620 Yes (80% AMI) Low-to-moderate income buyers Home Possible 3% 660 Yes (80% AMI) Low-to-moderate income buyers HomeOne 3% 620 No First-time buyers ✅ Next Steps Check your credit score and pull your credit report. Use the eligibility tools linked above for USDA/HomeReady/Home Possible. Get pre-approved with a lender who offers multiple programs so they can match you to the best fit. Ask about stacking down payment assistance with your loan type. 💬 Drop a comment if you want a full video breakdown of any single program above! Not financial or legal advice. Verify all figures with the official sources linked and a licensed mortgage professional — terms change often.

0% down home buying - check if home is eligible here: https://eligibility.sc.egov.usda.gov/... Let me know if you have any questions.

The fire insurance crisis deals near Tahoe(as of 7/31): https://www.zillow.com/homedetails/43... https://www.zillow.com/homedetails/62... https://www.zillow.com/homedetails/50...