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The “cost” of a first-time buyer loan will depend upon the amount of money you’re looking to finance through a mortgage. There are plenty of wonderful mortgage loan programs that will help first time homebuyers in SoCal get a foothold in the real estate market. Some of the popular loans for first time buyers are those with smaller down payment requirements such as conventional loans (Fannie Mae or Freddie Mac). These loans are available to qualified buyers with as little as 3% down payment. Likewise, FHA loans are also available to first time home buyers with as little as 3.5% down. The loan amount will include the total amount you need to borrow, less your down payment, plus closing costs and fees. Talk with a trusted SoCal mortgage broker to learn about the specific costs and fees associated with different loan products.