Crystal plasticity finite element (CPFEM) modeling of metals that can be age hardened consisting of second phase particles is extensively performed based on representative volume element (RVE) models. The RVE model is generated for ferritic low-carbon steel using the data obtained from microstructural observation through optical microscopy (OM) and electron backscatter diffraction (EBSD). The generated RVE is required to statistically represent the original material in terms of grain topology and texture in microscale, as well as the configuration of second phase particles in submicron scale. The multiscale, multi-phase nature of the generated RVE leads to a computationally expensive modeling procedure. To overcome this issue, an alternative multiscale modeling approach based on a homogenization scheme is proposed, in which the effect of second phase particles on deformation behavior is accounted for with no need for the explicit presence of particles in RVE. Lastly, a thorough parametric analysis is performed to investigate the sensitivity of the mechanical properties to the second phase particles in terms of size, volume fraction, geometrical distribution, and deformable or non-deformable properties of precipitates in the investigated material. The results show that the proposed multiscale modeling approach successfully accounts for the effect of second phase particles on deformation behavior, while the computational cost is reduced by more than 99%. In addition, the simulations show that the configuration of second phase particles at a microscale plays an important role in defining the mechanical behavior of the material.