The USDA assistance program is based on the location or the property - mainly in "rural" areas, which may sound like far far away it really is not.Â Homes in areas of Contra Costa & Alameda qualify for 100% mortgage financing, i.e.Livermore, Clayton, Oakley, Discovery Bay. Not all homes will qualify, so research by aÂ specific addresses is required. There are income limits and again this will depend on the County and size of household. Highlights:
The grant money funding is for first time home buyers whereby you can receive up to 3% of the loan amount to apply towards down payment or closing cost. The best part of this is you do not have to pay back the grant money. Thre are income limits and the max home loan is $417,000. In this market there are an abundance of homes available in the price range in Contra Costa County and Alameda County. Highlights of the Grant Money Program:
The Home Path Financing program offered by Fannie Mae is as good as getting an FHA loan - only 3% down payment is required. This financing is limited to Fannie Mae owned properties. Best of all this program is available to both owner occupied purchasers and investors. Investor downpayment is 15%. Fannie Mae properties can be found in Contra Costa & Alameda Counties. Highlights:
The CalSTRS Home Loan program will help anyone who is a member of the California State Teacher's Retirement System. The opportunity is that a borrower can get a 80% loan to value - with a 3% down payment for the first mortgage and a second mortgage for 17% which is deferred for up to 5 years. This program is for first time buyers only. Loan limits for a property vary from $417,000 to $505,612, Credit score of at least 620. A minimum of 1% for the down payment on the first mortgage must come from the borrowers funds. All other funds required to close such as closing costs can be a gift or a contribution from the seller. Highlights:
With so many first time buyer mortgage assistance programs, low interest rates and great prices on properties, now maybe the best time to invest in your home.
To determine if the property or program is qualified for any of the programs, call me at 925-415-3046 or for more information visit my HomeSalesPros.com