I spoke with an account executive from Bank of America who handles ACORN loan yesterday and he told me that ACORN was good but now they need 3-5% down payment and their rate is higher (around 7% he said). Is this true? He told me to contact OC Neighborhood Housing first and see if I could get down payment assistance. Anyone here familiar with them? Thanks :)
We (the nonprofit I work with) works with several different lenders and some of them use ACORN with many of their clients. Try this person for questions:
Jeanette C Ruiz-Mayes
13657 Van Nuys Blvd.
Pacoima, CA 91331
I know sometimes it seems like a good idea to get a rebate, but a professional realtor would help you navigate buying a home. I'd say to any first time home buyer, get professional help your first time and then if you feel like you can go it alone in the future, go for it.
Thank you so much for your quick reply. I guess the problem that I have is that I plan on using Redfin (Redfin.com) as my agent and that leaves me with pretty much doing all the work by myself to get the cash rebate in the end. With that said, do you have a mortgage professional in mind that I can trust and will give honest opinion? With "finding a lender you like" do you mean like Bank of America? So who do I contact first, Bank of America or ACORN?
I've checked ACORN website and emailed their LA office yesterday morning. No word from them yet.
I'm sorry for all the questions. This is my first time buying house and I have no clue about the terms and all. I'm trying to read as much as I can but it'll be great if someone could teach me too.