1. CHF Access program. Requires 580 FICO, The program allows up to 99.5% (CLTV) financing and is designed to help low- to moderate-income. This loan is also eligible for FHA flip transactions for properties purchased less than 90 days.
2. CHF Platinum requires a 620 FICO and 1% down from your own funds. Income up to $85,000
3. CalHFA/CHDAP is the perfect loan program for qualified, first-time home buyers. There are income, credit and sales price limitations in order to be eligible. It has lower interest rate than the other programs. http://www.calhfa.ca.gov/
4. CalHFA has School Facilities Fee assistant for many new homes
5. PenFed foundation helps our veterans and is an awesome program. http://www.pentagonfoundation.org/
***Note: FHA loans require 3.5% down but that can all come from family gift or 3% silent second CHDAP and .5% gift. In comparison to Conventional loans which require 3% down which has to be from your own funds. If you have over a 740 FICO you should not be doing FHA unless you need down payment assistance.
Also lenders can give you premium pricing to help pay for some or all of your closing cost. We raise your rate and credit you back cash in turn for a higher monthly payment.
Mortgage Credit Certificate (MCC) program: The Mortgage Credit Certificate program allows first-time home buyers to take advantage of a special federal income tax credit. This program allows buyers credit in qualifying for the tax advantage they'll receive after they purchase the home which can return part or all of the down payment in special tax savings above the normal savings homeowners already get.
I am here to help. I specialize in Senior FHA Reverse Mortgage, FHA FICO 500-640, VA loans 2 years out of foreclosure and investors buying 5-10 investment properties. Investors who pay cash for homes can do a Conventional loan the next day on newly purchased property to recapture up to 65% of the new appraised value as long as itâ€™s not more than their original investment.
Mark R. Barrett
DRE LICENSE #: 01438387
NMLS #: 279056
a good mortgage broker has access to many lenders and loan products and can best answer your question and get you a loan that fits your profile. My website has a link to one in California. Good luck
Buyer 50%-60% Cash Rebate / Seller 50% Commission Discount
Quality Full Service!
Flavio Tejada, Owner/Broker, Realtor, MBA-Finance
I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify.
Here is a flyer and a needs list to qualify. I only need to ask a few dozen questions to qualiy you.
CHF Access half percent down flyer, pdf
Sheryl Arndt, standard needs list checked, pdf
Why Rent brochure
CHF Access income limits http://tinyurl.com/8lzf8he
Sheryl Arndt, Broker â€“ Sr. Loan Officer
Loan Officer at Pacific Funding Mortgage Division, PFMD
4825 Calloway Dr Suite H-101
Bakersfield, CA 93312
DRE License # 01877009
NMLS License # 317122
Yes, there are still programs available. I would direct you to a lender to discuss those programs and what will fit your situation the best. The lender I work with a lot is Cherie Bowen with Academy Mortgage. Her number is 661-343-1068. She will answer any questions you have regarding down payment assistance.
As for closing costs, on most offers these days I ask for the seller to contribute a certain percentage of the purchase price towards the buyer's closing costs. Depending on your price range, sometimes the seller's contribution will cover closing costs completely.
Once you speak with a lender, they can provide you with an estimate of down payment and closing costs for specific price ranges... this information can be quite valuable to have before you start house hunting!
Please feel free to call or email me with any additional questions!
There are still some options for buyers with little money to put down on a home...
VA financing is available to those that qualify or you can use USDA financing if you are open to a purchase in a rural area.
Most of our customers use the California Homebuyer's Downpayment Assistance Program. With this secondary financing, your can get in with as little at 1/2% down, but income restrictions apply.
See the link below for more information and feel free to contact us directly if you have any other questions.
Robert and Dawn Morris
It is called the CHDAP program.
Adrian Diniz/ Broker