if I do want to find out what kind of down payment assistance program can I qualify for, where do I go. Your loan agent will, or should, know of several. The state of Calif. has some, as well as most cities, as Dawn mentioned.
Is that something a real estate agent would know? Not always, but your loan agent should.
Are there any income limits on such programs? Probably, but if you qualify for FHA you will probably be OK.
Good luck again,
Real Estate Broker
Rates are good and price are low, so it's a great time to use the FHA program.
Brian Ripp, CRS, GRI
Check my web site: http://www.BrianRipp.com
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Realtor since 1985
DRE Lic. 00886348
I just posted this on Trulia -
We have 95% conventional financing for Owner Occupied Single Family Residences.
Th truth nis most lender do they are just not insurable by the mortgage insurance companies. We have a correspondent line available with mortgage insurance.
Let me know if I can help run a quick scenario for you.
You have several choices. FHA for sure - and this is not a bad choice in loans. I do not understand the reluctance of sellers to go FHA - especially those with decent homes (not trashed by the previous owners/renters) as I can do an FHA loan just as quick as any conventional loan, the appraisals are not tough and the MI is a non-issue. We are closing FHA deals in 21-28 days! I think FHA may have gotten a bad rap from lenders not familiar with FHA procedure.
CalHFA is the States first-time buyer loan and will go with 5% down payment. They have income and sales price limits, but that is a viable alternative as well.
Down payment assistance programs work well in that they may help provide enough money to move to a conventional loan which, in turn, is more widely accepted than current FHA offers.
Conventional - 15% down should be the minimum you should consider as a down payment as MI companies are incredibly tough to work with now - even turning down perfect credit if 3-4 tradelines (credit items) are not being used in a consistent manner. 20% down conventional is the new criteria it would seem for acceptance, but any and all of the above may help.
Best of luck.
We have excellent credit, been in stable reputed jobs, but we graduted with PhD's only 4 years ago and thus have not been able to save enough after paying off all loans (we do not have any credit card debt other than one car loan).
But with the CA (Fremont, Newark) market, saving 10% down is a big deal.
In that case, you can still look into an FHA rehab loah, which potentially expands options into homes that need some TLC. Check with a local lender who is well versed in doing this loans and has a proven track record of closing them.
PMI (Private Mortgage Insurance) is downright ugly right now on 5% down loans unless you are buying under market and have sterling credit. Makes much more sense to go the FHA route; your payment should be lower and they allow your credit to have some scratch and dent.
If you have any other questions please contact me at:
John & Sarena Villaescusa