Hi again,

The $10,000. credit, offered by the State of California is for NEW homes only, and has just about run out of funding - if not already. The $8000 Government's tax credit won't run out - although you do have to close escrow by Monday, 11/30/09, at the latest - preferably by the week before.

You can also have closing costs AND your entire down payment "gifted" to you if you have a relative capable of giving you such funds. ( Parents, siblings, children.) I'm pretty sure they have to be related to you.

Good luck to you, in finding solutions!

Hi:)

As Bob mentioned the 8000 dollar tax credit should help you with the closing costs. In addition, the tax credit can also go towards your downpayment and so it could help you get a lower interest rate. Note that this program is available till Nov 30th only.

Also, CA is offering a 10000 dollar credit if you are a first time buyer and also buying a new home though I am not sure how long the state can sustain that owing to its fiscal troubles. I do not know how much you are qualified for and what kind of home you are looking for in Irvine, but it is possible to find a home here in Irvine as a first time buyer.

Please Contact me if you would like further assistance. Wishing you the Best!!

Regards

Archana

Hello Hope,

I'm a little surprised that none of the agents who answered suggested using the $8000 tax credit for helping to pay your closing costs. That IS now an option - you should check with your lender to make sure he is capable to process the tax credit within the escrow period.

The lender I use is fluent with this process plus does NOT charge many of the fees that many lenders charge. I would strongly urge that you contact him, to at least get a second opinion. Here is a link to his website: http://tr.im/KevinBudde

Below is a link to my free MLS search venue, that most of my clients are working with and enjoying.

Good luck in your search - contact me if I can be of assistance - click on my photo for contact info. Thank you for your time.

There are some condo communities that aren't FHA approved so you need to have that looked into also. There is available for those who qualify the CalHFA that helps with the downpayment. Having everything ready before you put in an offer and letting the sellers know you can close escrow.

Hi,

Irvine is tough....single family homes in the FHA price range tend to go very quickly. I do find that there are quite a few listing agents who I have worked with in the past....and so that helps my buyers. I can often "vouch" for the financing and since they were happy working with me in the past, that helps!

Having the seller "pay" for closing costs is really just financing them. We determine our offer price and then add the closing costs onto the price and then in turn as for that same dollar amount back as a credit...does that make sense? I haven't had any trouble getting that done. Certainly if a listing agent has an all-cash or a buyer putting a substantial amount down for the down payment....we are working uphill. But it can be done....

I'd love to talk with you more about this, if that's helpful! If you would like to send me an email....we can talk about this further.

Karen

There is still hope!! We've been able to succesfully have foreclosure, short sale and even some traditional sellers cover some or all buyer's closing costs. A lot of how to get the first-time buyer deals done is a matter of persistance, quick action when the right deal comes up and some knowledge as to how to structure an offer to get accepted and cover closing costs. There are also a few parts of Irvine that have affordable housing programs tied to them so you might be able to take advantage of these depending on your search parameters.

We work with a lot of newer and first-time homebuyers and are in Irvine, so if we can help you with any further questions, please do hesitate to contact us. Best of luck with your search.

Sincerely,

Cathy Haney
Home Buyer Resource Group
888-326-2258
cathy@homebuyerresourcegroup.com

Hope622,
I don't know what your price range is, so it's hard to advise really. Howeer, is Irvine the ONLY are you will consider? Are South County areas such as Aliso Viejo, Lake Forest or Laguna Hills an option at all?
There are some wonderful homes available in these areas that might me your criteria.

With Bank Owned homes in Orange County going so quickly and alot of times for over the list price and for CASH, having an FHA loan presents a little bit of a challenge..It's not impossible though- you just need to have a good strategy. If you are not working with an agent, please interview at least 3 to determine who will best be able to assist you.

All my best,

Micki

CHADAP was recently reinstated. CHADAP can help towards your downpayment if you qualify. It is a silent second which you could use with FHA loan. Feel free to contact me and I will put you in contact with my lender who can give you more info on CHADAP and check to see if you qualify.