Erin Attardi

There are many of them...some are income based, some are based on the location (city/county) of your home, etc.

CalHFA has programs available in Sacramento County for existing resale and new construction homes based on your income. If you have a household that is 1-2 people, your household income can not exceed something like $85,200. If your household is 3+, your income can not exceed roughly $99,400. CalHFA has loan programs, and downpayment assistance grants.

The City of Roseville has a First Time Homebuyer Downpayment Assistance progam for low income buyers. It is a 0% deferred payment loan.

The Sacramento Housing and Redevelopment Agency offers CalHome First-Time Homebuyer Mortgage Assistance Program. It is designed to provide financial help to low-income homebuyers (max household income is $65,900 for a family of 6) by reducing the amount of the first mortgage loan and helping to pay non-recurring closing costs on home purchases in certain eligible neighborhoods and properties of the City and County of Sacramento...They also offer the American Dream Downpayment Initiative Program (ADDI), which is designed to provide financial help to low-income, first-time homebuyers by providing down payment, closing cost, and rehabilitation assistance on home purchases within the City and County of Sacramento (this program is out of funds for 2008).

CHDAP (California Homebuyer's Downpayment Assistance Program) offers a deferred-payment junior loan of an amount up to the lesser of 3 percent of the purchase price or appraised value to be used for a down payment or closing costs.

The National Homebuyer's Fund offers two first time buyer loan programs - the "First House Loan" and the ACCESS Loan. Both of these were originally designed to offer up to 105% financing, although I believe the loan to value has been reduced below 100% now.

There are many programs out there...you might try calling Marlena Olson with the Vitek Mortgage Group at 916-486-6931. She can assist you to determine which ones you may qualify for, and ultimately which program is the best fit for you.

Good luck!

Erin - Yesterday, 18:06

It appears that this is a property located in "The Bluffs" in Fair Oaks, and it is probably a condo. The Bluffs is a community of attached (and some freestanding) condos located on the bluffs above the American River at Hazel Avenue in Fair Oaks.

http://www.bluffcity.org - Yesterday, 17:44

Hi Susan,

Possibly yes, however it is more likely indicative of an incomplete or outdated file. When banks review short sale files, they usually need all of the following from the seller:
-Last 2 years IRS Tax Returns
-Last 2-3 months of bank statements
-Last 2-3 months of paystubs / P&I if self employed
-Hardship Letter
-Financial Statement (spreadsheet of incoming/outgoing expenses)
-Recent 401k, or other investment account statements

In addition to the above items from the seller, they also need several items from the listing agent, such as:
-Listing Agreement
-Purchase Agreement
-Estimated HUD1
-MLS printout
-Buyer pre-approval letter
-Copy of earnest money deposit check
-Recent sales comparables

In my experience with these types of transactions, the real indicator of an incoming approval is when the BPO (Broker Price Opinion) is ordered, completed, and processed by the bank. For a BPO, the bank may order a full-blown appraisal by a licensed appraiser, or they may send out another local agent to give an independent, unbaised estimate of value to validate the offered price.

Usually, after that step, if all is acceptable and the BPO value is acceptable, the file is recommended for management or investor approval. Depending on the investor (could be Fannie Mae, or the originating bank if the loan is being serviced by another entity), that step could take a few days or a few months. With any luck, the listing agent is in frequent contact with the bank to push this process along. The squeaky wheel gets the grease.

As Julie stated, often times when a bank approves a short sale, they do not give you 30 days to close the escrow. Definitely tighten up your financing scenario, make sure your loan officer has verified your income, assets, downpayment, and credit score. Be prepared to switch loan officers/lenders if necessary to close on time if you are in a pinch - have a plan B.

Good luck to you!
Erin - Yesterday, 17:35

Hmm...sounds fishy to me too.

Some types of loans are assumable, meaning the home buyer has the ability to take over the existing mortgage of the seller...however assumable mortgages require the lender’s approval. When you assume a mortgage you inherit both its interest rate and monthly payment schedule. As a buyer, you would still need to qualify for the loan and you have to pay closing fees, including the costs of the appraisal, title insurance, etc.

If it sounds too good to be true it probaby is. I would have an attorney review anything like this first. - Yesterday, 03:07

Elizabeth is correct. Agents can search not only MLS for information, but tax records to find sales of new homes that were never in MLS. Armed with the right information, a good agent can negotiate not only price, but other concessions from the builder such as upgrades, certain mello roos or HOA dues paid up front, closing costs, etc. - Yesterday, 02:56