You can use CHDAP. We have a lender that we work with that has a program that gives 5% as a silent second towards down payment and closing costs. You can contact me if you would like a referral.... more
There are thousands of us - and just as in any profession - we are better with experience. So look for that, proven experience. It is trackable - demand to see the proof of results. Whether you are buying or selling you owe it to yourself to align yourself with resources that know what they are doing. Ask for the evidence - and that is production...what has the agent sold in the last 12 months. We get better at our craft from doing....plain and simple.
Best of luck,
Unwavering Commitment to Service, Unsurpassed Results... more
I am an investor and realtor in Bakersfield.... I also live in River Oaks. The other folks that have answered here bring up some great points. I would definitely purchase even though it may be for only a year or two. Our prices are at 2004 levels with all indications that our prices will continue to rise. Over the last 12 to 18 months we have had over 30-40%+ increase in home values. If you rent it is like throwing money away, purchase and you can still gain appreciation and later on cash flow it as a rental.... more
Any lender can help you. You haven't given us any information to give you an idea of amount.
I wouldn't worry about paying your credit card off - unless the lender tell you that you need to...
FHA with 3.5% down would probably be the best way for you to go - unless you have a good amount saved for down payment.... more
Your offer had something that the other offers did not. And the money was not the factor that made them pick the other offers. So with your Realtor and Lender you should evaluate your offer packet and see what you can clean up to make your offer clean as a whistle.... more
I am a local loan officer with a lot of programs and several down payment assistant options. Most of these programs require 45 day escrow compared to regular FHA with 640+ FICO requires 21-25 days on average.
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