I am a first time home buyer who makes too much $ to qualify for 5% down/FHA loan. Are there any other loan?

Asked by M, 94114 Sun Aug 10, 2008

options avail for low down?

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Danielle Lazier’s answer
Danielle Laz…, Agent, San Francisco, CA
Sun Aug 10, 2008
Yes! There are a lot of great first-time buyer loans available right now. With the government's intervention earlier this year and the new legislation that goes into effect in January, there are many more options for San Francisco first time buyers.

I work with a lot of San Francisco first time buyers and know that FHA, CAL-FHA, Acorn and many other programs WITHOUT the income limits now exist. It's very exciting for our local market because finally the programs can work for nice homes here in the City. (aka, the loan limits are much higher now...)

Rather than go into the minutiae here, I think your best bet is to email/talk with a reliable and experienced mortgage broker who really knows first time buyer options.

Here are the 2 folks I work with frequently here in San Francisco. Check them out and let me know how it goes!

1. Frank Sandoval, Pacific Bay Financial
http://mortgagefinancepro.com/default.aspx

2. Monica Di Perna, Guarantee Mortgage
http://www.monicadiperna.com

Good luck! It's an awesome time to be a first time buyer.
Web Reference:  http://sfhotlist.com/blog/
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Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Sun Aug 10, 2008
M:

I am not aware of any upper income limits on FHA. Who told you that you cannot do a 5% down FHA loan? At this time, FHA is the only program out there that does not require a large down payment. I would check with another lender and then go buy that home you want. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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