i'm a first time home buyer in southern california.

Asked by Sam, Stevenson Ranch, CA Thu Aug 14, 2008

can i get some kind of government grant to help me with the down payment?

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11
Jason Hector, Agent, Northridge, CA
Thu Jul 16, 2009
I have comprised a list of First Time Homebuyer Down Payment Assistance Programs as well as other incentives including the Cal HFA 30 program which offers a 95% first mortgage that can be combined with down payment assistance and the FHA program that most are aware of. Visit my First Time Home Buyers Page at http://www.jasonhector.com/fthb.html (with links) or my blog at http://activerain.com/blogs/jasonhector (without links).
0 votes
Tvandemark, , 91355
Sat Aug 16, 2008
Hi Sam and Joel,

Here is some Nehemiah information. When I mentioned close, I apologize I was in a hurry for an appointment, typing fast and meant approved. I have October 1st in the brain (actually a date prior) and want it in my buyers brain too, due to the following, so my clients do not miss out on this wonderful opportunity incase of any unexpected delays or a rush on approvals. For some this is a crucial deadline not to be missed.

Clarification on October 1st DPA deadline from H.R. 3221

What happens on and after October 1st?

Nehemiah has confirmed with HUD/FHA that, contrary to information that has been circulating, the home sale/closing date generally is irrelevant when determining whether downpayment assistance may be provided. It is the credit/loan approval date that is relevant, as the law and HUD have made clear.


What is the precise definition of “credit approved” as described in the housing bill (H.R.3221)?

If a loan is manually underwritten, the approval date is the day on which the underwriter signs the Mortgage Credit Analysis Worksheet (MCAW) or the FHA Loan Underwriting and Loan Transmittal (LT).

When is the last day gift funds can be requested from Nehemiah?

As long as the mortgage lender receives the credit/loan approval in accordance with the law and HUD/FHA guidelines, Nehemiah will provide gift funds regardless of the date.

Hope this helps many in the October 1st race, to the American Dream.
TV
(Hope to do business with you some time soon Joel)
Web Reference:  http://www.TVandemark.com
0 votes
Joel Javan, , Santa Clarita, CA
Fri Aug 15, 2008
Paul and TV,

Can we get a clarification on the October 1st date, please? Is it "you must be in escrow by," or "you must close escrow by?" I thought you must close escrow by October 1st.

Sam,
Another October 1st thing that you want to keep in mind: FHA loans' downpayment is increasing from 3% to 3.5%. Again, your best bet is to contact a loan consultant.

Cheers!
0 votes
Paul Aragon, Agent, Granada Hills, CA
Fri Aug 15, 2008
YES YOU CAN!!! How about a free gift from a non-profit organization? It's called the Nehemiah Program and works in conjunction with FHA loans. You can get up to 3% towards your closing costs and ANOTHER 3% towards your down payment (essentially- you get a 100% loan). You need to be in an escrow by Oct 1 if you want to get the funds because of the Bill that President Bush signed recently. If you need the contact information to the REGIONAL DIRECTOR of this program, you can give me a call at 818-488-8038
0 votes
Tvandemark, , 91355
Fri Aug 15, 2008
Hi Sam,

Yes FHA may be available to you if you qualify and if the seller is willing to participate, yes the seller must be willing to participate. In addition, you must close by October 1st, 2008, the down payment assistance program is going away.

If you buy, do remember to talk to your tax advisor about the new $7500 tax credit, that was recently passed.

Some 1st time hombe buyer programs also assist with Mortgage Insurance MI. Keep an eye on rates and terms with these programs. Plus, often times you have to take a class, so keep that in your time line also. Do know, that some 1st time home buyer loan programs are also area specific.

Do speak to a lender about your fianancial questions, and do be cautious of 1st time home buyer programs for some have a negative catch to them that may not be in your best interest. This is not to say that some 1st time home buyer programs are helpful, they certainly can be, but hopefully you will have an ethical lender that will share with you some of the down falls. I wanted to get current on some programs and when they were all done lecturing, I had to ask them about one of the downfalls and sure enough it applied, so they were not freely sharing this information even with Realtors (of course some agents already knew of this). Call me if you want more information about this topic, because it has the potential of costing you lots of money. I can also refer you to some ethical lenders in the area to assist you with this.

Hope all of this data helps you and others. Best of luck in your home search and if I can assist, put your running shoes on!

TV
Serving Antelope Valley, Santa Clarita Valley, and Ventura County
TVandemark@kw.com
Web Reference:  http://www.TVandemark.com
0 votes
Joel Javan, , Santa Clarita, CA
Thu Aug 14, 2008
Sam,

There are a few that I am aware of, some of them might go away pretty soon. Just like what Fredrick said, since they constantly change, your best bet is to speak with a loan expert to see what the best program available is for your particular situation.

I can refer you to a loan consultant, who would give you a free audit of your situation, call or email me if you're interested.

Also, check out what I and some of my colleagues wrote about this question:
http://www.trulia.com/voices/Home_Buying/Is_it_true_that_if_…

I'm excited for you. Good luck!
0 votes
David Krecker, Landlord, Whittier, CA
Thu Aug 14, 2008
Sam !!!

FHA would seem to be the way to go. I am the owner and state licensed appraiser so I can assist you properly on the true value

David Krecker, BSBA, SRA, MRA
Centuryside Real Estate Inc.
David Krecker
Broker/Owner/State License Appraiser
Office 562-690-6987
Fax: 562-690-7337
Serving the areas of Orange County, Los Angeles County, San Bernardino, and Riverside.

Email: dave@centuryside.com
Website: http://www.centuryside.com

Oh, By The Way....if you know of someone thinking of buying or selling a home or investing in Real Estate, who would appreciate the kind of service I offer, I'd love to help them. So, when you think of these people, just give me a call or email me with their name and number. I'll be happy to follow up and tend to their Real Estate needs.
Web Reference:  http://www.centuryside.com
0 votes
, ,
Thu Aug 14, 2008
Hi Sam,

You indicated that you're looking for a home in the Stevenson Ranch area. We've sold a lot of homes this year in and around that area, as we specialize in the Santa Clarita Valley. I think I have a great referral to you to one of the top direct lenders in Santa Clarita, he's a district manager, and has been doing loans locally for over 20 years. I'm aware of some of the programs, but, as mentioned in other posts here...it's best to take some time out to discuss your financial situation with reputable lender. I don't see too many of them post around here. Visit our website to make contact with us, and I'll get you that referral. Our website is extremely helpeful, all about Santa Clarita, and there's even a Stevenson Ranch page for your specific needs.
Web Reference:  http://www.TheScvAgent.com
0 votes
Frederick Ta…, Agent, Valencia, CA
Thu Aug 14, 2008
Sam,

As a Realtor I am aware of different programs, but since the programs and qualifications are constantly changing, I would recommend you sit down with a loan officer who can explain all the different programs and qualifications to find the one that works for you. You want to talk to someone who's specialty is dealing with the different loan programs and knows the qualifications and follows the changing environment. Once you have qualified for a program that works for you, I would get involved and help find your future home.
Web Reference:  http://www.fred-roy.com
0 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Thu Aug 14, 2008
Sam:

There are many city, county, state and federal programs to help 1st Time Homebuyers. They are wonderful if you qualify and each case has to be evaluated individually. All the programs have income limits, limits on how much home you can buy. I specialize in 1st Time Homebuyers and know many of the programs. Contact me directly and I can review what is available for you in LA County and the city you want to buy in.

Best of luck in your quest to own your first home and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes
Monique and…, Agent, Beverly Hills, CA
Thu Aug 14, 2008
Hello Sam,

You might want to look into FHA loan as you can put down as little as 3%. The federal goverment has just voted on.
The new law which provides a refundable tax credit of up to $7500 for the purchase of a first home was signed into law on July 30 by President Bush. It is refundable, like the EIC. But it must be added to the tax of tax returns for the 15 following years at $500 per year. The taxpayer must not have owned a home during the 3 year period prior to the purchase of the home for which the credit applies.

Best,

Monique Carrabba
Keller Williams Wilshire
The Reavis Group
mcarrabba@kw.com
0 votes
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