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Answers (8)
- Brian Baker, "The Baker Team"
- Contributions:37
Justin, most lenders have access to this program. Rates and fees on this program are all regulated and every originator should essentially be identical. Go with someone you trust and most importantly close your loan efficiently and on time. The loan is not anymore complicated than a standard FHA loan. Best of luck and if you have any questions, feel free to contact me through my Zillow profile.
Regards,
The Baker Team
Regards,
The Baker Team
- David Stein, "Military Loan Expert"
- Contributions:315
It is .5% down purchase program. It is for low to medium income families. There are limits to the amount of money the family can make in each county to qualify for this program. I also have 3% down on conventional loan purchases. Email me for more details. Ps.. I can get your clients approved in 48 hours with conditions rather than a flimsy Pre-approval.
Thanks
Thanks
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Justin,
The program I am talking about is also administered by CHF but it's a bonified grant, not a 2nd lien. In my experiences CHF's Access and First House make no sense. They are just too expensive and the rules are pretty limiting.
-Greg
The program I am talking about is also administered by CHF but it's a bonified grant, not a 2nd lien. In my experiences CHF's Access and First House make no sense. They are just too expensive and the rules are pretty limiting.
-Greg
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Jorge,
Each program is going to be different. The grant program I was talking about just requires that you qualify for an FHA or VA mortgage. There are a couple other qualifiers such as income limits and certain property/occupancy restrictions that I can't answer without knowing your situation but it's all pretty simple.
Basically most people use the program with a 96.5% FHA first mortgage and the grant (yes, it is a grant that never has to be paid back) is for 3% of the LOAN AMOUNT, not the purchase price. The grant can be used for closing costs, down payment, or both. Generally speaking when used with an FHA mortgage the buyer comes in with about 0.75% down because the grant is based on the loan amount and not the purchase price.
The loan does have a higher interest rate than a standard FHA loan but since the grant is 100% free money that never has to be repaid, it makes a lot more sense than other programs such as CalHFA's CHDAP or CHF's Access program for a lot of people. The buyer can even refinance into an FHA streamline just 6 months down the road (assuming rates are lower).
Let me know if you'd like more detailed information on the program and see if it would work for you.
Sincerely,
Greg
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
Greg - I'm referring the CHF Access, pretty sure details are accurate for that program, you might have a different one in mind, not sure, there are all sorts of FTHB stuff out there, I was just taking a guess at what Jorge might have been asking about.
I don't know of anything that is precisely 1% down.
- Seller/buyer's Agent -Jorge D. Acuna, "Jorge D Acuna"
- Contributions:9
Actually I would like to know those two qualification requirements if you dont mind... I appreciate you taking time to help
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Jorge,
I don't think there is a 1% down payment loan. There is a special grant programthat amounts to a little less than 1% down here in California, that might bewhat you are referring to (it might the same thing Justin is referring to, but that isn't exactly how it works if it is).
If you think this might be the same thing you are asking about I can help youand explain it in detail. Let me know...
Did you see or hear an ad for it somewhere?
Sincerely,
Greg
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
Not sure what product you are talking about. There is a .5% down payment product in CA which is FHA loan for 96.5% and second loan for 3% of price. It is subject to AMI limitations.
Only other low/no down payment would be VA or USDA.
Only other low/no down payment would be VA or USDA.
Can Anyone give me some advice or more details on the 1% downpayment Loan?
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