Buying a Home with almost NO Money Down!!!
Buying a home just became easier this month. There are signs of some alternative type programs coming back into the marketplace. Most noteably, a down payment assistance program called Access allows buyers to use as little as 0.5% down payment--Almost nothing down! The program pairs a FHA loan at 96.5% of the purchase price with a 3.0% second loan funded by CHF Access program to total 99.5% of the pruchase price. You can also combine this with a credit from the seller for closing costs so there is almost no money due at all.
Unlike other down payment assistance programs, this one is generally easy to qualify for. The restriction for maximum income is very loose, comparitively. In Contra Costa it is $107,160. With that income you can purchase up to a $510,000 home. Also, there are no credit score restrictions--nothing else in the industry offers this right now! You don't even need to be a first time buyer to be eligible.
Interest rates for the FHA loan are between 6.0% and 6.5% 30 year fixed and the second is at 8.25% 15 year fixed. After owning the property for 6 months you would become eligible for a FHA streamline refinance. 30 year rates on the streamline program are around 5.0-5.5%, and you won't need to requalify for the loan.
This down payment assistance program is a great opportunity and a great sign about the stability of the marketplace. For more info and to identify if you are eligible, please visit www.michaelpacheco.com or call Mike at 949-735-1488.
This post was prepared by Mike and published with his permission. This is the first I have heard of this long needed program. Call Mike and let me know how it goes.
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