Down payment assistance

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30-year fixed rate under 3.25%?

Well, not exactly, but CalHFA’s Mortgage Credit Certificate income increased yesterday to $57,840 for a Sacramento family of one or two people, and to $72,300 for families of three or more effective yesterday! How is this under 3.25%?  Well on a $200,000 loan at 4.5%, the government actually pays $150 of the mortgage payment via a tax credit!  That’s the equivalent of lowering [...]

By | 2014-08-28T00:29:53+00:00 January 8th, 2014|Popular Topics|0 Comments

The $500 Home Down Payment is BACK!

Wow! This was quite the week for Home Lending in California First the good news:  CalHFA (the California Housing Finance Agency) announced today that they are eliminating their requirement that borrowers need a 1% cash investment into the transaction – and the requirement that it be from the borrower’s own funds. What this means is [...]

What does getting “Prequalified” mean?

There is nothing worse than loosing out on a home because you could not provide a strong pre-approval letter. Listing agents are starting to demand not only strong pre-approval letters that specifically mention what steps the lender has taken, but proof of funds and even Fannie Mae approval printouts!

By | 2010-05-27T12:33:49+00:00 May 27th, 2010|Loan Talk|0 Comments