Who Needs Down Payment Money!?!? I Got That!

Many who rent have faced problems trying to save up enough down payment for purchase.  There are great down pay assist programs–especially for first time home buyers. And it pays to check in and see if you can qualify for a program, because some borrowers can “re-qualify” as a first timer, if it’s been a while since you’ve purchased.

If you’ve been interested in purchasing a home, but have had trouble gathering down-payment, or just missed qualifying for a loan, then there’s good news for you this summer!!

Did you know there is a Down Payment Assistance Program thru Golden State Finance Authority that offer buyers up to 5% of the purchase price as a down payment, is not a lien on the property, and the buyer does not have to pay the grant money back???? Too good to be true, right? I thought so too, but just closed a sale using the program, and no outrageous qualifications for it. This program ties-in with FHA backed loans and is a wonderful opportunity!  Not every lender is approved for this program, so let me know if you need help finding a lender with this grant money.

CalHFA is still chugging forward with it’s 3% down pay assist program. Just about every lender offers this “silent second” money. CalHFA will assist with your down payment, and when you sell your home, you pay them back. It’s a huge bonus to not have to pay on this 2nd mortgage during the time you own your home!

And, one more bit of great news from Fannie Mae–they are raising the ceiling on the Debt To Income Ratio from 45% to 50%. This could help everyone from first timers to seasoned home buyers!

Though geared more towards “millenials”, the new Fannie Mae Debt-to-Income ration guideline can help everyone! As of July 29th, 2017, the lending firm is raising it’s DTI limits from 45% to 50% DTI.  From the article at www.houseingwire.com:

  • “DTI is a borrower’s total amount of debt, including credit cards, student loans, auto loans and mortgages, versus their total income”

So, if your income was just shy of being able to qualify for a loan, it’s time to re-visit the possibilities!

Thank you for the many referrals. Congrats to many clients on sales and purchases in the first half of 2017! Several buyers all using the down pay assist programs, and all now paying for their own home for less than their previous rental amount. Rents are outrageous, and your money is being thrown away!

If you’ve been thinking about buying, there is a loan program for you! Please let me know, how I can help you!

 

 

 

Kylee

916-804-9355

kylee.realtyone@gmail.com

For a market wide search of homes, text ROG8XZV to 87778 and download my app!

 

 

 

 

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