Buy A Home With Nearly Nothing Down, Again!
FHA LOANS, HOME LOANS, INDUSTRY NEWS, TIPS FOR BUYERS
November 5th, 2009
Lenders are always searching for ways to help buyers leverage their good credit to buy homes. Wayne Barni, local loan broker with ChoiceOne, reviewed a loan program dubbed CHF Access. This program uses an FHA first mortgage which requires a 3.5% downpayment and a 3% second mortgage that can be used toward the downpayment or closing costs. Essentially, the borrower can get in for 0.5% downpayment. Here are some details:
- Downpayment can be a gift from a family member
- 2nd mortgage has a 15 year term at 8.25%
- Seller may contribute up to 6% of purchase price for closing costs
- Both first and second are fixed-rate loans
- No prepayment penalty on either loan
- Maximum loan amount is $417,000
- Maximum income for Shasta County residents is $66,840
- Loan for primary residence only
- Loan can be used for FHA approved condos, manufactured housing and single family homes
- Not limited to first-time buyers
- Buyers OK 2 years after bankruptcy or 3 years after foreclosure
- Buyers must take online homebuyer education course
Credit scores play a role so not everyone will qualify. Buyers should have credit scores at or above 620. Some lenders will raise the bar further to 640. Borrowers may be able to make some adjustments to their credit score by following the advice of a good loan officer.
For more details, give me a call or drop me an email. Wayne can be reached at 530-224-6707.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
CORNER OF COURT AND PLACER IN REDDING
QUARTER CENTURY LOCAL SALES EXPERIENCE
