January 14, 2013

Attention California Home Buyers! If you are looking for a Low Down Payment Purchase Program, you've found the right place, so read on!

A new program is being offered that allows a qualified home buyer to purchase a home with a FHA Insured 1st Mortgage with a 96.50% Loan To Value with a Piggy Back 2nd Mortgage to carry another 3% of the Sales Price for a Combined Loan To Value of 99.50%. This creates the 0.5% left for the down payment. So, on a $300,000 Purchase Price, the required Down Payment would be $1,500.00.

Using the Blog I posted earlier about asking the Seller to pay your closing costs, you can truly be into your new purchase for $1,500.00, plus the required up front costs that are not allowed to be financed such as the Appraisal and any Home Inspection you may choose to have.

Some requirements that must be met include, but are not limited to the following:

1. Proven Rental History for Previous 12 Months

2. Credit Score > 580

3. No Late Payments on any Credit Accounts for the Previous 12 Months

4. Maximum Debt To Income Ratios Allowed of 48.99% (subject to > 680 FICO)

5. Applicant(s) Income must be Less than the Maximum for the Specified County as Provided by HUD

6. Approve/Eligible Determination to be received from Automated Underwriting System

7. Property Types that are eligible include the following ONLY:

a) Single Family

b) FHA Approved Condominium

c) 2 Unit Dwelling

d) PUD's

8. Maximum Loan Limits per FHA County Limits, which can be referenced here; https://entp.hud.gov/idapp/html/hicostlook.cfm

To apply, please complete an online application by visiting www.123LoanYes.com today! You can also email me with any questions or to run your potential loan scenario by me. My email is Loans@123LoanYes.com.

I look forward to helping you or someone you know soon! Have a great week!