I recently wrote about perhaps
"The Best First Time Buyer Program in California". It's just one of the 100% financing options I have in the toolbox.
Amazingly this was the first that many agents had heard of it. I received calls from Agents and Buyers, and even other Loan Officers inquiring about the program.
In that article I briefly touched on a particular Down Payment Assistance Program. Surprisingly, this too garnered a bit of attention, so I thought I'd devote a similar post on what might be "The Best Down Payment Assistance Program in California".
With 100% programs disappearing off the Lender's shelves like bottled water and batteries during hurricane season this topic could be crucial to the future homeowner.
Are you buying your first home and need a little help?
Would 3% of the sales price be enough?
(on a $500,000 purchase that would $15,000)Do you need that money for the Down Payment or to help pay Closing Costs?
Would you like to borrow that money at below market rates and at simple interest? (current rate is far below 4%).
Here's the best part...
Would you like to not have to make a payment on that loan for the life of your mortgage?
Really!
This isn't a fancy financing scheme. This is a very simple Down Payment Assistance Program available to every first time buyer in the state of California. It's not a grant. You do have to pay it back. It does accrue interest, albeit very low interest. It doesn't require a particular loan program. It's clean, it's clear and it's simple. You can combine it with seller assistance if you like. Even your financial planner would like this program as you are borrowing long term and below market rates. Since your even borrowing below inflation rates most would argue that this is like free money! There are just a few catches but all in all I think this is...
The Best Down Payment Assistance Program in California
Want more details? I thought you might. Just give me a call.
Mike Mueller, (925) 288-9977 Ext 104
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Good information for your clients. I hope you're able to help some buyers who need this help.
Good information for your clients. I hope you're able to help some buyers who need this help.