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First Time Home Buyers 1% Down Payment Program

Only 1% Down Payment!

It’s January 2012 and time to buy!

First time homebuyers have an option for asistance with the CHDAP program.  One of the greatest benefits of this assistance proram is that it can be used with almost any other home loan financing, like FHA, Fannie Mae conventional, USDA or VA.

 

CHDAP Features:

  • Assistance is up to 3% of purchase price to be used for down payment or closing costs
  • Program limited to first time home buyers (have not owned a primary residence in past 3 years)
  • Home price must not exceed sales price limits
  • Homebuyer income limits apply
  • Payments deferred until the sale or refinance of the first mortgage
  • Low interest rate – loan balance accrues simple interest at an incredibly low rate

 

As long as you can contribute 1% of the sales price or $1,000 (whichever is greater), then the California Homebuyer’s Downpayment Assistance Program could be helpful to you.

 

For more information about the CHDAP Down Payment Assistance program, please call today.

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FHA Orange County Buyers Agent 3.5% Down

Buying a home with FHA has a few limitations buyers should be aware of. Therefore working with an experienced FHA buyers agent Realtor® is defiantly a plus when trying to secure that favorable 3.5% down payment. Also a reputable experienced FHA loan officer is also a must when buying a home with FHA. For a hustle free FHA pre-approval letter please contact:

  • FHA specialist Brett Dalbeth @ 888-399-4844

  • FHA 3.5% Down Payment Loan Programs

If you are contemplating buying a home with FHA 3.5% down, particularly if you’re a first home buyer; before you start searching for FHA homes for sale you should consult with your Realtor® that is experienced with this type of loan and transaction. FHA loans have very strict criteria buyers and the homes purchased must fall within. We will go over some of these shortly but first I would like to explain a few facts about qualifying the buyer. (The FHA borrower)

We are currently serving FHA home buyers and FHA borrowers in the following cities:

Laguna Hills
Laguna Niguel
Mission Viejo
Newport Beach
Newport Coast
Rancho Santa Margarita
San Clemente
San Juan Capistrano		 Aliso Viejo
Corona Del Mar
Costa Mesa
Coto De Caza
Dana Point
Irvine
Ladera Ranch
Laguna Beach
  • Basic FHA Requirements for the Borrower
  1. Two years of steady employment, preferably with the same employer or at minimal the same field of work.
  2. The last two years of income should be the same or increasing wage or salary.
  3. Your credit report should have less than two thirty day late’s in the past two years and a minimum credit score of 500 (subject to change)
  4. Foreclosures must be older than three years old to qualify for FHA. This includes Short Sales and Deed in lieu of Foreclosure.
  5. Any Foreclosure, Short Sale or Deed in Lieu of Foreclosure must not have been a FHA loan. This disqualifies the buyer from obtaining a FHA loan for 3-7 years.

You may only have one FHA loan at a time. If you own another home with a FHA loan you will not qualify for a new FHA loan.

  • Basic Income Requirements from the Borrower

Income requirements are a little more flexible with FHA loans vs conventional Freddie Mac and Fannie Mae financing. The FHA has designed a program to assist people who would like to purchase and refinance existing mortgaes with FHA financing. However rule of thumb the FHA allows you to spend up to 29% of your income towards housing expenses including mortgage payments, property taxes mortgage PMI and homeowners insurance and 51% towards living expenses and long term debit expenses such as car payments and credit card minimums. In some cases a slightly larger down payment can off set your debit to income ratio and give you some leeway to obtain the FHA financing you need.

Depending on borrower asking for less than the maximum limit the FHA dose have some flexibility in Debit to loan ratios on a case by case basis. Your loan officer should be able to give you an idea on what to expect when you apply for a pre-approval letter.

  • Basic FHA House Requirements

That’s right it’s not all about the Borrower. The house you purchase will be inspected and qualified for FHA approval before closing and this is where your FHA Buyers agent becomes a priceless time and money saver.  The FHA Appraisal is the the culprit here! During the Appraisal there will be several checks that will determine whether or not the property in question will qualify for FHA financing. By this time you have already had your offer accepted and opened Escrow. You are now accruing costs and spending money on your selected property so you and your Realtor® should have a pretty good understanding of the condition of the property by now. If you just jump in with both feet without a preliminary inspection, it could end up costing you much more than anticipated to close escrow or even close at all.

If you and/or your FHA Buyers agent or Realtor® has experience in FHA loans and they have done their diligent duties before helping you write your offer, you should feel confident that the home you have chosen is a good candidate for FHA financing and you will not run into any major issues during Escrow.

  • Basic FHA Check List
  1. Appliances and functional mechanical devices such as furriness waterheaters AC-VAC systems must all be in working order.
  2. Water pressure, faucets, plumbing, water temperature, etc must all meet code and be in good working condition.
  3. Attic and crawl spaces under or around the house must have adequate ventilation and no signs of water pooling, moisture or mold.
  4. The FHA Appraiser will inspect the roof and determine whether or not the property has at least two years of use without service needed with the acception the property is a Condo.
  5. Electrical system must be in safe working condition. Exposed wires or unsafe conditions will be required to be fixed and reinspected at addition costs.
  6. Heating and cooling systems will be checked to maintain the correct temperature of at least 50 degrees F.
  7. Fire risk is a big factor to FHA approval. Proper smoke detectors must be installed to meet local code and recently Carbonmonoxide detectors have been added to that list of requirements.
  8. Lead based paint and asbestos will be checked by the Appraiser. If the property was built prior to 1978 there is a high chance the original paint was lead based. If the FHA Appraiser finds any signs of peeling paint he/she will order it to be tested. If a positive reading is found a licensed company will have to be hired to entirely remove the lead based paint and then it will need to be repainted. This can be a very expensive job.
  9. Windows must be in working condition with no broken glass,  cracks etc. If bars are installed they must be operative from the inside of the home for easy exit in case of a fire or emergency.
  10. Termite clearance will be required before close of escrow.
  • Documents Needed For A FHA Loan
  1. Most recent Federal complete tax returns for the past two years.
  2. Most recent W-2′s 1099′s, etc for the past two years.
  3. Most recent Pay-stubs and income verification for the two months.
  4. Three years Federal complete tax returns and profit and loss statements (if self employed).
  5. Three months complete bank statements off all accounts including 401k’s investment accounts etc, showing balances and name of borrower.
  6. Most recent statements of all your bill’s indicating minimum payments etc.
  7. Name and address of previous Landlords or 12 months of canceled checks.
  8. Copies of any Bankruptcies and discharge papers within the past 7 years.
  9. Copies of drivers licence and social security card.
  10. Copies of any divorce, alimony, child support documents.
  11. Copies of green card or work permits if applicable.
  12. Copies of any existing Notes and Grant Deeds if applicable.
  13. Copies of any property tax bills and homeowners insurance policies.
  14. Copy of most recent mortgage coupon or statement.
  15. If you own a multi-unit rental property copies of tenant rental agreements is required.
  16. Any addition documentation your FHA loan officer may request based on a case by case basis.
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Asset based Underwriting Decisions-Accelerator

Asset based Underwriting Decisions-Accelerator

  • Great for self employed and retirees
    75% LTV up to $1.5 Million
    65% LTV up to $2.5 Million-740 fico score requirement
    Primary Residences Only
    45% Max DTI
    700 Minimum Fico Score Requirement
    Liquifiable assets divided by 120 months and can be added back into qualifying ratio as income
    Example: $500k assets divided by 120 months adds $4,166 to gross adjusted income on 1040
    30 year loan- first 10 years are Interest Only, remaining 20 years fully amortized
    Max 10 properties owned
    4 Open tradelines required

95% Conventional purchase

  • 95% Financing now available
    SFR only-No Condos
    Debt ratio to 41%
    680 Mid fico score requirement
    Purchase only-FTHB
    2-4 Months reserve requirement
    2% Gift funds allowed
    90 day seasoning requirement

Government Loans

  • We are FHA approved!!
    90 day flip rule temporarily removed
    Fico scores lower than 620 ok!
    99.5% Financing available case by case
    VA financing avilable up to 102%

Agency Conforming-10% down

  • Condos Ok
  • Purchase, rate/term, cash out
  • Debt ratio to 45%
  • Rates starting at 4.875%

Jumbo Loans to $2 Million

  • 1-2 units to $2million at 80% LTV; purchase and rate/term only
    3-4 Units to $1.5million at 80% LTV; purchase and rate/term only
    35% DTI for max LTV allowance.. up to 45% DTI on lower LTVs
    Cash out refinance: 1-2 units at 80% max LTV to $1.5 million, 3-4 unit to 70% max LTV
    6-12 Months reserve requirement
    Gift funds are allowable
    Permanent and Non Permanent resident aliens allowed with valid social security number
    LTV reductions may apply depending on market area- email property zip code for verification
    Bank owned or short sale property??  No Problem!!

Low doc/income inflation program

  • Wage earners only- No self employed
    120% of actual income used in qualifying ratio
    Loan amounts to $625k
    80% LTV with 700 minimum fico score
    Quick loan approvals
    Gift funds ok

No doc/Voe only program

  • Wage earners only
    Loan amounts to $729k
    Employer completes VOE
    Owner occ, 2nd home and investment properties
    LTV to 80%
    620 minimum fico score
    Gift funds ok
    No family owned businesses
    -We are an FHA Approved, full service RETAIL mortgage broker!!

Call Eddie Stokes for Details!!
714-681-8209
STOKESEDDIE@GMAIL.COM
DRE#01773954
CALIFORNIA MORTGAGE GROUP

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New Stated Income Program for Self Employed!!

THE EXPERIENCE AND NICHE PROGRAMS TO CLOSE YOUR LOANS

-FHA LOANS WITH NO MINIMUM FICO REQUIREMENT
-FULL DOC 90% FINANCING PRODUCT-NON FHA
-2 NEW STATED INCOME PROGRAMS AVAILABLE!!!!!


FULL DOC TO 90% W/ MI, NON FHA PRODUCT

  • COVERNTIONAL QUICK AND EASY–ONLY 3 DAYS IN UNDERWRITING,
  • VERY LOW RATES!! GREAT FOR BORROWERS THAT NEED/WANT TO AVOID FHA OR PROPERTY IS NOT FHA APPROVED
  • 10%+ DOWN
  • CONDOS OK720 FICO REQUIREMENT41% DTI
  • RATES CLOSE TO 5%
  • NO MORTGAGE INSURANCE REQUIRED W/ MINIMUM 20% DOWN PAYMENT

WE ARE FHA/VA APPROVED!!!!

  • NO MINIMUM FICO SCORE REQUIREMENT ON FHA–HUGE NICHE PROGRAM!!!!
  • 5 DAYS FROM SUBMISSION TO LOAN APPROVAL
  • ONLY 3.5% DOWN ON FHA– VA OFFERS 102% FINANCING
  • WE ARE FHA APPROVED SO THERE IS NO THIRD PARTY DELAYS–WE ARE FHA SPECIALISTS!! DONT WASTE TIME ON OTHERS!
  • DOWN PAYMENT ASSISTANCE PROGRAM NOW AVAILABLE!! buyer may qualify for zero down, zero cost loan!! call or email for more details

LOAN AMOUNTS UP TO $1.5 MILLION

  • FULL DOC INCOME AT 45% DTI
  • RATE/TERM, CASH OUT, PURCHASE
  • QUALIFYING LTV GOES HIGHER AS LOAN AMOUNT GOES DOWN INTEREST ONLY OPTION AVAILABLE AND RATES START AT 4.85% ON A 5 YEAR FIXED
  • ONLY A 650 FICO SCORE REQUIREMENT

STATED INCOME LOAN

  • PURCHASE–30% DOWN PAYMENT TO $1,000,000(EXCEPTIONS AT ONLY 25% DOWN WITH GOOD CREDIT,RESERVES)
  • REFINANCE–MAX LTV AT 60% TO $1,000,000(EXCEPTIONS TO 65% LTV WITH GOOD CREDIT,RESERVES)
  • ONLY THE FOLLOWING COUNTIES QUALIFY:SAN DIEGO,ORANGE,L.A.,VENTURA AND SANTA BARBARA
  • RATES STARTING AT 6.5%
  • MINIMUM OF 700+ FICO SCORE REQUIRED
  • NO CONDOS ALLOWED/NO CASH OUT REFI’S FOREIGN NATIONALS REQUIRE 30-35% DOWN, GOOD RESERVES REQUIRED
  • 45 DAY ESCROW NEEDED

STATED INCOME PRIVATE MONEY LOANS

  • FAST FUNDINGS 7-10 DAYS
  • NO SEASONING
  • NO FICO REQUIREMENT
  • INVESTOR FIX AND FLIP
  • LOAN AMOUNTS UP TO $10 MILLION
  • RATES START AT 9%
  • 1,2 AND 3 YR LOANS
  • GIFT FUNDS OK

VOE ONLY PROGRAM

  • WAGE EARNERS ONLY- NO SELF EMPLOYED
  • LOAN AMOUNTS UP TO $417K
  • INCOME VERIFIED THROUGH EMPLOYER WITH WRITTEN VOE
  • CURRENTLY HAS 24 HOUR UNDERWRITING
  • OWNER OCCUPIED ONLY
  • MAX LTV AT 80%
  • 620 MINIMUM FICO REQUIREMENT ON PURCHASE OR RATE/TERM
  • DOWN PAYMENT GIFTS OK

As always Contact Us any time. Your success is our success.

By Eddie Stokes California Mortgage 714-681-8209

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DOWN PAYMENT ASSISTANCE PROGRAM FOR FHA LOANS

PROGRAM HIGHLIGHTS FOR FHA DOWN PAYMENT ASSISTANCE

  • Roll out date.  August 1st, 2009.
  • Down Payment and/or closing cost assistance in the form of a 2nd up to 3% of sales price.
  • CLTV up to 99.5%
  • 2nd loan is amortized over 15 years at a fixed interest rate of 8.25%.
  • FHA financing with LTV’s up to 96.5%.
  • NO first time home-buyer restrictions.
  • Conforming and Jumbo loan amounts.
  • Seller can pay all closing costs.
  • CA properties only.
  • FICO scores below 620, even NO fico score permitted for qualified buyers

Income restrictions:

Can make no more than 120% of HUD AMI (based on qualifying income). To find out what the county’s medium income is:  visit www.huduser.org/datasets/il.html .. Click- 2009 Income limits, Access Individual Income Limits, click state and county. Use the medium income number and multiply by 120%. Or Just give us a call and we will do it for you based on your situation.

Contact us for the best service and rates.

By Eddie Stokes California Mortgage 714-681-8209

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