Buy Your First Home! Your kidding right?
We aren’t kidding! Not many know that their are programs available right now that allow first time home buyers to acquire there first home. [by the way, first time buyer means anyone who has not owned a home in the last 3 years] Just when you thouht it was impossible there is hope! Now, not everyone knows about these programs and sometimes those that do know don’t want to spend the time necessary to help a prospective buyer. Fortunately there are some lenders who are passionate about helping first time home buyers….you definately want to meet one of those special people!
There is some truth that processing these loans is difficult but done by a knowledgeable lender it is very doable. Thanks to our state and their desire to truly help first time home buyers California created the CalHFA program. 30,35, and 40 year fixed loans at below conventional market rates allow first timers to buy “more home” than they otherwise thought they could. CalHFA also helps with “closing costs” using their sister program: ChDAP. Additionally, there are programs sponsored by various CA cities helping fund down payments. When multiple loans are used to buy a home we call this “layering” which is fully permissable in California.
OK, what’s the catch? There are rules…..Maximum allowable income per household 1-2 people: $121,589 in San Mateo County; $118,704 in Santa Clara County. 100% financing OK. 2nd & 3rd mortgages are deferred…no payments are made until property is sold or re-financed. *you might want to re-read that last sentenance. Qualifying is based on 1st mortgage only. Gifts allowed for down payment or 100% of closing costs. Maximum existing home price: $652,257 San Mateo County and $673,953 Santa Clara County. Who’s the next person you know and care about that is thinking about buying their first home. Call me and I will put you in touch with that “special lender”.
By the way….there are 382 single family homes for sale [right now] in San Mateo County priced less than $652,258
Joe Parsons (650-329-6653)
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