Sunday, August 2, 2009

ALERT! California Home Buyers Now Only Need .5% Down to Purchase a Home Using an FHA Mortgage

For a limited time (while funds last) you can purchase a home using an FHA loan with only .5% (one half) down payment.  FHA will allow a second mortgage from CHF to cover 3.0% of your down payment by using the Access 2nd loan down payment assistance loan.  The FHA 30 year fixed first loan can go to 96.5% LTV and the 2nd loan can be 3% of the purchase price....making total loan to value 99.5%.  You can even use the 3% for closing cost assistance!


Call Brad Yzermans at (951) 332-7864 to learn more details about this program or fill out this quick secure loan application to get your PriorityBuyer Status Approval.  This program is only offered through approved licensed lenders (like me)......and hurry up before the $8,000 tax credit expires November 30, 2009.

QUESTION:      What will my payment be on the 2nd mortgage? 

The 2nd loan is a 15 year fixed @ 8.25%.  If you purchase a home for $250,000 your 2nd loan balance will be $7,500.  Payment on a 15 year loan will only be $72.76/month!!  Once you file for your $8,000 tax credit, you can pay it off...or go buy furniture...or pay off other high interest revolving credit card debt.  If you don't want to do that, go hit grandma or Vinnie the Butcher up for the down payment and see how that goes.

Program Highlights:

  • NOT Limited to first time home buyers

  • NO recapture tax/penalty if home is sold later

  • NO Sales price limits

  • NO minimum borrower contribution

  • NO pre-pay penalties

  • Gift funds are allowed from family members

  • Seller contributions allowed up to 6%

  • NO borrower reserves/assets required

  • NO minimum FICO score required

  • Income limits are 120% of HUD AMI

  • 2nd loan (CHF Access) is a 15 year fixed

  • 3% 2nd loan can be used for down payment or to pay closing costs


Below are the HUD qualifying income restrictions by California County:

(Loan applicants can't make more than this)

($77,400         Riverside & San Bernardino County
$103,320         Orange County
$74,520           Los Angeles County
$89,890           San Diego County
$103,320        Ventura County
$62,640           Kern County
$84,480           Santa Barbara County
$70,800           San Luis Obispo
$54,120           Imperial County

**Please call me if your county is not listed

We are in a very unique time where interest rates are very low and home prices have dropped out of the sky.  The affordability factor is in your favor.  There are thousands of buyers out there making offers on homes.  Don't get stuck paying rent forever.  If you wait much longer, you may miss out on the $8,000 tax credit, low interest rates, and the Access 2nd loan down payment assistance program(funds are limited).

Call Brad @ (951) 332-7864 to talk about sports, to find out if you can qualify, or fill out this quick loan application to get approved now.

Brad provides financing for residents all over California including Temecula, Murrieta, Menifee, Riverside, Corona, San Bernardino, San Diego, Orange County, Los Angeles and many other cities.

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