I represent a buyer who was pre-approved for a CALFHA $0 down loan!  6% .  And with a seller concession of 3%, she can get into a home with $0 out of pocket!

Is this one of those evil, sub-prime loans that going to exponentially jack up her payment in a year or two resulting in another foreclosure?  NO!  I am perennially opposed to  such an awful product!  This is a CalFHA loan.  And for those of you who can remember way back when, the CalFHA used to be a bear to deal with…not so anymore!

Instead of an indefinite period of time in which it takes to get their underwriting approval, and “untouchable” underwriters, now, it takes 3-4 days in underwriting and the lender can actually talk to  the underwriters!

Times have changed…and this change is for the better.   I don’t know all the particulars of the loan…my client is a first-time homebuyer…but my lender does.  She can quickly get a DU yea or nay for to see whether it’s feasible to move forward in this arena or another.

 And yes, it can be used on Foreclosures/REOs!

I am in Orange County so if you are looking to buy a first home or need a lender who can do this type of loan for you or one of your clients….let me know.  I am happy to help, happy to serve! J