Great First Time Home Buyers Program:
*First and Most important thing to do is find a lender and get a Loan application(1003) filled out.
*Get Qualified first! This way you know what price of home to search for. You can save a lot of time and headache.
*Right Now is a GREAT time to buy a home! Rates are low and lots of great programs available. One Great Program is.
F.H.A
Benefits of F.H.A
* More flexible credit review
* Seller may pay up to 6% toward closing cost and prepaid.
* Non-occupying co-borrowers-Borrower does NOT have to meet separate ratio guidelines.
* Common since approach toward values in declining market areas.
Eligibility Requirements.
*Eligibility Requirements.
*Full Doc ONLY.
*1-4 unit properties and FHA approved condominiums.
*U.S citizens, Permanent Resident Aliens and Non-Permanent Resident Aliens.
Eligible Properties:
*Single Family
*2-4 units
*Condos
*list of approved condos visit:
https://entp.hud.gov/idapp/html/condlook.cfm
FHA Loan Limits:
*One Family $362,790
*Two Family $446,190
*Three Family $542,100
*Four-Family $625,500
Mortgage Insurance Premiums:
*Up-Front MIP 1.50%
*Monthly MI .05%
Fees:
*Lender can now charge all customary and reasonable cost.
*Borrowers may not pay Tax Service Fee
*Borrowers may not pay more than 1% Loan origination fee.
Cash To Close:
*Borrower must have a minimum of 3% investment(down payment and allowable closing cost combined). Seller can Credit 3% of 6% closing cost for down payment assistance.
*Acceptable Sources of 3% borrower funds:
*Savings, Checking, Stocks
*Gift from an eligible donor(relative etc)
*Down payment program
*Funds can be borrowed-401k-real estate,etc
*cash on hand
*seller held second mortgages are NOT allowed
Gift Programs:
*Documentation requires by Lender
*Gift letter
*Tax Exemption Status-IRS From 501C
*Copy of wire transfer
*Each buyer is different so it is really important to get pre-qualified.
*Remember buying a home is a very fun and exciting time in one persons life,make it a great one.
* Any questions please feel free to call.
Read More Articles at:
Thanks:
John Hayes
RE/MAX Gold Folsom
530-306-3316
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Creamy Dream Martini Recipe |
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Versions of black currant and orange. 2 oz. Vodka Combine all ingredients except for garnish in mixing glass. Add ice and shake. Strain into your Swank Martini Glass and garnish. |
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