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0.5% Down Payment in Sonoma County
The CHF Access Program provides a 3% loan to be coupled with an FHA 96.5% loan to be used for buying an owner occupied loan in Sonoma County. The 0.5% low down payment from the buyer can come from a family gift, a 401k loan or from a downpayment assistance program like the City of Santa Rosa’s ADDI program. There is an income limit of $96,240 of qualifying income for Sonoma County. The terms of the second loan are 15 years fully amortizing at 8.25% rate. On a $300,000 home purchase, the minimum down would be $1,500! Total payment would be $2,142 including PITIMI&2ndP&I.
Here’s the sizzle and rub.
SIZZLE
The minimum down payment of 0.5.% can come from a relative or 401k loan.
May own other property
High income limit of $96,240
SFR, PUD, FHA approved condos (FHA condo look-up https://entp.hud.gov/idapp/html/condlook.cfm )
RUB
Owner occupied only
FHA rate on first will be higher than normal market rate by about ½%
Single unit homes only
Max DTI 43%
No non-occupant co-borrowers allowed
Have you borrower call to qualify. 48 hour pre-approvals.
Fannie Mae 5% Down in Sonoma County is Back!
95% LTV loans are now insurable in Sonoma County without an income limit. Mortgage insurance companies are now insuring these for our County, a good sign that values are not expected to decline further. Minimum FICO 620 and 2 months of reserves are required.
For up-to-the-minute interest rates visit www.sonomacountyhomeloans.com
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