California Buyers Have Multiple .5% (1/2%) FHA Down Payment Options

By
Education & Training

Many buyers are sidelined right now.  This is due to a number of factors.  Uncertainty in the market, lack of inventory, etc.

Another reason according to the Center for Responsible Lending is that the average FHA buyer needing 3.5% down payment, may take up to six years to save their down payment.

With shadow inventory of over 3.7 million homes and more likely to come, we need to encourage as much demand for homeownership as quickly as we can.

FHA borrowers who buy within their means, even if they lack a down payment have overwhelmingly proven they will keep their homes and maintain their payments.

As the author of; Financial Sense To White Picket Fence; Budgeting, Borrowing, Buying & Beyond, I believe we have a large group of American citizens that can and must take advantage of today’s historic market or be left behind permanently. Financial Sense To White Picket Fence

With minorities scoring 20 points below the affordability index than whites and Asians, if they wait to try to buy when the market is fully recovered, rates will likely have gone up and when this happens, many of them, lacking a substantial increase in their household income or a co-borrower, will be locked out of the home buying market forever.

HELP’s Down Payment Assistance program for California buyers is our way as a housing advocacy group to promote education to buyers and teach them to buy within their means and set themselves up for a long term successful home buying experience.

Buy the book here: Published by California Community Colleges Real Estate Education Center

All one must do is watch our four one hour videos on our non-profit web site and preferably read the book; www.freehomeownershiphelp.org or go to the Department of Real Estate’s site at; http://dre.ca.gov/  and view the four one hour videos there under the Financial Literacy icon.  Then, answer some simple questions and meet some simple guidelines meant to ensure one is NOT buying more than they can afford.

If a buyer were to do this, they will receive a 15 year fixed rate loan at 8.25% interest with no cost for the second of 3%.  This means one can buy a $250,000 home with as little as $1,250 out of pocket and only an additional $74 additional payment for the no cost second.

THIS IS NOT RESTRICTED TO FIRST TIME BUYERS BUT IT IS RESTRICTED TO 120% OF THE HUD MEDIAN INCOME.

PRMG AND ESSEX MORTGAGE BANKERS ARE THE TWO COOPERATING MORTGAGE BANKS AND THEY DO ALLOW FOR OTHER LENDERS TO BROKER THE LOANS TO THEM.

Help us with our mission to educate consumers and guide them towards you, the professional who cares.

 

Comments (2)

Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Chris

Welcome to the ActiveRain Real Estate blogging community! You'll sure find a lot of mighty fine folks here in the community to get to know. I'm one of the many ActiveRain community members which are Ambassadors.

If you should ever have any questions about how to do anything or about the rules of the ActiveRain community, please feel free to contact me either by sending me a e-mail or by giving me a call, I'll sure be mighty glad to give you a helping hand. If for some reason I don't know the answer to a question which you might have, I'll sure will find out the answer and get back to you with it.

Take the time to look at the different groups within the community, pick some different groups to join, post your bolg posts in them, be sure to take the time to read the posting guidelines of each group you might want to join.  Members can join as many or as few of the different groups within the community as they would like to.

Take time to read blog posts of other members within the community and leave a comment on the blog post of other members which you visit. By taking the time to do that many of the other members will also take the time to visit your blog posts and leave you a comment.

Keep up your mighty fine job of posting! I'll be looking forward to seeing even more blog posts written and posted by you, plus seeing you join some of the mighty fine groups in the community.

Have a good one
Dale helping folks in New Hampshire and Vermont

May 25, 2012 12:33 PM
Anonymous
Loanemu

I like this site very much so much great information.

May 17, 2015 09:57 AM
#2