Mortgage and Lending with Envoy Mortgage,NMLS ID 6666 We Make Homes Loans Easy

Down Payment AssistanceDOWN PAYMENT ASSISTANCE IS VERY POPULAR IN ROSEVILLE, CALIFORNIA.   Moderate Income Buyers can now receive Down Payment Assistance for their Home Purchases using FHA Financing through VITEK Mortgage Group.  Saving funds for a down payment has always been a challenge and this can delay a buyer’s ability to qualify for a new home mortgage while interest rates and prices are still low.

FHA Home Loans require a 3.5% down payment.  These funds must come from the buyer’s funds, a gift from a Relative, a loan or withdrawal from the buyers 401K or other retirement account, or from an approved “Down Payment Assistance Program”. 

Currently there are TWO active options for this assistance.  These down payment programs are both 2nd loans for up to 3% of the required down payment, with the borrower providing the remaining  ½% down.  Both options are subject to county limits for income and purchase price.  Current income ceiling for family of 4 in Placer County is $86,350 with the maximum purchase price limit at $528,607.  These limits are the same in Sacramento County.

First Option:  CHDAP for First Time Buyers.  (California Homebuyer’s Down-Payment AssistanceApproved Loan Program)  Highlights of the program include Deferred Payment 30 Year Fixed Interest Rate with no payment due until sale or payoff of first loan.  Must be owner-occupied and requires that you have not owned a primary residence for the past 3 years.  Homebuyer Education Course takes about one hour and must be completed on-line prior to close of escrow.

Second Option:  ACCESS Program. Highlights include 15 year Fixed 2nd loan with monthly payments required.  No First-Time Buyer requirements, must be Owner Occupied and Homebuyer Education Course is only required if no prior history of renting.  The ACCESS program has a higher interest rate when compared to CHDAP Program.

Higher Rates AheadWith the help of the CHDAP or ACCESS down payment assistance program, and a seller willing to help with the buyers closing costs, a Qualified Homebuyer can purchase a home and close escrow with as little as ½% total cash to close.  Even the ½% can be a gift from a Relative.  So What Are You Waiting For?  Time to go out and buy a house today!


Comments (2)

Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

Another great one.  I'd reblog but you have Roseville in the subject line and I cover the Central Valley.  I know that these programs are in our area as well.  Thanks, for sharing.

Jul 01, 2012 05:25 PM
Doug Bullwinkel
Envoy Mortgage,NMLS ID 6666 - Sacramento, CA
Mortgage Loan Originator NMLS #281609

Rosemary:  This is available throughout the state of California and there are some programs unique to the City or County where the property is located.  Good luck and thanks for your support.

Jul 02, 2012 04:08 AM