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
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