100 Percent Financing to 580 still available at decent rates in California

By
Mortgage and Lending with Benchmark Fin. - Temecula Real Estate, Temecula Mortgage

A lot of people are aware of the CalHFA program, which provides 100% financing for first time home buyers (or those who have not owned for at least three years) for those who can go full doc and have a 620 fico (soo to be bumped to 680). And a lot of people are aware of FHA financing, which can do 97% Purchase financing without regard to FICO score. What a lot of people are not aware of is that there are some "silent second" programs available from CalHFA that can go behind an FHA loan (up to 3%), which then allows you to cover the 3% down payment requirement. Since the FHA loan allows for seller paid closing costs, this allows for true 100% financing at competitive rates on a 30 year fixed with no prepay penalty, all all for nothing out of pocket. At a 580 FICO score.

See You Outside the Box!

PS   If you are listing bank owned properties, and the bank is ready to start working with investors, touch base with me. I may be able to introduce you to some aggressive investors who buy in your area.

         

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Comments (1)

Matt Yogerst
RE/MAX Realty 100 - Menomonee Falls, WI
Metro Milwaukee Real Estate
I am always looking for more investors in my area. Please email me and let me know if you know of anyone that needs a creative and efficient real estate agent. Do you know if WI has any good loan programs available still?
Mar 04, 2008 08:00 AM