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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