1st Time Home Buyers Win Again!
These were some of my favorite clients. We met each other almost every weekend for almost 8 months looking for that special home they could aford. They also needed help with closing costs, which was a difficult thing for sellers to accept as the market kept heating up in 2013.
We finally found a great home in South San Francisco, and everything clicked! List price $540,000. Sales Price $620,000. Plenty of comps to support that. Appraisal good!
Buyers got an FHA loan, 3.5% down. Moved in September. They've made some improvements since then - the home looks great.
Fast forward to April 2014. You know how prices keep escalating in the San Francisco Bay Area. They met with my partner again and were able to refinance into a conventional loan, 10% down. They reduced their PMI by half, didn't have to come up any money and in fact got a check at closing from the impound account.
Bottom line: they reduced their monthly payment by a whopping $450! Very happy home owners.