Are you in the market to buy a home? Congratulations on a great decision to buy!If not, you may consider Down Payment and/or Closing Costs Assistance Programs? Do you know what your fico scores are?
Here are the choices you may have depending on your fico scores. If you have fico scores betweeen 500-579, you may qualify for FHA 10% down payment loan OR inquire on credit repair at no cost. If you have a minimum 580 fico score or NO FICO Score, you may qualify for FHA standard 3.5% down or .5% (1/2% down payment program) CHF Access program which can also contribute towards your closing costs.
If you want a conventional loan program, your choices will depend on your fico scores. If you have a minimum 700 fico score, you may qualify for 3% down conventional. If you have a minimum 660 fico score, you may qualify for standard 5% down conventional. If you have under 660 fico and want conventional, you will need 20% down but will have no mortgage insurance. We now offer another conventional program you may consider, if you have a minimum 620 fico score, you may qualify for Lender Paid Mortgage Insurance with 5% down. Yes 5% down conventional No Mortgage Insurance.
So you see that your choices of loan programs depend on what your middle fico score is and how much you want to invest into the down payment and closing costs of your purchase as well as debt to income qualifying ratio's. There are also No Downpayment programs such as USDA Rural for the rural out of city limits homes and unincorporated areas or VA no down no closing costs if your a Veteran. I am a Veteran and love to assist fellow Veterans with their home loans and purchases.
YES AND We also offer No Downpayment conventional with a minimum 680 fico score.
These days 2012-2013 with low inventory, record low interest rates and home prices on the rise, you will have lots of competition with multiple offers on all homes for sale. You must not ask for closing costs to be paid by the seller as that will put you on the bottom of that multiple offer stack the seller is choosing from. If you have limited funds, you will want to pay your own closing costs and choose a loan program that will assist you into a purchase. You may also opt for premium financing which can cover a portion of your closing costs as well. The down payment assistance programs such as CHDAP and CHF Access are only half percent down payment programs to assist the many homebuyers with their purchase with minimum out of pocket expenses. The CHDAP program requires a minimum 640 fico score to qualify for this program with a silent second on the 3% second mortgage with no payment but would be paid back when you sell or refinance in the future. The CHF Access has a minimum 580 fico score with a payment on the second mortgage of 3% which is a small nominal payment amount that has a monthly payment ammortized over 15 years. There are no pre-payment penalties with either program. There are different maximum income limits as well as additional variances for each program. You must live in your home the entire term of the loan with CHDAP and can not rent it out. The CHF Access does not have that restriction. The CHF Access also has the high balance Jumbo loan amount ABOVE the conforming FHA $417,000 up to the FHA Loan Limits per County with a minimum 600 fico score to qualify.
This is an example of loan programs, dowm payments and fico
score requrements @200k with minimum 700 fico, and appoximately $6,500 closing
costs.
Min 580 fico program - Loan 200k with CHF Access $1,000 down 3.75%
30 yr FHA fixed rate, APR 4.48% $!,453.07
Min 580 fico program - Loan 200k with 3.5% down $7,000 down 3.25% 30
yr FHA fixed rate, APR 4.20% $1,340.06Min 700 fico program - Loan 200k with Conv 3% down $6,000 down 4% 30 yr Conv fixed rate, APR 4.28% $1,359.60
Min 660 fico program - Loan 200k with Conv 5% down $10,000 down
3.75% 30 yr fixed rate, APR 4.02% $1,337.42
Less >660 fico Conv- Loan 200k with Conv 20% down $40,000
down 3.75% 30 yr fixed rate, APR 3.88% $1,024.31
The closing costs are approx. $6,500 so it depends on how
much you have to invest into the purchase to decide which program will benefit
you the best financially. You may buy with minimum out of pocket expenses with
CHF Access down payment and/or closing costs assistance program with a minimum
580 fico score to qualify. Inquire on the premium financing credit to closing costs option.
I specialize in Under 640 Fico Score Loans and offer credit repair at NO COST to raise fico scores to qualify for loan programs, rates or terms. I can raise fico scores within 3-4 days in most cases directly with the bureaus. It only takes a few dozen questions to qualify in minutes for the many loan programs I offer that will benefit you the best financially. I also assist many Agents/Brokers clients throughout CA with loans and credit repair.Questions? I am available 9am - 9pm 7 days. If you get voice mail I am on the line and I will return your call promptly.
REO & Short Sale Specialist20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://www.Under640FicoScoreLoans.com
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