Buy a Home with the 1500 Down Payment Assistance Program
AVAILABLE IN CALIFORNIA ONLY
If you want to buy a home NOW and you don’t want to wait forever to come up with the down payment, than this program is right for you.
Guidelines to Qualify?
– 580+ Credit Score
– Two years with the same job
– You must occupy the house
– No bankruptcies in the last 2 years
– No foreclosures, short sales, or loan modifications in the last 3 years
– No Car Repossessions Open
– Positive Bank Account (you have not gone below zero in the past year)
The house you want, has to qualify under the FHA or conventional guidelines (no properties that need major repairs).
Examples of down payment:
$250,000 Price = Only $1250 Down!
$300,000 Price = Only $1500 Down!
That is just half a percent down (1/2%)
How does the 1500 down program work?
Step 1 — We approve you for a regular FHA 30 year fixed loan and for a 3% down payment assistant program (takes 24 hours)
Step 2 — We go shopping for a house – you will have 4 properties to choose from
Step 3 — You get your keys!
This is what you must know about the down payment assistant program:
It’s actually three different loans, one for the main loan (fha or conventional), second for the down payment, and third for the closing costs.
It’s only going to be just 1 payment, you don’t make a payment on the other two loans until you sell the house or refinance the property. The other two loans are silent and in some cases, it can be subordinated.
What other fees are associated with the 1500 down program?
Out of pocket expenses include; $450 for an appraisal (you can put on a credit card if you like), $350 for a home inspection (if you want one) and $1000 earnest money deposit. You are looking at about $2000 for everything (more or less – depending how much the property actually sells for and your ½ % down payment).
Give us a call , to get things started…