Buying Your First Home Just Got Easier!!

Todays post is contributed by Christal Dunn

We understand how much you want to own your first home. We also realize how difficult that can be. That is why we offer below market interest rate first mortgage programs and a variety of down payment assistance programs to eligible first-time homebuyers, which can turn your dreams of homeownership into reality. For those who qualify, CalHFA programs are a great way to get started on the path to homeownership. With below market interest rates, which may be combined with “silent second” down payment assistance programs to offer complete financing for your big move.

These programs are available for eligible low and moderate-income first-time homebuyers for both new construction and resale loans in all 58 California counties. Here’s how’s we can help:

• A 100% CalHFA loan with a fixed rate
• A 3% Assistance Program (CHDAP for additional down payment and/or closing costs (for eligible buyers)
• A combined loan-to-value of up to 103%-107% (subject to credit approval)
  Purchase only loans
• Single-family homes. PUD’s and eligible condos are permitted
• Manufactured homes may be eligible (special terms and conditions apply)
• Borrower must be a first-time homebuyer, unless home is in a federally designated Target Area (call for details)
  
  CalHFA FHA Loan
  
  Purchase Price of Home $ 250,000.00
  CHAP - Down Payment ONLY $ 7,500.00
  HiCAP - Down Payment ONLY $ 7,500.00
  Total "Silent" Loans $ 15,000.00
  
  
  FHA Loan Amount $ 235,000.00
  Principal & Interest $ 1,371.40
  Property Taxes $ 260.42
  HOA - Assumption $ 200.00
  PMI $ 97.92
  Total Monthly Mortgage Obligation $ 1,929.73

Once you take into account the tax benefit of ownership this amount is extrememly close to rents. Take time and consult your lender so you can see what is possible. Bank of America has been particulary helpful with showing our clients what FREE money is available.