» redding down payment assistance

New Guidelines for C4HAP

admin — Thu, 11 Feb 2010 17:01:56 +0000

This just in from COR housing

1) C4HAP applicant receives an eligibility letter

2) They find a house

3) The realtor makes an offer with language that the purchase price shall be contingent on the appraised value of the property. Per the regulations, the purchase price must be 1% below the appraised value. The County has an appraiser that will be doing the appraisals on a 48-hour turn around. The County is paying for this appraisal and is used for the purpose of determine the purchase price. It does not replace the appraisal you will do for their primary mortgage. The lender will obtain their own appraisal just like normal.

Senate OK’s Homebuyer Tax Credit 98-0

admin — Thu, 05 Nov 2009 03:39:05 +0000

The senate votes to extend and expand 1st time home buyer tax credit to include $8,000 for first-time buyers and $6,500 for move-up buyers. The House is expected to follow and President Obama to sign in a matter of days.

Source: LA Times

No Savings? No Problem with CHF Access

admin — Tue, 03 Nov 2009 20:09:35 +0000

With CHF Access financing Homeownership may be just around the corner. The CHF Access program provides 99.5% fixed rate financing by blending a 96.5% FHA first mortgage with a 3% CHF Access second. This program is limited to a primary residence but is not limited to only first time buyers.

Just .05% (1/2%) minimum down payment.
Down payment can be gifted from family member.
No Prepayment penalty on 1st or 2nd mortgage.
Not limited to first-time homebuyers.
Eligible 2 years after a bankruptcy and 3 years after foreclosure.
On-line homebuyer education required.
Seller may contribute up to 6% towards buyer closing costs.
Income limit of $66,840 in Shasta County.
Use on FHA approved SFR, Condo, Manufactured Homes.
Purchase price up to $417,000

Combine the CHF Access program with the proposed first-time homebuyer or move-up homebuyer tax credit being considered by congress and a purchase could look something like this;

Purchase price $150,000
Down payment $750 which can be gifted from family member.
Seller contribution up to $9,000 towards your closing costs.
First Mortgage of $144,750
Second Mortgage of $4,500
Refundable Tax Credit(Proposed, $8,000 first-time buyers, $6,500 for move-up buyers.)

In this scenario if buyer uses the proposed homebuyer tax credit to pay off 2nd mortgage (no pre-pay) and the seller contribution covers all buyer closing costs (which is very likely) the buyer is left with a net gain on the sale after receiving tax credit.. $8,000 – $750 down payment – $4,500 second mortgage = $2,750 in buyers pocket.

Keep in mind that this is just a sample scenario and exact figures are subject to your credit, the purchase agreement, passing of propossed tax credit and other factors. Contact us for a referral to a participating lenders.

$122,500 – Move in ready with huge covered patio

admin — Thu, 29 Oct 2009 02:30:06 +0000

Buy for as little as 1/2% down using CHF Access. Move in ready,fresh and clean. New carpet and laminate, tile work in bath, paint. Huge covered patio almost doubles the year around living space. Lots of cabinets in the large storage building for all the tools and toys. Pleasant neighborhood with great Walkability, close to shopping, dining, transportation, schools. Not a short sale or REO.