Mortgage News Network: Apr 1, 2008

There are still a few ways to get to 100% financing!

Keep in mind that these are the options for first time home buyers with little or no reserves or down-payments.

The market is here and as you know, there are multiple offers all over the place, so fence sitting time is over!

FHA: Go 97% LTV. Combine it with 3% gift; 3% CHDAP thru CalHFA; or 3-6% thru Nehemiah.

CalHFA: Go 95% on their Conventional product or 97% on their FHA: Both at 6.75% for Moderate Incomes; 6% Low Income.
Combine it with their 2% CHAP and/or their 3% CHDAP. You can also layer their extra Credit Teacher program if qualified.

My Community or Flex: Both at 95% LTV. You can use DAP (Down Pmt. Assistance) or gifted funds to get to 100%.

There are a few specialty products such as PERS/STRS, First House and Access. All are at 95% LTV.

Please see below for links to all programs.

Cal STRS Guidelines

Cal PERS Program Guides

Cal HFA Program Descriptions

http://www.calhfa.ca.gov/homeownership/programs/index.htm

FHA Keyword Index

http://www.hud.gov/offices/hsg/keywords.cfm

FHA Lender Resource Page

http://www.hud.gov/groups/lenders.cfm

VA Lender Home Page

http://www.homeloans.va.gov/ls.htm

NHF First House Library

http://www.nhfloan.org/pub/firsthouse_guidelines.htm

NHF ACCESS Library

http://www.nhfloan.org/pub/access_guidelines.htm

DRE Broker/Agent Licensee Search

http://www2.dre.ca.gov/PublicASP/pplinfo.asp

DRE Appraiser License Search

http://www.orea.ca.gov/html/lic_appraisers.asp

NEHEMIAH Home Page

http://www.getdownpayment.com/

HART Home Page

http://www.hartprogram.com/staging/nuke/index.php

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Posted By Mortgage News Network to Mortgage News Network at 4/01/2008 01:05:00 PM

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"Problems are only opportunities in work clothes."

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Mortgage News Network