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Check out this 3% down conventional program!

Check out this 3% down conventional program!

Low Down Payment Options ...

Check out this 3% Down Conventional Program!

And learn more about this and other

great programs I offer below ...

Having grown up in this economic pressure cooker we call the Bay Area, I know how hard it can be just to pay the bills, let alone pay the bills while saving for a large down payment on a home. And I run into people all the time  who have great jobs but have scarcely considered owning a home because they wouldn't know how to come up with a down payment.


Fortunately though, the myths of having to come up with a 10 or 20 percent down payment are just that: myths. And in reality, there are a number of great mortgage programs with minimum down payment requirements ranging from 3.5 % to no money down at all. Here are some of the best ones:

FHA 203(b): This government insured mortgage program requires a minimum down payment of 3.5%, and is available on 1 to 4 unit, owner-occupied properties. Additionally, credit and cash reserve requirements are less restrictive than with conventional loan programs.

FHA 203(k): This program has many of the same great features as the FHA 203(b): The low, 3.5% down payment requirement, and more accommodating credit and reserve requirements than conventional products. But whereas the 203(b) provides only the funds necessary to purchase a property, the 203(k) provides funds to both purchase and renovate a one to four unit, owner-occupied property. In many cases, this mortgage is the cheapest and safest way to finance the purchase of a fixer-upper.

FHA Construction Mortgage: A couple lenders I work with have developed mortgage programs based around standard, FHA lending criteria (including that minimum 3.5% down payment), whereby borrowers can build their dream home from the ground up, without having to come up with the 20% - 30% down payment required by most construction lenders. With these FHA Construction Mortgages, once construction is complete, the construction loan automatically converts to a permanent mortgage conforming to FHA standards.

FHA 203(h): This little-known mortgage program is designed specifically to aid victims of major natural disasters in their recovery. With it, borrowers are able to apply additional income and credit allowances to the more widely used 203(b) and 203(k) programs to enable them to rebuild their homes or purchase new ones in the wake of a presidentially declared major disaster. In cases where borrowers want to buy a new home rather than rebuild, they have the option to put no money down (receive 100% financing).

Note: Because both 203(k) and FHA Construction mortgages both require entitled construction drawings prior to the subject property’s appraisal, purchasing a property with these programs requires some additional initial investments on the part of the buyer, and a good deal more planning than standard purchase transactions do. As a professional specializing in construction and renovation loans, I’d be more than happy to explain the process to you in detail, and help walk you through it if you feel it’s right for you.

HomeReady and HomePossible Programs: These programs simply offer some of the best deals out there for homeowners who don’t want to put a ton of money down. Aside from having a low, 3% minimum down payment requirement, these programs have a number of potentially game-changing income allowances. Depending on where you want to buy a home, there can be some a cap on how much income you can make with these products, but I’d be happy to tell you all about those caps and where they apply.

VA Mortgage Program:                  The Veterans Administration offers a no-money-down loan program to members of the military, veterans, reservists, National Guard members, and in some cases, members of their families.  What’s more, the VA program doesn’t require borrowers to pay for mortgage insurance. This charictaristic alone can save borrowers hundreds of dollars per month. There is usually an upfront “funding fee” associated with VA mortgages, often equivalent to approx. 2.15% of the loan amount, but this fee is waived for service members who were permanently disabled while on active duty.

USDA Mortgage Program:             This government backed mortgage program provides low and moderate income borrowers 100% financing for purchasing, developing, rehabbing, etc., a primary residence in rural areas. It is one of the most flexible loan programs around in terms of what can be done with the funds, and would be ideal for someone who 1) can work from home 2) has a stable income but doesn’t currently make a ton of money, and 3) loves the country, the fresh air, and seeing the stars at night.

Down Payment Assistance Programs:  I have relationships with lenders who routinely pair these great, first mortgage programs with amazing grant opportunities to effectively reduce some homebuyers’ down payments to zero, and even provide extra money for energy efficiency upgrades. One of my favorite grants is the Platinum Down Payment Assistance Program offered by the Golden State Financial Authority, which offers to qualified homebuyers a gift of up to 5% of their loan amount.

Not only can I help you find reputable lenders who offer these various loan products. I can help you find those lenders with the lowest rates available and the best processing capabilities, to make sure your loan funds on time. I can help you strategize to empower you in accomplishing your home-ownership and real estate investment goals. And I promise to do my best to make sure that in working with me, there will be a net savings to you as a borrower. The idea of saving you money, and helping you purchase real estate at low money down, is frankly exciting to me, so feel free to contact me today and we’ll get started.

C2 Financial Corporation is approved to originate VA and FHA loans, and has the ability to broker such loans to VA and FHA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA.

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