DID YOU KNOW . . . .
THAT the foreclosure/bank-owned property (REOs) market and inventory is constantly changing? There are several reasons for this, but basically, it may be the buyer's opportunity to get a very good deal on the right property under conditions acceptable to the seller. Many bank-owned properties may not meet a conventional loan requirement because of its condition, but if you're not a cash buyer, using the right loan program could be the key.
THAT the Good Neighbor Next Door Program through HUD helps law enforcement officers, teachers and emergency medical technicians purchase an available home, at a very large discount. Teachers must be full-time in an accredited school, other personnel must be employed by a unit of the federal, state or local government, including Indian tribal government. Eligible buyers may receive up to a 50% discount off the HUD appraised value, as well as extremely low $100 down payment if the buyer qualifies for an FHA-insured mortgage. This program may be used in conjunction with the FHA 203(k) program also. Contact me for more information about this program. This program is for homes in one of many of hundreds of designated areas. (NOTE: Most of the homes eligible for this program are most oftenfound in Northern Los Angeles County or other areas away from the Long Beach locale.)
THAT the FHA 203(k) Residential Rehab Loan may offer financing in conjunction with several types of buyer program (but not all) and is a great way to gain up front financing to remodel or repair the home of your choice. If you find a fixer property in an area you would like, but the house needs work, this loan is a way to accomplish those repairs within your overall mortgage qualification, so that you're not paying for repairs out-of-pocket, but amortizing them over time. Repairs may include flooring, fencing, roofing, windows, foundation, appliances, heating, A/C and termite. These loans have specific structuring and time requirements--call me to find an experienced lender for this loan.
Turn a fixer into a palace. These programs are just some of the ways a first-time, or return buyer, may find a new home under very advantageous conditions.
Other cities with buyer assistance programs include Bellflower and Fountain Valley, and various programs for residents who live and work in Orange County. Contact me for current status.
There are special 1st time homebuyer programs under CalHFA with FHA loans and CHDAP (California Down Payment Assistance) programs with low interest rates and down payment amounts, especially when combined with FHA loans. Seller contributions allowed up to 3%, minimum buyer contribution of 1%, and up to 3% down payment assistance to buyer from this program. Citizenship requirements may apply. CHDAP may be used with conventional loans also. Contact me for lender provider information, specific lenders must be used for this program.
PLEASE CONTACT ME AT JULIA@JULIAHUNTSMAN.COM FOR A LIST OF HOMES THAT ARE ELIGIBLE FOR THESE PROGRAMS. NOT ALL SUCH HOMES MAY NECESSARILY BE FOUND THROUGH THE MLS. I CAN ALSO HELP POINT YOU TO THE RIGHT AREAS THAT APPLY TO THESE PROGRAMS.
CHECK BACK TO THIS PAGE AS THE INFORMATION MAY CHANGE over time.
