A Sacramento mortgage lender's vision

You heard correctly- the Access Program is back. Sunrise Vista did a few of these in 2008 but stopped when the program abrutly ran out of funds. We'd guess that the demand for Access is, if anything, greater than it was last year meaning it is expected to run out quickly.

I heard some things on the grapevine about this program getting uncanceled, so I went direct to NHF's website and was dismayed to find a generic message stating that the "Program was temporarily on hold". Not to be stopped there I burned a call to NHF directly and was pleased to be informed that the Access program will be officially back up August 3rd. So in effect we have a couple days advance notice and I highly recommend that anyone interested jump on this opportunity ASAP- who knows how long it will be around.

For the uninitiated, Access works like this. You still have your normal FHA loan with normal FHA requirements, but as long as your income is lower than the county level (87K in Sacramento, surrounding), Access will make a second mortgage for up to 6% of the purchase price. After the smoke clears you can essentially get a FHA no down loan. Well, since the FHA down payment requirement is 3.5%, and the Access covers 3%, you do have to come up with .5%---but that is essentially a earnest money deposit. Or, you could get a gift from a family member or any other FHA approved source.