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What Down Payment? The amount you have available for a down payment will affect what types of loans for which you can qualify. Generally, a conventional mortgage (one guaranteed by Fannie Mae or Freddie Mac) requires a minimum of 5% cash downpayment. If this comes as a surprise; the reason is that these changes were made recently. In response to falling values in California, most of the state has been deemed a "declining market", making it much tougher for buyers such as yourself to obtain financing. Sunrise Vista carries an arsenal of loan products which can help you still get into a house with little or nothing down. Tips for Accumulating a Down Payment Save
Look for ways to reduce your monthly expenditures to save toward a down-payment. You could enroll for an automatic savings plan at your bank to have a portion of your payroll automatically transferred into savings. Most people save a couple of years for their down payment. Borrow the down payment from your retirement plan
Check the provisions of your retirement plan. You can borrow funds from a 401(k) plan for a down payment or make a withdrawal from an Individual Retirement Account. Be sure you understand the tax consequences, repayment terms and/or possible early withdrawal penalties. Gift from Family
Parents and other family members are often anxious to help children buy their first home and may have the means to give you a gift of money for a portion or all of your down payment. Loan from Employer
Your employer may be willing to help you buy a home, by offering a small loan towards your down payment based on payroll deductions.
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Grants, Gifts and Creative Financing Non-profit down payment assistance charities
Such a charity will give the buyer money for a down payment that does not have to be repaid. The seller will contribute an equal sum to the charity at closing or soon after. This is a great option for buyers who don’t have other means of securing a down payment. SVMC has built a long lasting relationship with the National Home foundation, who can provide this type of down payment assistance. For more information visit their website at www.nationalhome.org The recent passing of H.R. 3221 "Housing and Economic Recovery act" makes programs of this nature outlawed after October 1, 2008. Contact us immediately if you intend to use this program. ACCESS, CHDAP & Other Loans
Programs of this type are funded by City, State or federal bond programs. They always have income limits based on the size of your household. If eligible, this type of down payment assistance provides a very low rate second or third mortgage for the down payment. Payments are sometimes deferred. Often have special underwriting guidelines and can usually only be used with one type of loan program. Please contact us for a current list of available Sacramento and Citrus Heights down payment assistance. "Carry Back" Mortgage
In the case of the seller "carrying back a second mortgage", the seller loans you part of his or her equity. In this scenario, you would finance the majority of the loan with a traditional mortgage lender and finance the remaining amount with the seller. Typically you will pay a slightly higher interest rate on the loan financed by the seller. We have several realtors that are familiar with this procedure and can effectively negotiate it on your behalf.
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Leverage with your mortgage This extended contact form will allow your loan officer to better serve your needs!
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Sunrise Vista Mortgage is an FHA approved lender by the Department of Housing & Urban Development California Department of Real Estate - Real Estate Broker #01109523 | DRE Information (916) 227-0931 Spotless Record with Better Business Bureau ---- powered by pipeline | mortgage origination, lending software SEO & design implementation by SearcherMag.net
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