Monthly Archives: May 2014
CALIFORNIA HOMEBUYER’S DOWNPAYMENT ASSISTANCE PROGRAM
• Owner Occupied Purchase, 1 unit dwelling only (5 acre maximum & property cannot be income producing)
• Up to 3% of Sales Price or value whichever is less @3.25% simple interest with deferred payments
Note: repayment of the principal and interest on subordinate loan shall be due and payable at the earliest of the following:
1) transfer of title,
2) Sale of the property,
3) Payoff or refinance of 1st TD,
4) Recording of a Notice of Default.
• Borrower must be a first-time homebuyer (cannot have owned a property in the last 3 years)
•Homebuyer education must be completed by all borrowers.
• Max $250 processing fee allowed for 2nd TD (2nd loan package must be submitted & disclosed)
• Sales Price limit applies per County
• Household income limit applies per County
• Please check limits at http://calhfa.ca.gov/ or CHDAP manual.
(may be subject to change annually)
(Note: Household income is defined as the annualized gross income of a mortgagor and any other person who is expected to liable on the mortgage, be vested on title and live in the residence)
• DU Approved/Eligible required – Manual UW is NOT allowed
• Max. 43% DTI (based on qualifying income not household income)
• Non-occupant co-borrowers are not allowed
• FHA/VA/USDA – min. 640 qualifying credit score required
• Conventional @95% LTV or below – min. 640 credit score required
• $1,000 min. required investment for 680 qualifying credit score or higher (Gift allowed DU approval)
• $1,500 min. required investment for 640 – 679 qualifying credit score (Gift allowed with DU approval)
• 3 years 1040’s or IRS 1040’s Transcripts required (signed 4506-T required in file)
• 2 Year Home Warranty required (except new construction)- If paid by borrower cost can be used toward the min. required investment
• All documents must be dated within 60 days of submission to CALHFA (includes credit report, VOE’s/VOD’s, paystubs & bank statements)
(Note: Community property law may imply an interest in a property if when the non-purchasing spouse owns an O/O property)
• Homebuyer Education Certificate (all borrowers)
• Tax Return Affidavit
• Military Service Questionnaire
• Borrower Affidavit of Household Size
• Borrower’s Certification & Authorization to release information
1. A purchase contract must be fully executed prior to reservation
2. Lender to reserve CHDAP funds prior to submission of 2nd TD package to CALHFA (90 day expiration or 180 day expiration required for new construction)
3. Loan can be locked with CALFHA when all PTD conditions are signed off by CHDAP U/W (60 day expiration required for locks)
4. All loans must be approved, closed, delivered & purchased prior to reservation expiration date.
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A successful real estate agent is adept at generating leads. Within the real estate industry, a lead is information on a possible buyer or seller. It is more efficient to target individuals already considering purchasing or listing property, as opposed to the general public. If the lead comes from a person the potential client knows and trusts, then the real estate agent has an advantage over other agents, when contacting the lead.
1. Send regular mailings to past clients, either monthly or quarterly, with valuable information, such as real estate tips and news, or an occasional marketing calendar or gift. This will remind them you are still in business, and entice them to refer you to a friend or to call you, if they need your professional services.
2. Pass out your photo business card during out-of-town real estate conventions or classes. Make contact with fellow agents in other communities and let them know you pay for referrals from other agents. If you make an impression, and establish yourself as an authority in your community, they may refer you to their clients who are shopping in your area.
3. Send out “just listed” or “just sold” postcards to neighborhoods where you just sold or listed property. Contact your local title and escrow company, as they may be willing to supply you with mailing labels or addresses for specific neighborhoods. Let the people know you are doing business in their neighborhood, as they may also require your services.
4. Join service organizations and clubs, and let your fellow members know you are practicing real estate. Become involved in the organization, and show your fellow members that you are active in the community, trustworthy, dependable and knowledgeable in real estate.
5. Start a real estate blog or website and offer to send visitors to the site free information, in exchange for completing a questionnaire, which you will use to generate leads.
6. Establish relationships with attorneys, paralegals, lenders, bankers, insurance agents and other professionals with clients, who may be looking to buy or sell property. Establishing just one solid relationship with an estate attorney has the potential for generating countless leads.
Source: sfgate.com Photo by: sdmania
Your Loan in the Valley