3 Buyer Assistance Programs Available Now


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3 Buyer Assistance Programs Available Now

  1. 1. Welcome, You’re Early!<br />We’ll Get Started in a Moment<br />
  2. 2. 3 Buyer Assistance <br />Programs you can use Today!<br />
  3. 3. Questions & Answers<br />Get Answers – Questions Box<br />Assistance Experts Standing By<br />Interactive Environment<br />There are no dumb questions! <br />Write this number down in case of technical difficulty<br />1-866-667-6724<br />
  4. 4. Tax Credit is Gone<br />Down Payment Assistance<br />Closing Cost Assistance<br />Assistance don’t pay back<br />Guaranteed Seller Concessions<br />Assistance you can use NOW<br />
  5. 5. Catch of the Day<br />CHF Platinum Grant<br />CalHFA CHDAP Assistance<br />Fannie Mae HomePath<br />Reliable Home Buyer Assistance<br />
  6. 6. Broadview Mortgage – Expertise<br />
  7. 7. www.HomeownershipUniversity.com<br />
  8. 8. 1<br />CHF<br />Grant<br />
  9. 9. CHF Platinum Home Buyer Grant<br />FREE Money for Home Buyers!<br />
  10. 10. CHF Platinum Grant Goodies<br />3% of Loan Amount<br />No lien, No Payment, Grant<br />Can Be Used for Down or Costs<br />Never paid back<br />
  11. 11. Who Qualifies for Grant Money?<br />Home Buyers in California<br />No FTHB Requirement<br />Must be Owner Occupied<br />Government Loans Only<br />
  12. 12. Grant Money Program Restrictions<br />Must Use Approved Lender<br />Must Use Approved 1st Mortgage<br />Income Limit Restrictions<br />Purchase Price Restrictions<br />
  13. 13. Important Limitations<br />County Income Limits<br />Varies by County<br />Purchase Price Limits<br />All Counties$417,000<br />
  14. 14. 2<br />CalHFA<br />CHDAP<br />
  15. 15. California Housing Finance Agency<br />Official State of CA FTHB Program<br />
  16. 16. CalHFA CHDAP Awesomesauce<br />3% of Purchase Price – Low %<br />No Payments for life of loan<br />Can Be Used for Down or Costs<br />Can be used w/ most programs<br />Only Requires 1% From Buyer!<br />
  17. 17. CalHFA CHDAP Restrictions<br />Must Use Approved Lender<br />Income Limit Restrictions<br />Purchase Price Restrictions<br />Must be FTHB – 36 Months<br />Delays Possible When Busy<br />30 Day Escrow Should Be OK<br />
  18. 18. Important Limitations<br />County Income Limits<br />Varies by County<br />Purchase Price Limits<br />See follow up email for links<br />Income for Families 1-8 Members<br />
  19. 19. 3<br />Fannie<br />HomePath<br />
  20. 20. HomePath Buyer Assistance<br />Special Incentives on Fannie REO<br />
  21. 21. HomePath Hype<br />3.5% Assistance until Oct. 31st<br />3% Down | No PMI Option*<br />No Appraisal | No Condo Cert<br />$1,200 Bonus to Agent<br />http://www.homepath.com/incentive/index.html<br />
  22. 22. Reduced Competition<br />FirstLook Buyer Exclusivity<br />15 Days<br />After that…Investors Welcome!<br />Special Incentives on Fannie REO<br />
  23. 23. 10,576 Homes in California<br />
  24. 24.
  25. 25.
  26. 26. Costs of Assistance Programs<br />CHFRates slightly higher<br />CHDAP can cause delays<br />CalHFA recapture tax - 1st TD<br />HomePath no inspections bad?<br />HomePath no PMI expensive<br />Nobody likes Surprises<br />
  27. 27. Hiring A Home Buying Team<br /><ul><li>Decision to hire someone should be taken very seriously
  28. 28. Expect character, communication and expertise
  29. 29. Home buying team will educate & inform
  30. 30. Avoid pressure tactics & implied urgency
  31. 31. Does your team specialize in the programs that you are interested in</li></li></ul><li>Getting Approved for Assistance<br />Income documents you will need<br />Last 30 days pay stubs for all buyers<br />Last 2 years W2’s for all buyers<br />2 yrs tax returns IF non W2 income or expenses<br />Asset documents you will need <br /> Last 60 days statements for all reserves checking, savings, 401K, stocks, bonds<br />Tell your loan officer if you plan to use Gift<br />Incorrectly receiving or documenting gift funds could cause delays or problems closing on purchase<br />
  32. 32. About Us<br /><ul><li>Direct Lender specializes in CalSTRS, CalHFA, CHF, HomePath, FHA, VA, USDA, Buyer Assistance
  33. 33. Would like the opportunity to be your lender if you have not already chosen one
  34. 34. We are more than happy to be your “second opinion” if you are already working with someone
  35. 35. If you are not working with an Agent, we can recommend a qualified Real Estate Agent in your area that shares our values and expertise</li></li></ul><li>Thank You for AttendingIf you enjoyed this class – Tell a friend <br />Please tell us how we’re doing<br />Read & Write Reviews – tab on home page<br />Your feedback is greatly appreciated<br />1-866-667-6724<br />Broadview Mortgage Corporation<br />