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Renters: Are 100% Fixed Rate Home Loans Still Possible?
Affordable Housing Advocates Offer Free 1st Time Home Buyer's Education Seminar And New Affordable Housing Resource Website
Many people believe 100% loans and 1st time homebuyer programs such as down payment grants, silent seconds and closing cost loans are a thing of the past and no longer exist. However, according to Loan Officer and Mili Group Real Estate Agent Eric Straatsma MS MHM; fixed rate, FHA loans that cover 100% of the purchase price of a home still exist.
Getting a 100% loan may mean that a lender has to put several programs together to make this happen, but it is still possible, especially for 1st time low to moderate income homebuyers. There are also fixed rate FHA loans available to refinance ARM loans, including those in foreclosure (conditions apply).
A FREE 1st Time Home Buyers Educational Seminar will be provided on April 5th in Sacramento.
A community coalition made up of representatives made up of a title company, MILI Group Inc., a preferred lender and a credit repair organization will provide this free service. The seminar will go from 10:30 AM - 2:00 PM. Free lunch will be provided. Location; 2033 Howe Ave, Suite 160, Sacramento CA 95825. The classroom is in the back of the building on the ground floor.
This Free 1st Time Home Buyers Seminar will cover things such as: rent vs. buy comparison, how to buy a home the right way, loan program education, escrow and title information, homeownership responsibilities, saving for a down payment, how to come up with extra house payment money every month without earning more, down payment assistance and grant programs, budgeting, credit repair, how to check your credit yearly for free, how to get a 100% loan, why it is a good time to buy, information about new affordable homes available for $200,000 in the local areas, plus more.
All attendees will be able to receive a free pre-qualification for an FHA home loan, as well as a free financial planning profile using the Total Planning Concept (TPC) System, which is a $250 value all by itself.
Reserve your spot, as this free class is limited to the first 60 people. Call 530-674-8536 to reserve your place.
Registration and more detailed affordable housing information is available online even after this seminar at http://www.easyfirsthomepurchase.info
This website provides information on all known new single family homes and condos available around Sacramento in developments at a price lower than $269,000. New single family residential homes are available for $200,000 or less in several areas. Research done for this affordable housing resource guide has uncovered a brand new condo priced at $129,000 and a new park model home for $34,500. If you know of other affordable new home developments, let them know.
Just to give a very brief preview of this seminar, here are a few tips for 1st time homebuyers. Before looking for a home to purchase there are several steps any borrower should take.
A good first step is to get pre-qualified for a loan. This step will determine the maximum price of the home. There is no sense in looking at homes in the $500,000 range when a family will qualify for a maximum $200,000 loan. A free pre-qualification for a loan is available during or after this seminar.
If your credit is not good, your lender may recommend some credit repair firms that specialize in fixing, improving or modifying consumer credit records, in order to improve the odds of getting approved for a loan. Getting credit established is also important, if no credit exists now.
The lower the credit score is, the higher the interest rate and the more cash down payment will be required. It is in a home buyer's self-interest to build up as good a credit score as possible before applying for a loan.
It is best that the home buyer check their own credit first, before applying for a home loan. When a consumer checks their own credit, it is called a soft check. If a lender checks a credit score for a borrower, (a hard check) that will knock the FICO score down.
Special down payment and closing cost assistance programs (including grants) are available to low and moderate income home buyers through government housing and lending agencies. There is a possibility of getting up to an 8% down payment or money for closing costs without any cash out of pocket.
Free money grant programs covering down payments or closing costs generally run out of cash quickly and are not always available however. Lenders such as MILI Group specializing in real estate mortgage loans for low to moderate income households are aware of these types of loans, special down payment assistance, closing cost assistance and grant programs.
An informed, educated consumer is always better than an uniformed consumer, especially when it comes to buying a home. These types of education programs take the fear out of investing in a home, and fear is usually what stops a renter from buying a home.
These organizations provide classes for 1st time homebuyers. They educate homebuyers about the BASIC steps required to become a responsible and aware homeowner. Many first-time homebuyer lending programs require homebuyers to attend this type of class to be eligible for 100% loan programs.
Bottom line, this 1st time home buyer's educational seminar is recommended for anyone who is interested or thinking about buying a home.
It is common for renters to have six or seven issues that they must resolve or work through before even thinking of home ownership. This seminar addresses all of the misconceptions, fears, myths and issues that stop most people from owning a home. |
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AUTHOR: ERIC S.
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male
single, 1 child
Yuba City, CA, USA
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