Why Pay Someone Else’s Mortgage?!

Why Pay Someone Else’s Mortgage?!

Before you make another payment on your landlord’s mortgage, here are a few things you should know:

Many people who rent can actually afford to buy their own home, no matter what they may think about down payments and affordability. Stop making someone else wealthy! With a down payment of 2% or less, you could own a home!

CalHAFA – 1st Time Buyer Program
-Offers up to 7% (2nd and 3rd loans) to cover down payment and closing costs
-1st loan is 30 year fixed loan
-2nd and 3rd loans are repaid when the home is sold or refinanced – unless loan/home is kept for 30 years – then it is forgiven. 2nd and 3rd loans are “silent” and have no monthly payments
-Buyers can get in with little to no money into the transaction

GSFA – Home Buyer Assistance Program
-Offers up to 5% (2nd loan) to cover down payment and closing costs
-1st loan is 30 year fixed loan
-2nd loan does not have to be re-paid and is “silent” – no monthly payments are made on it -Buyers can get in with very little $ into the transaction – maybe 2% of the home’s price

We will consult with you on an individual basis to help you determine what you can afford. (And you won’t have to sit in a bank to do it).
We will explain the whole process and answer any questions that you have until you feel you are ready to take the next step.
Most importantly, if at anytime you choose not to proceed, just tell us. There will be no pressure to continue. We know that buying a home can be stressful, and it is our job to make it as easy and comfortable for you as possible!

DPG-Renters copy

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