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What Does it Cost to Buy a House in California
How to Purchase a Home with No Money Down in Southern California!
There are 2 true 100% No money down home loans offered in the State of California. The first one is VA and the second one is USDA-RD, both at no money.
The benefits of a VA home loan program is; no money down and no monthly mortgage insurance. Any qualified active or retired Veteran can utilize their VA benefit to purchase a home as long as they are eligible to and can qualify with credit and income.
The VA home loan program right now is the best performing program being offered today. This is a no money down program and it has the lowest delinquency rate of any other mortgage program, can you image this program with the lowest short sales, late pays and foreclosure rate than other programs where home buyers have come in with 20% down.
Maybe we should underwrite all programs on the same guidelines as the VA program or maybe it is the great men and woman that have served our country that makes up this best program home loan program.
The VA home loan is offered in the state of California and welcome the opportunity to speak with you on how you can get started on purchasing a home with no money at 100% financing and with no monthly mortgage insurance which in turn keeps your mortgage payment within your monthly budget.
The other great 100% financing no money down program is the USDA-RD. This home loan program is available in qualified areas of each county mostly in designated rural areas, but surprisingly this area are much closer to heavily populated areas. There are income limits on how much a family can make which in retrospect in high and is set by the county you are looking to purchase in.
The USDA program is the only purchase loan we can finance your closing cost if the appraised value comes in higher than the agreed upon purchase price. So with no monthly down and if you are purchasing the home at $200,000 and the appraisal comes in at $210,000, we can use that $10,000 to finance the closing cost with. This is the only program this can be done on when purchasing a home.
Can you image purchasing a home with no money down and no closing cost out of pocket, you would be responsible for about $1000 that would go towards the appraisal, credit report and if you chose to; a home inspection and termite report. That is it around $1000 to purchase a home utilizing the USDA home loan program, great for 1st time home buyers or a previous home owner that is looking to own property again.
Lets explore this program as well, you may be surprised that you may fit within the lending guidelines of the USDA home loan program.
I welcome the opportunity to speak with you about one of these home loan programs above or any other lending program to purchase a home through the FHA at 3.5% and look at some down payment assistance program to help with 3% or Conventional with 5% down with to option of monthly mortgage insurance.
Speak with a licensed mortgage professional with over 20 years in the mortgage industry at 909-503-5600.
How to Purchase a Home with No Money Down in Southern California!
by Nathan Rufty
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