No Money Down OR & CA

Archive for February, 2009

Down Payment Assistance programs, like AmeriDream and Nehemiah, were done away with in August, although there is a movement that is trying to reinstate them. There was a lot of interest in what was going to be available for people that didn’t have money for a down payment at that time. The best 100% loan to value program, or no money down program, to my mind, is a VA loan for those that qualify. Here is what I wrote then:

There is quite a bit of concern regarding the elimination of the Down Payment Assistance programs and almost all other 100% purchase programs, so I want to spend a bit of time highlighting another 100% loan program. To my mind, this is the best 100% loan program, the VA loan. Read More

There are limited ways to buy a home with no money down in today’s mortgage environment. I have discussed VA loans and the USDA Rural Guarantee Loan Program, but there is another way for those of low to moderate income. The two programs outlined below are administered by the Cities of Eugene and Springfield to assist in the purchase of homes for these First Time Home Buyers.

The City of Springfield and the City of Eugene administer programs to help low to moderate income purchasers get into their first home. They are called SHOP and HAP, respectively. This is an acronym for Springfield Home Ownership Program and (Eugene) Homeowner Assistance Program. These assistance programs were created to encourage home ownership in Springfield and Eugene by assisting low income first time homebuyers with their real estate purchase.

The programs are designed to help first time home buyers with the down payment and closing costs in their purchase. A $10,000 interest free, payment free second mortgage is available for this purpose. The loan is accepted by FHA as a viable method of obtaining down payment money and is also accepted on some conforming products. Read More

It is nearly Valentine’s Day, and I know there are people feeling the pinch of a sluggish economy. While waiting for the “stimulus” package from the government, maybe now is the righ time to buy. VA real estate loans are an exceptional way to purchase a home at 100% loan to value but they can also be a salvation on a refinance because they also allow refinance at 100% loan to value, even manufactured homes on land. As a veteran, and a VA Home Loan participant in Eugene and Springfield, Oregon, I believe one of the greatest things the country has done for veterans, is the VA Guaranteed Loan Program. Read More

This was originally published on http://eugeneloanguy.com and covers information about an IRRRL, which is the way for Veterans to lower their interest rate even in a real estate environment where property values are dropping. The IRRRL does not require a new appraisal and all of the closing costs are rolled into the new loan, letting the veteran get a new, lower payment mortgage.

In today’s falling rate environment, it is possible that an IRRRL, VA Interest Rate Reduction Refinancing Loan, would create significant savings for a veteran in their monthly mortgage payment. The only way to find out is to check with a mortgage professional such as me. I would be happy to run the numbers and see if this is something that will save you money on your mortgage. Just because it might lower your payment, is not necessarily the right thing to do. It is always better to see what the cost of the loan will be and how long it will take to recoup those costs. That is where I come in; I will work those costs out for you and give you insight as to what should work for you. Read More

The USDA No Money Down Program works for first time home buyers in most of Lane County, except for the urban areas of Eugene and Springfield. Much of Oregon qualifies for this program which has no loan limit, but does have income limitation. (This was originally published on my other website, http://eugeneloanguys.com.)

The USDA Rural Guaranteed Loan Program is an exceptional vehicle for first time home buyers who often times have trouble coming up with the down payment. The credit crunch keeps some home buyers sidelined because of credit problems, many others with good or adequate credit are able to purchase real estate and get best deals in years, including mortgage programs with no down payment like this! Large portions of Lane County qualify for this program.

This loan program is available right now for Florence, Veneta, Junction City, Cottage Grove, Creswell, Oakridge, Westfir, Swiss Home and Pleasant Hill. The credit guidelines are quite liberal and more people can qualify that may think they can. Read More