UPBEAT TIMES, INC. • February 2017 • 19
THE MORTGAGE COACH
TM
SANTA ROSA, CA. ~ T e days are fi lled with intermittent sunshine and persistent rain. Landscapes are plump and spongy; rivers and creeks are overfl owing. Our reservoirs are full. Last I checked, we were almost at 200% of our nor- mal rainfall with eight months of the rain season to go. Could this mark the end of our drought? 2017 is kicking
into high gear. Our continuing shortage of housing inventory causes rising prices. If you are a homeowner, you are reaping the benefi t of growing equity. If your goal is to own a home, taking that fi rst step seems to keep slipping away. I may have some good news. T e fi rst step, and the hardest, is to gather the down payment. Not
Down Payment Assistance at Your Door by Barry O'Meara •
barryo@stearns.com
everyone has a wealthy relative, willing to giſt them that down payment. But there is hope for you, with down payment as- sistance off ered through Cali- fornia Housing Finance Agency (CalHFA). CalHFA, has
been helping fi rst time homebuy- ers for more than 35 years.
est rate programs are funded through
making CalHFA a completely self-supporting State
T ese bonds are re-paid by the revenue generated through the mortgage loans and not by tax- payer dollars. T rough CalHFA, prospective buyers can get down-payment
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bonds, agency.
tax-exempt
lished in 1975, CalHFA was cre- ated as Califor- nia’s aff ordable housing bank. T e low-inter-
Estab-
assistance through silent sec- onds. A silent second is a lien against your home with no payment due till you either payoff your fi rst mortgage, sell, or refi nance the home. T e buyer can use multiple loan programs, which can be lay- ered in such a way as to cover the down payment and closing costs. When all the layers of fi nancing are put together, the buyer moves into a home with no money down. Each of the loan programs are designed to meet specifi c markets for fi rst time homebuyers. T e fi rst loan would be Cal-
HFA Cal Plus. T is is a 30-year fi xed loan. Because this loan is funded through CalHFA bond program it is not subject to Loan Level Pricing Adjust- ments (LLPA), used in pric- ing your conventional Fannie Mae and Freddie Mac loans. T e Fannie and Freddie loans have pricing adjustments that would typically price a buyer
out of the market, due to lower credit scores and higher loan- to-value. Each of those charac- teristics; credit score, and loan- to-value, add to the cost of the loan. T ese will usually make the loan too high-priced to sell to the secondary markets. When it comes to seconds, there is a whole menu to choose from. CalPLUS ZIP is a down- payment assistance that will lend you 3% of the purchase price at zero interest, and no monthly payments. T e loan is deferred till you sell, payoff the fi rst, or refi nance. T e next down-payment as-
sistance is the CalHFA My- Home 2nd. T is program will lend
price with simple interest, no monthly payments, and de- ferred payment until either the fi rst loan is paid off , or the property is sold or refi nanced. T e current simple interest for
... continued on page 22 3.5% of the purchase JOKES & Humor # 6
When I greeted my boss in the morning, he told me to have a good day.
A very nice couple gave me a very good camera down by the Washington Monument. I didn’t really understand what they were saying, but it was very nice of them. ~
Who am I to argue? So I thanked him and went back home. ~
I did a self-defense course. I wouldn’t recommend anyone to attack me in slow motion now.
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