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24 • September 2018 • UPBEAT TIMES, INC. S


Coach First Time Homebuyers Down Payment Assistance! The Mortgage


by Barry O'Meara of Santa Rosa, CA • barryo@stearns.com


chool is back in session and the prime home buying season is com- ing to an end. As the


market trends move from hot to cold the bal- ance of invento- ry starts shiſting and sellers start getting anxious. Tis becomes a more ideal time for buyers to be able to make of- fers with little to no down pay- ment to con- sider.


In a hot


market, oſten those offers get passed over. Tis is good time to consider down payment assistance pro- grams. CalHFA, has been helping first time homebuyers for more


than 40 years. Established in 1975, CalHFA was created as California’s affordable hous- ing bank. Te low-interest rate programs are funded through tax-exempt bonds, making CalHFA a completely self- supporting State agency.


Tese


bonds are re-paid by the revenue generated through the mortgage loans and not by taxpayer dollars. Trough CalHFA, prospective buyers can get down-pay-


ment assistance through silent seconds. A silent second is a lien against your home with no payment due till you either payoff your first mortgage, sell, or refinance the home. Te


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 financing are put together, the buyer moves into a home with no money down. Each of the loan programs are designed to meet specific markets for first time homebuyers. Te first loan would be CalH-


FA Conventional or FHA. Tis is a 30-year fixed loan. Because this loan is funded through CalHFA bond program it is not subject to Loan Level Pricing Adjustments (LLPA), used in pricing your conventional Fan- nie Mae and Freddie Mac loans. Te 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. Tese will usually make the loan too high-priced to sell to the secondary markets. When it comes to seconds, is


there a whole menu to


choose from. CalPLUS ZIP is a down-payment assistance that will lend you 3% or 4% of the purchase price at zero inter- est, and no monthly payments. Depending on whether


you


choose 3% or 4% will deter- mine your final interest rate on your first mortgage. Te down payment assistance is deferred till you sell, payoff the first, or refinance. Te next down-payment as-


sistance is the CalHFA My- Home 2nd.


Tis program


will lend 3.5% of the purchase price with simple interest, no monthly payments, ferred payment until


and de- either


the first loan is paid off, or the property is sold or refinanced. Te current simple interest for this program is 2.5%.


Simple


interest means the interest is not compounded. Te amount of interest that accumulates de- pends on how long the loan is outstanding. Te next program is the Ex-


tra Credit Teacher Program (ECPT 2nd).


Tis program


is for a first-time homebuyer working for a K-12 school system.


It includes Teachers,


Administrators, and Classi- fied Employees in all schools. It used to be limited to only low performing schools. Tis program will lend you up to $15,000. Again, the monthly payments for the second are deferred until the property is sold, or refinanced. Te MyHome and ECTP can


be combined with the ZIP pro- gram. Tis allows the buyer to finance their down payment and closing costs. CalHFA loan program has in- come limits that varies from county to county. For Sonoma


... continued on page 26 24 • September 2018 • UPBEAT TIMES, INC. Some people walk in the rain, others just get wet. ~ Roger Miller JOKES & Humor # 7


A young ventriloquist is on tour and puts on a show in a small fishing town. With his dummy on his knee, he starts going through his usual controversial jokes.


Suddenly, a woman in the fourth row stands on her chair and starts shouting, “I’ve heard enough of your rediculous jokes. What makes you think you can stereotype women that way? What does the color of a woman’s hair have to do with her worth as a human


being? It’s men like you who keep women like me from being respect- ed at work and in the community, and from reaching our full poten- tial as people. Its people like you that make others think that all wemon are dumb!


You and your kind con- tinue to perpetuate dis- crimination against not only women, but women in general, pathetically all in the name of humor!” The embar- rassed ventriloquist begins to apologize, and the lady interrupts yelling, “You stay out of this! I’m talking to that little puppet on your lap.”


No matter what


people tell you, words and ideas


can change the world.


Robin Williams


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