Getting A California Real Estate Loan with 1/2 Percent Down Payment Has Arrived

 

Picture Credit to Jscreationzs’s

Actually this California mortgage has been available for several years but it just doesn’t get any press.

The program is government backed and has been around since 2002 but only one lender has the authority to offer this California home loan which is why the general public isn’t familiar with it.

The loan is called the Access loan.

Getting a California real estate loan with 1/2 percent down payment is here! The Access loan is structured as follows:  a first mortgage for 96.5% of the purchase price and a second mortgage for 3% of the purchase price.  Add the two together and you get 99.5% financing which means the buyer needs to come up with a ½ percent down payment + closing costs.  Click here to view a free video on this loan.

The second mortgage is funded by the same bank as the first mortgage which means it doesn’t come from a buyer assistance organization or bond fund which is how similar programs have worked in the past or even presently.

The Access loan is designed for low to moderate income individuals and families who can afford a mortgage but do not have resources for the down payment or closing costs.

Here’s another unique feature to this loan:  If a homebuyer has a down payment but doesn’t have enough to cover the closing costs, the second mortgage funds can be used to cover the closing costs (up to 3% of the purchase price.)

To obtain an Access loan, a borrower would need preferably at least a 620 credit score (the program allows for lower scores on case by case basis), allows a maximum income of 120% of your area median income and even loan amounts over $417,000 are available for single family homes, condos, townhouses, and 1-4 units. To view the maximum income allowed for your county click here.

You don’t have to be a first time homebuyer to obtain this unique California real estate loan either.

You can also obtain a gift from a relative to cover the entire down payment and closing costs and/or have the seller of the property pay for up to 6% of your closing costs to help you squeeze into the transaction which means this transaction allows you to obtain a home with no money out of your pocket whatsoever. If you have a question or concern in regards to getting a California real estate loan with 1/2 percent down payment, please feel free to contact me.

Add this all up, and you have a winner of transaction.

Want to know more? Click here for a quick video or let me know your scenario by clicking here.

Best Kevin Walton

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