I hope this "Super Bowl Sunday" message find you well.
The new lending rules and guidelines continue to evolve for 2014. Some very good news and changes are coming out of the lending front that will help and enhance your opportunities to buy a home this year.
Some significant changes so far. FHA has indeed lowered their maximum certification mortgage amount to $355,250 for homes purchased in Riverside county. This will slow down the use of the FHA programs; however, there are many more programs now available to first time home buyers and rebound buyers returning to the buying market.
Specifically the CalHAFA program. CalHAFA has gone through many changes that have now made this option a viable loan product for buyers. CalHAFA is an FHA sponsored loan program that grants very low interest rates set by the program guidelines. Down payment assistance is also included in the program and does not have to be repaid until the home is resold in the future. This program with down payment assistance is called the CalHAFA ZIP program.
For more information on this program and many more lending options please contact us so we can discuss and direct you to our direct lender to get the process started. You will never know if you dont ask!
More on the requirements for rebound buyers next.