CA mortgages : CA mortgage rates and home loans

How It Works... What To Do

Down Payment Assistance's existing pool of funds is available for buyers to utilize whenever necessary at no cost to them. The seller contributes back to out of the proceeds from the sale. People often ask, "Why would a seller ever want to do that?" The answer is, "For the same reason they would lower their price, pay closing costs, etc." Down Payment Assistance funding can be used for all these costs but is not intended to qualify buyers for loan approval. A seller’s eagerness to participate can depend on market conditions in the region where the buyer is looking for a home.

Down Payment Assistance Advantages:

No out-of-pocket costs
No extra qualifying required
Maximizes seller net proceeds
Lowest service fee in the industry
Homes can sell up to 25% faster
Buyer gift funds up to $50,000
12-24 Hour turnaround on funding

Often buyers simply prefer not to prematurely cash in their CD’s or mutual funds, stocks, etc. Instead, they now have the option of accessing Down Payment Assistance 's pool of funds to ease the burden and maintain their financial stability. In any case, there are no income restrictions or price ceilings for funding. Buyers who are approved for their loans are automatically eligible to receive up to $50,000. Requests for larger gifts are considered on a case-by-case basis. Buyers typically access around $5,000-$15,000 from the fund.

To close a sale fast Sellers will usually:

1) Negotiate a reduced price (7-10% on average), share closing costs, pre-paids and other expenses. Typically a combination of these and other concessions is required in most real estate markets.

2) Maintain their asking price and offer prospective buyers the option of consolidating expenses and down payment. Buyers then contact Down Payment Assistance for the funds they need. The seller contributes back to Down Payment Assistance plus a modest administrative service fee.

To get started quickly, qualified buyers should fill out, sign and date the Certificate and Addendum. Seller also signs the Addendum. The lender then fills out the Gift Request ensuring that all participants involved are kept updated and funds are disbursed promptly. Upon receipt of these forms Down Payment Assistance will contact the closing office to make sure that the sales contract and HUD statement are accurate. Down Payment Assistance funds will be wired within 24 hours.

Buyers qualify for gift funds by getting approved for a home loan from a lender who accepts gifts from a nonprofit organization, and by purchasing a home from a seller who agrees to make a donation to the program after the home closes. Money given to the buyer is a true gift.

If you have a brief moment, please fill out our basic Information Request Form below.

Thank you...

Information Request Form

Tell us a little about your current needs. The more information you
provide, the better we can help you. We can use that information to
match you with just the right Down Payment Assistance.

How can we get in touch with you?

*Name:
*Email:
Phone:
Address:
City:
*State:
Zip:
Home Phone:
Work Phone:
Fax Number:

Tell us about your credit history:

*Excellent, Good, Fair or Poor:
Your Credit Score?:

If purchasing, how motivated are you?

*Very Motivated, Motivated or Exploring Options?:

Have you found a home to buy?

*Yes or No?:
Do you have a purchase contract?:
What is the purchase price?:
Where is the property located?:
Do you have a closing date?:

Are you working with a real estate agent?

*Yes or No?:
Agent's Name:
Agent's Email:
Agent's Phone:

Are you working with a lender?

*Yes or No?:
Have you been approved for a loan?:
What loan amount have you been approved for?:
What is the maximum LTV%:

Funds available for down payment/closing costs?

*Amount: $:
Source of Funds?:
Will the seller carry back a 2nd mortgage?:
Will the seller pay any closing costs?:

What Down Payment Assistance is needed?

*Amount: $:
How soon do you need the funds?:

Comments or Questions?:

Note: Fields with an * are required