First Time Home Buyer’s Radio: Recent Episodes
Scott Short (loanDepot Mortgage - Loan Officer (NMLS#225998))
You do not need to save up 20% down payment before you buy your home.I will be interviewing Down Payment Assistance program specialists (in Greater Sacramento, Ca) and teach you hacks too.Armed with Knowledge helps you negotiate the best deal for YOU..
Great conversation with Molly K. Ellis( CalHFA’s Training and Out Reach Manager).
Topic of the day: their newest Down Payment Asst program:
“Dream For All Shared Appreciation Loan”.
Program goes live March 27, 2023
As Paul Harvey would say: here’s the rest of the story( especially for all the IG click bait misinformation)
calhfa
DPA
fthb
realestatemarket
realestateagents
Great conversation with Solar Lily ( SunLily Energy)
Today's conversation is all about Solar and the uncoming California PUC change to solar ( NEM 3.0 starts April 14, 2023)
LIsten in for the details....
We were at separate small businesses Cafe for our zoom call:
Lily was at the Apartment Cafe in Rancho Cucamonga, CA
I was at Barrio's Cafe in Sacramento, CA
Please support small businesses
Great conversation with Meagan Harris ( Trainer for GSFA ( Golden State Finance Authority) )
Today we spoke about GSFA’s Platinum Down Payment Assistance program- their Conventional Financing option.
If you are looking for down payment & closing costs assistance… Listen in
PS: i work for Empire Home Loans, Inc. - not Empire mortgage ( sorry for the error on the interview)
Great conversation with Stephanie Gutierrez ( Realtor with Keller Williams in So CAl)
Stephanie is a huge advocate and facilitator of ADU in So Cal..
Great Conversation with Molly Ellis ( Training Manager for CalHFA)
we are discussing their $40k ADU grant and how to access the $$
Great Conversation with Meagan Harris ( GSFA Trainer)
Today's conversation was about their new DPA ( Down payment Asst) program.
It focuses on certain communities for their special financing
listen in for more details
Great conversation with Meagan Harris ( Trainer for Golden State Finance Authority (GSFA)).
We spoke about their Conventional Platinum Down Payment Asst program.
If you are looking for Down Payment and Closing Cost Assistance to purchase your home you will live in .. this is a great program
Great conversation with Meagan Harris ( Trainer for Golden State Finance Authority (GSFA)).
We spoke about their Conventional Open Door Down Payment Asst program.
If you are looking for Down Payment and Closing Cost Assistance to purchase your home you will live in .. this is a great program
Residential home loans closing on or after November 15, 2021 .. can qualify to purchase a duplex, triplex or fourplex with only 5% down payment. (One unit has to be owner occupied. )
Golden State Finance Authority in California or National Homebuyers Fund outside California can help with down payment and closing cost assistance ..
listen in to the podcast for more details..
Reach out to me with questions..
Great conversation with Molly Ellis ( Trainer for CalHFA)
Today's conversation is all about their Conventional loan program with Down payment and Closing Cost Asst..
Great conversation with Molly Ellis ( Trainer for CalHFA)
Today's conversation is all about their USDA loan program with Down payment and Closing Cost Asst..
Great conversation with Molly Ellis ( Trainer for CalHFA)
Today's conversation is all about their VA loan program with Down payment and Closing Cost Asst..
Great conversation with Molly Ellis ( Trainer for CalHFA)
Today's conversation is all about their FHA loan program with Down payment and Closing Cost Asst..
Great conversation with Meagan Harris ( Trainer for GSFA)
Today's conversation is all about their Open Door Conventional loan program with Down payment and Closing Cost Asst..
Great conversation with Meagan Harris ( Trainer for GSFA)
Today's conversation is all about their Open Door Gov't loan programs with Down payment and Closing Cost Asst..
Great conversation with Meagan Harris ( Trainer for Golden State Finance Authority)
We chatted about their Conventional Home Loan program utilizing their Downpayment and Closing Cost asst
Great conversation with Meagan Harris ( Trainer for Golden State Finance Authority) -
Today's chat was on all their Government home loan programs utilizing their Downpayment and Closing Cost assistance.
Listen in...
Great conversation with Meagan Harris (Trainer with GSFA).
Topics:
Their Open Doors (FHA,VA & USDA) Down Payment Asst (DPA) loan
Who Qualifies
Credit Score needed to qualify for their DPA
DTI ( Dept to Income) Ratios
How their asst breaksdown (Gift and Loan)
and a lot more about their program
Great conversation with Meagan Harris (Trainer with GSFA).
Topics:
Their Open Doors Conventional Down Payment Asst (DPA) loan
Who Qualifies
Credit Score needed to qualify for their DPA
DTI ( Dept to Income) Ratios
How their asst breaksdown (Gift and Loan)
and a lot more about their program
Great conversation with Meagan Harris (Trainer with GSFA).
Topics:
Their Platinum Gov't Loans (FHA,VA,USDA) Down Payment Asst (DPA) loan
Who Qualifies
Credit Score needed to qualify for their DPA
DTI ( Dept to Income) Ratios
How their asst breaksdown (Gift and Loan)
and a lot more about their program
Great conversation with Meagan Harris (Trainer with GSFA).
Topics:
Their Platinum Conventional Down Payment Asst (DPA) loan
Who Qualifies
Credit Score needed to qualify for their DPA
DTI ( Dept to Income) Ratios
How their asst breaksdown (Gift and Loan)
and a lot more about their program
Great Conversation with Molly Ellis (Trainer for CalHFA)
We spoke all about their VA and USDA downpayment and Closing Cost Asst programs
Great conversation with Molly Ellis ( Trainer for CalHFA)
We spoke all about their FHA home loan programs - Downpayment and Closing Cost Asst)
Great Conversation with Molly Ellis ( Trainer for CalHFA)
We spoke all about their Convention Home Loan programs and their Downpayment and closing cost assistance
On this episode: Interviewing Tracie Panish (Partner's Credit)
Topics:
Fico 10 & 10T
Freezing and Unfreezing your Credit
Trigger Leads and www.optoutprescreen.com to avoid becoming a victim
Conversation with Molly Ellis (CalHFA ) all about their Home Buyer's assistance programs
The MyHome Assistance Program (MyHome) is a deferred payment, simple interest rate
subordinate loan that may only be used with a CalHFA first mortgage. Your low to moderate
income first-time homebuyer can use this loan for down payment and/or closing cost assistance. The MyHome loan provides up to 3.50% of the sales price or appraised value of the
property, whichever is less, and must be recorded in second lien position.
CalHFA allows qualified homebuyers to layer other down payment assistance loans or grants
to maximize affordability (with the exception of the School Program).
Golden State Finance Authority (GSFA)
FHA: 203(b), 203(b)(2), 203(h), and 234(c); in accordance with FHA
guidelines.
o Cooperative housing (co-op) is not eligible.
o For Energy Efficient Mortgage (EEM) loans, reference section for
Platinum “Select” eligibility.
DPA is available from GSFA for Purchase transactions as outlined below:
DPA Amount:
• FHA: Up to 4.00% of the Total First Mortgage Loan amount
Minimum Credit Score: 640.
Maximum DTI: 45%.
Home buyer Education:
• Please refer to loan agency for specific requirements.
Golden State Finance Authority (GSFA) - USDA Home Loan program with a Grant
DPA is available from GSFA for Purchase transactions as outlined below:
DPA Amount:
• USDA: Up to 4.00% of the First Mortgage Loan amount.
Grant forgive after close
Occupancy:
• Borrower must occupy the residence as their primary residence.
• For non-occupant co-borrowers, refer to loan agency guidelines.
Eligible Properties:
• Single Family (1 -4 Unit) properties ONLY, as allowed per Agency guidelines.
• Manufactured housing allowed with a minimum of 680 FICO (no manual
underwriting)
Income Limits (based on county of property):
• For FHA and VA loans, follow GSFA Income Limits published online at
http://www.gsfahome.org/programs/dpa/....
• For USDA loans, follow the stricter of either GSFA Income Limits published
online at http://www.gsfahome.org/programs/dpa/...
Golden State Finance Authority (GSFA) - VA
DPA ( Down Payment Asst) is available from GSFA for Purchase transactions as outlined below:
DPA Amount:
• VA: Up to 4.00% of the First Mortgage Loan amount.
Categories eligible for instant Grant (no waiting period after close)
FHA or VA Mortgages where borrower has one of the following occupations in
California:
o Peace Officers, Sheriff, Border Patrol Agents, Correctional Officers and
others serving in a Law Enforcement capacity;
o Firefighters, CalFire, paramedic, and Emergency Medical Technicians
(EMTs), including administrative staff that supports firefighters; or
o Current members of the California State Teachers Retirement System
(CalSTRS) or University of California Retirement Plan (UCRP),
employees of a California accredited Private, Charter or Public School
District or California State University, Junior College or Private College,
including school administration and staff.
Occupancy:
• Borrower must occupy the residence as their primary residence.
• For non-occupant co-borrowers, refer to loan agency guidelines.
Eligible Properties:
• Single Family (1 -4 Unit) properties ONLY, as allowed per Agency guidelines.
• Manufactured housing allowed with a minimum of 680 FICO (no manual
underwriting)
Income Limits (based on county of property):
• For FHA and VA loans, follow GSFA Income Limits published online at
http://www.gsfahome.org/programs/dpa/....
• For USDA loans, follow the stricter of either GSFA Income Limits published
online at http://www.gsfahome.org/programs/dpa/...
Golden State Finance Authority (GSFA)
DPA ( Down Payment Asst) is available from GSFA for Purchase transactions as outlined below:
DPA Amount:
• VA: Up to 4.00% of the First Mortgage Loan amount.
Categories eligible for instant Grant (no waiting period after close)
FHA or VA Mortgages where borrower has one of the following occupations in
California:
o Peace Officers, Sheriff, Border Patrol Agents, Correctional Officers and
others serving in a Law Enforcement capacity;
o Firefighters, CalFire, paramedic, and Emergency Medical Technicians
(EMTs), including administrative staff that supports firefighters; or
o Current members of the California State Teachers Retirement System
(CalSTRS) or University of California Retirement Plan (UCRP),
employees of a California accredited Private, Charter or Public School
District or California State University, Junior College or Private College,
including school administration and staff.
Occupancy:
• Borrower must occupy the residence as their primary residence.
• For non-occupant co-borrowers, refer to loan agency guidelines.
Eligible Properties:
• Single Family (1 -4 Unit) properties ONLY, as allowed per Agency guidelines.
• Manufactured housing allowed with a minimum of 680 FICO (no manual
underwriting)
Income Limits (based on county of property):
• For FHA and VA loans, follow GSFA Income Limits published online at
http://www.gsfahome.org/programs/dpa/....
• For USDA loans, follow the stricter of either GSFA Income Limits published
online at http://www.gsfahome.org/programs/dpa/... or loan agency
guidelines.
Minimum Credit Score: 640.
Maximum DTI: 45%.
Homebuyer Education:
• Please refer to loan agency for specific requirements
The CalHFA Energy Efficient Mortgage (Cal-EEM + Grant) loan program combines an FHAinsured first mortgage (Cal-EEM) loan with an additional grant (EEM Grant), allowing energy
efficient improvements over and above the FHA maximum allowable EEM loan amount.
The EEM Grant is only available with the Cal-EEM first mortgage. The EEM Grant is for
up to 4% of the first mortgage total loan amount, including Up Front Mortgage Insurance
Premium (UFMIP). The EEM Grant can be used towards the HERS Report neutrality rating
and may allow more borrowers to use the FHA EEM program without additional funds out of
their pocket.
The Cal-EEM + Grant can be combined with the MyHome Assistance Program (MyHome) or
School Teacher and Employee Assistance Program (School Program).
Interviewing Kyle Vaughn with Genworth Mortgage Insurance (Exclusive PMI provider for CalHFA home loans)
This episode we are discussing the 7 ways to structure PMI (Private Mortgage Insurance) on your CalHFA Conventional Home loan.
Let me know what you think and if you have someone special i should interview..
Thanks
Interviewing Molly Ellis (Lender Training Specialist with CalHFA)
In this episode we are discussing CalHFA Schools Program: Down Payment Assistance
- for First Time Home Buyers
The School Teacher and Employee Assistance Program (School Program) is a deferred payment, simple interest rate subordinate loan that is combined with a CalHFA first mortgage. Your low to moderate income first-time homebuyer can use this loan for downpayment and/or closing cost assistance. The School Program loan provides up to 4.0% of the sales price or appraised value of the property, whichever is less, and must be recorded in second lien position. CalHFA allows qualified homebuyers to layer other FHA-approved or Fannie Mae Community Second subordinate loans or grants to maximize affordability (with the exception of MyHome )
CalHFA Defn: First Time Home Buyer:
- is a borrower who has not had an ownership interest in any principal residence during the previous three years.
Interview with Molly Ellis (Lender Training Specialist for CalHFA ) :
In this episode we discuss CalHFA FHA CalPlus/ZIP loan financing - for First Time Home Buyers.
- The CalPLUS FHA loan program is a fully amortized thirty 30-year fixed interest rate FHA-insured first mortgage. This loan is combined with the CalHFA Zero Interest Program (ZIP) for closing cost and/or prepaid items only. The FHA ZIP second loan is only available with CalPLUS and is a silent second loan for either 3.00% or 4.00% of the CalHFA FHA total first mortgage loan amount, including Up Front Mortgage Insurance Premium (UFMIP). The interest rate is zero percent (0.00%) and the payment(s) are deferred for the life of the first mortgage or until the property is transferred or the first mortgage loan is refinanced.
- First Time Home Buyer (definition by CalHFA)
- first-time homebuyer is a borrower who has not had an ownership interest in any principal residence during the previous three years.
Interviewing Molly Ellis (Lender Training Specialists with CalHFA)
In this episode we are discussing CalHFA FHA program.
- For First Time Home Buyers and Non First Time Home Buyers
The CalHFA FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a thirty (30) year term and can be combined with either the MyHome Assistance Program (MyHome) or School Teacher and Employee Assistance Program (School Program).
CalHFA defn: First Time Home Buyer:
- is a borrower who has not had an ownership interest in any principal residence during the previous three years.
Interviewing Molly Ellis (Lender Training Specialist with CalHFA)
In this episode we are discussing CalHFA Conventional CalPlus / ZIP program :
- this program is for First Time Home Buyers
The CalPLUS Conventional program is a Fannie Mae HFA Preferred™ fully amortized thirty (30) year fixed interest rate first mortgage. This loan is combined with the CalHFA Conventional Zero Interest Program (ZIP) for closing cost and/or prepaid items only. The Conventional ZIP second loan is only available with CalPLUS and is a silent second loan for either 3.00% or 4.00% of the first mortgage loan amount. The interest rate is zero percent (0.00%) and the payment(s) are deferred for the life of the first mortgage or until the property is transferred or the first mortgage loan is refinanced.
CalHFA Defn: First Time Home Buyer:
- is a borrower who has not had an ownership interest in any principal residence during the previous three years.
Interviewing Molly Ellis (Lender Training Specialist with CalHFA)
In this episode we are discussing CalHFA Conventional Loan program.
- This program is for First Time Home Buyers or Non First Time Home Buyers
The CalHFA Conventional program is a Fannie Mae HFA Preferred™ fully amortized thirty (30) year fixed interest rate first mortgage. This loan is combined with either the MyHome Assistance Program (MyHome) or the School Teacher and Employee Assistance Program (School Program).
CalHFA defn: First Time Home Buyer
- is a borrower who has not had an ownership interest in any principal residence during the previous three years.