Grant Program to help towards down payment or closing cost! Bond, Down Payment, Funds, Gift

Posted by Rick Delgado on Friday, November 16th, 2012 at 7:57am.

Grant Program to help towards down payment or closing cost!

If you go with standard FHA financing with 3.5% down at $200,000 your down payment will be $7,000 plus closing cost aprox. $7000 for a total of aprox. $14,000 with an est rate of 3.5% and payment of $1325. With the platinum program your est. funds to close is $10,000 plus you have to have 2 months reserves aprox. $2700 left in your savin...
gs after closing. The difference in payment is about $25. I attached your standard pre approval as well. Note the Platinum program pre approval tells the agent they must use a specific title company that is required.

Below are the details about the Platinum program as an example at 200k Purchase Price. The Rate at 3.5% on this program right now, you would qualify for more if you are looking to buy in a higher range. However, I know your payment comfort so I have attached a pre approval of $200,000. If you used the grant program your 3% grant would be $5,790. Your remaining down payment would be $1,210 plus closing cost unless you negotiate seller to pay some or all. The closing cost on this program closing around the end of beginning of 2012/2013 would be aprox. $8500’ish as you have to pay a 1% origination fee on this program. If you paid closing cost and remaining down payment you would be looking at arpox. $9500-10,000. You will need to use the platinum program pre approval letter I have attached in your offer if you are looking to use this program. Let me know if you have any questions. At $200,000 you will have a payment of arpox. $1350. For every 10k financed up or down it is about a $65 monthly payment difference.

30 Year Fixed Platinum Grant Program, Owner Occupied Single Family Residence, Approved Condo’s and PUD’s (FHA, USDA or VA)

Rate: Not locked until final loan approval. Runs about .25% higher than standard FHA Rates with 1% origination fee

640 credit score
Thing Credit ok but insufficient credit not allowed

Income-Total house income 120% Annual income or less (Sacramento and Placer County $91,320, Yolo $92,280 and more upon request)
Debt to income ratio 43% max
Reserves-2 months payment after closing cannot be from gift
First Time Homebuyer (not owned in last 3 years)

Title company in offer MUST be: First American Title

Funds are not reserved until after initial loan approval and rate is not locked until final loan approval. Subject to change at any time until reservation and lock.


Rick Delgado

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