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