Home Loans California & Arizona

I do not have money to purchase a home in California, where can I find it?

November 10th, 2012 7:40 AM by Nathan Rufty

There are two sets of fees that a buyer must come up with to purchase a home, the down payment and closing cost. Lets explore both questions on where we can find funds to close on a home in California.

Lets start with the down payment, you can purchase a home with No money down loans utilizing the VA home loan (must served or serving in the arm forces) and the USDA-RD home loan program (must purchase in a designated area of the county you are looking to purchase in). The other home loan programs require down payment amounts of 3% on the  HomePath program , 3.5% on the FHA program and 5%+ down on the Conventional

      Ways to obtain the down payment are:

  • Checking, savings, money market, CD etc
  • Retirement, 401K, 403B, etc
  • Down Payment Assistance program
  • Gift from Family
  • Bonus check
  • Federal or State Refund check at tax time
  • Sale a car, boat, RV, Jewelry, Furniture, etc
  • Yard sale
  • Stocks and Bonds
  • We can also discuss other means for the down payment

The 2nd part is the closing costs, these cost are broken down in 4 areas, lender fees, escrow fees, title fees and buyers prepaid fees. Depending on what loan program you wish to use to purchase your home in California, the seller if elected can pay up to 6% of the purchase amount towards your closing cost.

    Ways to come up with your closing cost:

  • Checking, savings, money market, CD etc
  • Increase the interest rate and receive a lender credit
  • Finance cost in the loan (Only 1 program can do this)
  • Retirement, 401K, 403B, etc
  • Down Payment Assistance program
  • Gift from Family
  • Bonus check
  • Federal or State Refund check at tax time
  • Sale a car, boat, RV, Jewelry, Furniture, etc
  • Yard sale
  • Stocks and Bonds
  • Seller to contribute up to 6% toward cost
  • We can also discuss other means for the down payment

As long as you have employment that is verifiable, meet the minimum credit scores and credit guidelines and your income to debt ratio falls within standards then we can find ways to purchase a home. It does take an arm and a leg to purchase a home, it may be easier than you think.

Lets started today and explore what we can do to set you in the position to purchase a home. I look forward in hearing from you and make owning a reality.

Posted in:General
Posted by Nathan Rufty on November 10th, 2012 7:40 AM

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