It's been a tough market especially for first time home buyers.
The areas around Long Beach like Paramount, Bellflower, Lakewood, Carson,
Hawaiian Gardens, Compton and Wilminton
The FICO score is the main reason a lot of first time home buyers
or even those that want to help out can't qualify. on the down payment option
which is commonly known asThe Platinium (1/2% down) program
which I discussed before was a victim of the FICO requirement. FHA
increased FICO to a minimum of 640 and a lot of first time buyers found it
hard to qualify. At a time when there's a lot of Foreclosures, REO and even
short sales and standard sales, to choose from a big percentage can't avail of the program.
As of this blog the program is over.
The other loan program which is popular also is the 1% down payment. There's the
CHDAP which basically helped also with the down payment but usually is a silent second
which is added to loan. But these shouldn't discouraged first time home buyers or even
those that want to help out. The prices are low, interest is hovering around the 4.25 to 4.5%
rate. For a 30 year loan that's a big chunk especially with the Foreclosures and REO's.
As always if you need help with any real estate transaction, don't hesitate to contact me
with any questions, comments or just to talk about real estate. There's a lot of first time home buyers, sellers and even investors. The focus right now are units like duplex, triplex or even 4-plex which
would be good also for first time home buyers. Don't second guess your chances. Contact me any way you can. Tell your friends, relatives, co-workers, neighbors and I will do the rest.
Thank you.
The areas around Long Beach like Paramount, Bellflower, Lakewood, Carson,
Hawaiian Gardens, Compton and Wilminton
The FICO score is the main reason a lot of first time home buyers
or even those that want to help out can't qualify. on the down payment option
which is commonly known asThe Platinium (1/2% down) program
which I discussed before was a victim of the FICO requirement. FHA
increased FICO to a minimum of 640 and a lot of first time buyers found it
hard to qualify. At a time when there's a lot of Foreclosures, REO and even
short sales and standard sales, to choose from a big percentage can't avail of the program.
As of this blog the program is over.
The other loan program which is popular also is the 1% down payment. There's the
CHDAP which basically helped also with the down payment but usually is a silent second
which is added to loan. But these shouldn't discouraged first time home buyers or even
those that want to help out. The prices are low, interest is hovering around the 4.25 to 4.5%
rate. For a 30 year loan that's a big chunk especially with the Foreclosures and REO's.
As always if you need help with any real estate transaction, don't hesitate to contact me
with any questions, comments or just to talk about real estate. There's a lot of first time home buyers, sellers and even investors. The focus right now are units like duplex, triplex or even 4-plex which
would be good also for first time home buyers. Don't second guess your chances. Contact me any way you can. Tell your friends, relatives, co-workers, neighbors and I will do the rest.
Thank you.
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