With mortgage interest rates continuing to be attractive, home affordability is still high and there are some GREAT first time home buyer programs out there. One of our favorite programs is called the Daisy, which gives qualified buyers up to $15,000 in cash toward down payment and closing costs at NO cost to the borrower!* Some of the details around this program include:
- Loan amount cannot exceed $400,000
- Of the $15,000 allowance, $7,500 must be for down payment with the other $7,500 for closing costs
- First mortgage must be approved through an approved lender (like AMB)
- The borrower’s income cannot exceed $120% Area Median Income, adjusted for family size
- Prior to closing, the borrower must attend homebuyer or landlord (for those buying multi-unit properties) education sessions conducted by a HUD approved counseling agency
- Eligible properties include single family, condo’s, PUD’s and 2-4 unit properties
The Daisy program is available to properties located in the following counties: Alameda, Contra Costa, Los Angeles, Marin, Orange, Riverside, San Bernardino, San Diego, San Francisco, San Mateo, Santa Barbara, Santa Clara, Sonoma and Ventura counties.
For a comprehensive review of what financing solution works best for you or your clients, please contact your favorite Absolute Mortgage Advisor or visit us at http://absolutemortgage.com/ for more information.
*The prorated balance due is repayable if the property is sold, refinanced, not owner-occupied as the primary residence or transfers title within the first 36 months. A rate & term, no cash-out refinance on the first mortgage is expected from prorated balance repayment. Please contact your Absolute Mortgage Banking Mortgage Advisor for specific information. Program subject to modification or cancellation at any time.