(Home Loans!) Zero Down Payment (No Down Payment) FHA (Mortgage) CalHFA


640 Fico score first time homebuyer no
downpayment and you want me to cover closing cost – I got you back okay I’m excited to tell you what the
program is but you’re gonna have to wait a second because I want you to know that
most people think that they can’t qualify to buy a house well the truth is
you can’t with just that 645 go score and provable income you can buy your own
house with a zero down payment and very often zero closing costs what are you
reading for it okay it’s called a Cal half alone follow this I’m going to
teach it how it works and how you going to qualify
there is an income limit to this program it used to be about seventy-two thousand
dollars for a family of four and if you had a family of six it would go up to
like eighty two thousand dollars well CalHFA did away with that in San
Bernardino County it is a hundred and twenty eight thousand seven hundred
dollars maximum income that is huge that’s tremendous
if husband makes 60 grand wife makes 60 grand think of the house you can buy
with no money down people ask me Oh Chris that must be for like really cheap
properties right like the two hundred and twenty thousand dollar property no
it works for those properties too but believe it or not it goes up to seven
hundred and five thousand dollars the truth is the income limit stops you from
reaching seven hundred and five thousand dollars so you got a long ways to go
you’re good okay one of the requirements how do the requirements work well this
is super important but it’s really good for you it’s good information and it
protects you one of the things they require is you must go to a first-time
homebuyer seminar it is a training program taught by HUD what taught by the
state you can actually do it online or you can go do it live it costs about a
hundred bucks but it’s well worth it it’s gonna serve you well now you heard
me mention first-time homebuyer what is a first-time homebuyer it is not
somebody who’s never owned a home obviously it sounds like it is but it’s
not according to all government programs a first-time homebuyer is somebody who
has not owned a home in the last three years if you owned a home ten years ago
but during the boom went bust maybe you lost it or you had a problem that’s okay
as long as you haven’t known it for three years you’re good okay one of the
requirements that you we all have to adhere to is this is only for owner
occupancy this is for people who want to buy a house raise a family in it have a
great life live in that house you’ve got to live there
hey also some great news guess what if you want to buy a manufactured house
there’s many people who buy a manufactured house on a permanent
foundation it must be on a permanent foundation if you have a 665 go score
guess what you can use this program too okay so how does this program work do
you really put zero down well no what happens is you get a first mortgage
it’s an FHA mortgage for ninety six and a half percent
it’s like putting three and a half percent down now you’re gonna have a
second mortgage it’s called a my zip and how that works is they’re gonna give you
the money for the down payment the three and a half percent actually the program
works they’ll give you the three or four percent depending on the interest rates
that they charge now how that works is you’re saying Oh Chris I have another
payment on top a second mortgage well it’s called a silent second and a silent
second means you don’t make monthly payments how it works is when you pay
off the house or sell the house or refinance the house at some later date
then you pay it off and my zip is that zero percent interest not a big deal I
think that’s pretty awesome now how do we get the closing costs well that’s
another program it’s a third mortgage it’s called my home assistance and
they’re gonna give you money for closing costs and when you combine it all on
some loan amounts you don’t have to shell anything out of your pocket now do
we make payments on the third no it works the same way it is a silent third
mortgage that one accumulates interest at like two and a half percent very very
little so if you don’t have the money to put down to buy a house this is awesome
this is a great program with only a six forty five coast Corps you can buy your
own house all you got to pay is the appraisal we got ways to take care of
that we got all kinds of ways you can do this if you have that FICO score and you
got income I want you to call me we’re gonna fire your landlord

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