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  The 1/2 Percent Down Payment Loan For Californians

There is a little known loan called the Access loan that differs from CalHFA in that it is more flexible for buyers seeking a California home loan who have limited funds for the down payment and closing costs. 

The loan is structured in the same manner as CalHFA in that 96.5% of the purchase price is on a modified FHA loan however a 3% of the purchase price second mortgage goes behind the first mortgage meaning you only have to come up with a down payment of .50%!

Click Here to watch a short video on this loan.

 

Not Just for First Time Home Buyers Either

The loan is only offered by one lender in the entire state of California.  Like CalHFA, it does have income limitations that differ per county however you do not have to be a first time homebuyer as with CalHFA.  The maximum limits are greater than CalHFA and underwriting is more generous. Both loans are excellent methods to purchase real estate in California if a home buyer is looking for a low down payment California home loan.

Difference Between CalHFA and Access?

The Access loan has a "bigger box" for home buyers to fit into. The guidelines and down payment on the Access loan are more flexible however, the CalHFA interest rate on the first mortgage and second mortgage are lower than Access. Both loans are excellent and can give home buyers options when shopping for a California home loan whether you are a first time homebuyer or not.

Click here to tell me your loan scenario or click the above link to watch the video.  And as always feel free to call me with any questions or concerns in regards to the 1/2% down payment California Access loan.

Best,

Kevin Walton

Best Capital Funding

Cell: 805-276-1942

Email: streamlineman@earthlink.net

805-276-1942