(Home Loans) Zero Down Payment (No Down Payment) FHA (Mortgage) [CalHFA] No Down Payment Loan

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

38 thoughts on “(Home Loans) Zero Down Payment (No Down Payment) FHA (Mortgage) [CalHFA] No Down Payment Loan

  1. Zero Down Payment home loans for first time home buyers! Generous $128,700 maximum income in San Bernardino county and you can buy your own home!

  2. Thank you. Please let me know where to go in Palm Beach County Florida to apply and get all the information. My Fino score now is 630

  3. Here is how the program work direct from the CalHFA site

  4. Did a good job on this video. However I do CalHFA and one thing I would fix is that the second mortgage is actually my home has a 2 1/2% interest-rate. The zip actually goes in as a third lien on the property and has 0% interest.

  5. You can also ask the seller to give you 3% for closing cost, you can incorporate that cost in to the price of the home thus avoiding that 3rd lien, home prices in california are overblown anyway im sure the seller would be more than happy to cover closing costs for you, youre buying,hes selling, everyone is happy.

  6. Do you remember 2008? Yeah it was people like you that caused the crisis. I’m all for homeownership, I’m all for a good housing market and helping people buy homes and fulfill the American dream. But not handing homes out. Even if income is good the fact that there isn’t 20% down for some equity means if the housing market drops just a little the home will be under water. This is ridiculous.

  7. Hi there and thank you for your video presentation. I thought it was effective clear and precise. I live in Northern California and in this part of the state real-estate has tripled and isolated the common man and woman. Homes that where once a 120,000 to 150,000, and even 200,000 dollars are now 350k to $450,000 because of the migration of people coming from San Francisco and Oakland to Sacramento and running up the housing prices!!!! I have a "770 FICO" score and (I can prove that), but I refuse to buy a 1200 square foot to 1400 square foot home for $350,000. My question to you is? "WHERE" in California is the best place to buy a home for your buck price-wise and square footage? I look forward to your response and have a blessed day.

  8. Prepping is more of a sickness to me when when the time comes with the new world order they're going to round everybody up they have somebody FEMA laws it's unbelievable and the technology they have you guys I'm or laugh at the companies that sell you guys all the stuff

  9. Does that work only in Cali? What if I want to buy a two or more family dwelling that I live in one?

  10. I have a question. Can you refinance your calhfa second and zip when you want to refinance 6 months later? Or only the first. Thanks ahead of time for your help.

  11. Do not get a calhfa…if you dont pay both 1st and 2nd morgage you will owe massive amounts in intrest to the second. We bought this place because of the 1st morgage being doable…but were never told to pay on second…if we were it would have made the morgage way to high to even think about. So now all the equity that we have built up will be gone at payoff or refi…just save up your own money renting a place…thanks calhfa for nothing

  12. First time I have heard of this program. Would this program also work for say a purchase of a home from a home builder? I’ve visited a couple of developments and they mentioned their ‘preferred’ lender. I know I can got to any lender, as long as the number are good. I live in Irvine and looking a some of the communities here to buy. Curious of this CalHFA program would work with a homebuilder? Thx.

    Good information

Leave a Reply

Your email address will not be published. Required fields are marked *