michael@valleyfinance.com
With all the bank properties saturating the market we are seeing prices at very affordable levels;hence, everyday folks can see the value in owning vs. renting. Many homes are at price levels that compete aggressively with rent. The only problem is many of the government backed loan with easier qualifying criteria is usually joined with a D.P.A (down payment assistance); 100% financing. When utilized properly this is a great opportunity for many people. Plus it moves inventory - well not so fast. Banks want conventional deals (20% down an above average credit) and shun these government back loans combined with down payment assistance (3% to 6% sell participation). This means the bank drops the bottom out of the price - and will not accept these highly utilized loan programs. I've been told that these offers utilized by many hard working people would be trashed regardless of the offer; simply because D.P.A was part of the deal.
With all the bank properties saturating the market we are seeing prices at very affordable levels;hence, everyday folks can see the value in owning vs. renting. Many homes are at price levels that compete aggressively with rent. The only problem is many of the government backed loan with easier qualifying criteria is usually joined with a D.P.A (down payment assistance); 100% financing. When utilized properly this is a great opportunity for many people. Plus it moves inventory - well not so fast. Banks want conventional deals (20% down an above average credit) and shun these government back loans combined with down payment assistance (3% to 6% sell participation). This means the bank drops the bottom out of the price - and will not accept these highly utilized loan programs. I've been told that these offers utilized by many hard working people would be trashed regardless of the offer; simply because D.P.A was part of the deal.
(In a nutshell - we have our own resources {cash} and that is why we can make it happen so smoothly - no hocus pocus; no dog and pony show - yes; you can have win - win scenerios in bad markets; that my friend is the art of turning bad situations into growth and prosperity.)
"You can offer over 100K for the home but if you need D.PA from the asset manager [seller for the most part] the deal won't be considered.."
Nameless Realtor
My company will buy the home for the client with our cash (smooth fast clean transaction)- bring it to F.H.A codes and utilize the pre approvals from FHA and DPA. What does that mean? That means the school teacher at a Rocklin elementary school can buy that REO in Rocklin and live in the community she works.
"School teacher's don't make enough for a 500K home but a bank home offered at $260K @ 100% financing on a 30 year fixed..That's smart and good business."
Nameless Investor
It means the family of 5 can live in a home downtown near the dad's night shift. This program is awesome. We will fix the home up so it'll be turn key and it will all be kept within the loan parameters. Of course many people can go conventional, but some of these fixers at bargain basement prices can be very nice homes and great long term investments for those that could benefit from them most.
We will help you get the FHA loan with DPA because we are F.H.A approved.
"You can offer over 100K for the home but if you need D.PA from the asset manager [seller for the most part] the deal won't be considered.."
Nameless Realtor
My company will buy the home for the client with our cash (smooth fast clean transaction)- bring it to F.H.A codes and utilize the pre approvals from FHA and DPA. What does that mean? That means the school teacher at a Rocklin elementary school can buy that REO in Rocklin and live in the community she works.
"School teacher's don't make enough for a 500K home but a bank home offered at $260K @ 100% financing on a 30 year fixed..That's smart and good business."
Nameless Investor
It means the family of 5 can live in a home downtown near the dad's night shift. This program is awesome. We will fix the home up so it'll be turn key and it will all be kept within the loan parameters. Of course many people can go conventional, but some of these fixers at bargain basement prices can be very nice homes and great long term investments for those that could benefit from them most.
We will help you get the FHA loan with DPA because we are F.H.A approved.
