Zero Down Home Loans Are Back

Zero down home loans are the answer to many renters dreams!   The zero down program provides an opportunity for those with little or no money for a down payment to become a home buyer. zero down home loansThe new program i an FHA 96.5% first mortgage along with a 3.5% second mortgage.  This second mortgage is is not just available for those with limited income.  This program is available to all qualified  home buyers.  FHA limits are capped per county and the 2016 limits and more information  on the zero down program is available at the Zero Down California website.

FHA allows lower credit scores and higher debt ratios than typical conventional loans.  The less restrictive guidelines are because the loans are insured by the Federal Government.   FHA is the Federal Housing Authority.   FHA does not provide loans or financing.  Rather, they insure loans that are originated by private lenders.

For additional information on FHA loans, zero down loans, or any type of home financing, contact Midas Realty Group and ask to be referred to one of our recommended lenders.

First Time Home Buyer Assistance- CA

First Time Home Buyer Down Payment Assistance with Zip Extra Program

First Time Home Buyer Down payment assistance is now easier than ever thanks to California Housing Finance Agency (CalHFA).

The Agency has made buying a home even easier for California first time home buyers.  Since a down payment is usually the biggest factor in preventing people from becoming homeowners, CalHFA has come out with a new program for first time buyers.  The program offers down payment assistance in the form of a silent second loan with deferred payments.

Qualified first time buyers may apply for the CalPlUS loan (97% LTV Conventional financing, or a 96.5% FHA loan) combined with the Zip Extra down payment assistance (3% of the first loan plus $6,500 for conventional loans or 3.5% of the first loan plus $6,500 for FHA loans).

CalPLUS loans are fixed rated mortgage loans amortized over 30 years, so the payments are the same over the life of the loan and  they will never adjust upward.  The Zip Extra down payment assistance is a silent second mortgage with zero percent interest.  Payments are deferred on the Zip Extra loan, so there are no payments until the home is transferred, sold, or in some cases refinanced.

For even greater benefits, the  CalPLUS with ZIP Extra can also be combined with: Š

  • California Homebuyer’s Downpayment Assistance Program (CHDAP) – deferred payment junior loan of 3% of the purchase price for down payment and/or closing costs  Š
  • Extra Credit Teacher Program (ECTP) – up to $15,000 in a deferred payment loan for teachers and staff serving high priority schools Š
  • Mortgage Credit Certificate Program (MCC) – federal income tax credit that may lower your taxes and increase disposable income

First time home buyers can also benefit by the new book How to Buy a Home and Walk Away a Winner by California Real Estate Broker Dawn Anderson.   The highly recommended book is a step payment assistanceby step guide to buying a home and gives great tips on checking out your credit and choosing a loan officer before buying the home.  It’s available at Amazon.com for about the price of a coffee.  You can click on the photo to learn more.  When choosing a loan officer, make sure you ask about the CalPLUS program to take advantage of the down payment assistance for which you may qualify.

 

Real Estate Investing

Real estate investing is always a popular topic, with armchair millionaires spending thousands of dollars for investing education.

It’s startling to learn that of all those thousands of eager folks who attend these seminars only about 5% buy even one investment house. Why? The real estate gurus sell the “sizzle” and make
profiting from real estate sound easy. The truth is that it’s simple, but not easy.Here’s a quick plan that will enable anyone to begin building financial independence

real estate investing There are basically four steps to investing in single family homes:

1. Buy homes below full market value. Yes, people really do sell homes for less than the home’s full value. The key is to understand that most home owners will only consider a purchase offer that is all cash and within 5% to 10% of their asking price.

The successful investor learns to find financially distressed home owners who have no choice but to sell for less than market value. They have lost their job or been suddenly transferred; they are divorcing; they been living beyond their income; the family has been overwhelmed with medical bills and a host of other situations that have caused them to fall behind in their mortgage payments.

Those are examples of motivated sellers. They have to sell and they will accept something other than a conventional, all cash offer.

2. How do you find motivated sellers? You work at it! Like any business it is important to develop a little marketing plan. One that is simple, yet very effective, is the one that was proven 75 years ago by the Fuller Brush company; door to door sales.

You are selling your skill as a home buyer to people who must sell. Your are there when they need you and you have the skill to help them solve at least part of their problem. With door to door prospecting you will learn more and buy more homes quicker than any other method. However, most people just won’t walk door to door for three or four hours per week. OK, there are other ways.

You can watch public notices for the announcement of foreclosure sales. Meeting with a home owner right after they’ve received a notice that they are about to lose their home allows you to deal with a very motivated seller. Other public notices that provide buying opportunities include probate, divorce and bankruptcy. You can follow the Homes For Sale listings in your local newspaper or Internet site.

You can telephone the names found in these notices or, and this is the least time consuming, send a postcard expressing your interest in buying their property. It will produce buying opportunities, just not as many as personal contact.

3. After you’ve found a motivated seller you must understand how to frame offers that provide benefits for both you and for the home owner. A good real estate investor quickly learns that this is not a business of stealing property, but of solving problems in a way that benefits the seller.

The home owner is in a tight spot of some kind and you can save them from public embarrassment and, in most cases, give them at least a little cash to get a new start.

No investor can afford to leave cash in every deal. No one but Bill Gates has that much available money. You must use creative techniques like, leases, option and taking over mortgage payments. Little or no cash is needed for those deals. You can find plenty of reasonable priced educational material on those subjects in book stores or on EBay. The same education that seminars sell for thousands of dollars.

4. You make your profit when you buy! Never make a purchase until you’ve carefully determined exactly how you will get to your profit. If you hold it as a long term investment will the monthly rental income more than cover the monthly mortgage payment? Will you sell the deal to another investor for fast cash? Will you do some fix-up and sell the property for full value? Will you quickly trade it for a more desirable property? Have a plan before you buy.

If you have additional questions regarding investing in real estate or prospecting, give us a call at 800-546-2289 or contact the broker at dawn at midasrealtygroup.com for personal assistance.

Successful Real Estate Investing

Real estate investing is always a popular topic, with armchair millionaires spending thousands of dollars for investing education.

It’s startling to learn that of all those thousands of eager folks who attend these seminars only about 5% buy even one investment house. Why? The real estate gurus sell the “sizzle” and make
profiting from real estate sound easy. The truth is that it’s simple, but not easy.

real estate investing

Here’s a quick plan that will enable anyone to begin building financial independence.

There are basically four steps to investing in single family homes:

1. Buy homes below full market value. Yes, people really do sell homes for less than the home’s full value. The key is to understand that most home owners will only consider a purchase offer that is all cash and within 5% to 10% of their asking price.

The successful investor learns to find financially distressed home owners who have no choice but to sell for less than market value. They have lost their job or been suddenly transferred; they are divorcing; they been living beyond their income; the family has been overwhelmed with medical bills and, not uncommonly these days, their money has gone to support a drug habit.

Those are examples of motivated sellers. They have to sell and they will accept something other than a conventional, all cash offer.

2. How do you find motivated sellers? You work at it! Like any business it is important to develop a little marketing plan. One that is simple, yet very effective, is the one that was proven 75 years ago by the Fuller Brush company; door to door sales.

You are selling your skill as a home buyer to people who must sell. Your are there when they need you and you have the skill to help them solve at least part of their problem. With door to door prospecting you will learn more and buy more homes quicker than any other method. However, most people just won’t walk door to door for three or four hours per week. OK, there are other ways.

You can watch public notices for the announcement of foreclosure sales. Meeting with a home owner right after they’ve received a notice that they are about to lose their home allows you to deal with a very motivated seller. Other public notices that provide buying opportunities include probate, divorce and bankruptcy. You can follow the Homes For Sale listings in your local newspaper or Internet site.

You can telephone the names found in these notices or, and this is the least time consuming, send a postcard expressing your interest in buying their property. It will produce buying opportunities, just not as many as personal contact.

3. After you’ve found a motivated seller you must understand how to frame offers that provide benefits for both you and for the home owner. A good real estate investor quickly learns that this is not a business of stealing property, but of solving problems in a way that benefits the seller.

The home owner is in a tight spot of some kind and you can save them from public embarrassment and, in most cases, give them at least a little cash to get a new start.

No investor can afford to leave cash in every deal. No one but Bill Gates has that much available money. You must use creative techniques like, leases, option and taking over mortgage payments. Little or no cash is needed for those deals. You can find plenty of reasonable priced educational material on those subjects in book stores or on EBay. The same education that seminars sell for thousands of dollars.

4. You make your profit when you buy! Never make a purchase until you’ve carefully determined exactly how you will get to your profit. If you hold it as a long term investment will the monthly rental income more than cover the monthly mortgage payment? Will you sell the deal to another investor for fast cash? Will you do some fix-up and sell the property for full value? Will you quickly trade it for a more desirable property? Have a plan before you buy.

If you need additional assistance regarding real estate investing or prospecting, please give us a call at 800-546-2289.

How to Buy a House and Walk Away a Winner

Interested in buying a house?  Whether you are a first time home buyer or an experienced property buyer, you can benefit from the tips in the book How to Buy a House and Walk Away a Winner- Save Thousands by Outsmarting Banks, Sellers, and Realtors.

This book is a must buy for anyone wanting to save money on a home purchase.

The information contained in this book will help you avoid the hidden pitfalls and problems that confront many unsuspecting home buyers. You will face less intimidation since you will be more familiar with the terminology, jargon, and tactics often applied. You will recognize red flags as soon as they appear, and you will be equipped to act accordingly. This book was written to help you have a greater knowledge of the home buying process and to guide you to potentially save yourself from some of the stress caused by unfamiliarity with the procedures. In the process, you may save thousands of dollars by being prepared and knowing what to ask and where to look. Learn why it’s important to get your own agent and shop for a loan officer- regardless if you have friends in the business. Been told you can’t qualify for a home? Find out how to get a copy of your credit reports and fix your scores yourself by getting incorrect or old information removed.

The book is available now from Amazon in paperback, and a kindle edition with immediate download is available priced less than a Starbucks coffee.   Click on te lonk for more information ro to purchase

 

Lancaster Short Sale- Sold by Midas Realty Group

Lancaster Short Sale Sold-

Midas Realty Group has helped another homeowner avoid foreclosure by negotiating another successful short sale- this time in Lancaster, CA.   The 4 bedroom Lancaster home was sold and the homeowners released from all encumbrances on the property.  If you or someone you know is in need of short sale assistance or help in avoiding a foreclosure, give us a call at 800-546-2289 or send us a message for a free consultation.

 

Lancaster short sale

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