Down payment help · 9 topics

Down Payment Assistance in Redding and California

The programs that cover part or all of a first-time buyer's down payment around Redding, from the City's own program to CalHFA, explained with videos. Which one fits depends on income, price and the loan; we run them all for you.

How to do a Lease Option to Buy

If you want to purchase a home but are not able to qualify there is the option of a "lease option to buy".

A lease option to buy is when you negotiate with the seller to rent their home for a specific amount of time. In the contract you also agree to purchase the home at a set price before the time expires. You are leasing the home with the option to purchase the home in the future for a set price.

If you have more questions please message me below. I am happy to answer them ASAP.

How to Prepare to purchase your new first home

I highly recommend talking with a lender 2 - 3 months prior to pulling the trigger on purchasing a home.

Do NOT wait until that perfect house comes on the market before talking with a lender. There is a good chance it's too late because someone else might be quicker to get an accepted offer. The lender can make sure you qualify. They can also increase the chances of getting an accepted offer by having a full loan approval. This means that the lender has received all your income documents and has presented these to the underwriter for approval. The seller is going to be very excited about your offer over someone else that is just starting the loan approval process.

How to Purchase a Multi-Unit with Low Money Down

Purchasing a multi-unit property is a smart way to keep your monthly housing expenses low and allows you to qualify for a higher purchase price because we can use the rental income that will come in from the other units.

If you plan on living in one of the units, the bank will allow you to put a minimum of 3.5% down.

If you do NOT plan on living in one of the units, you will be required to put 25% down.

If you have more questions, please message me below. I am happy to answer your questions ASAP.

One Time Fee Mortgage Insurance

If you are purchasing a new home and you are NOT able to put 20% down, it's important to know your options prior to picking the type of loan for your needs.

If you have credit that is about a 700 it's a wise choice to pick a conventional loan if you are able to come up with 3-5% down payment. The conventional loan allows you to pay mortgage insurance 3 ways. The first is Monthly Mortgage Insurance. Monthly MI is paid every month and is required to be paid for at least 2 years. In this video, I explain the 2nd option which is paying mortgage insurance 1 time. Once you pay the one time fee you do not have to ever pay again. This allows you to keep your monthly payment lower and more affordable.

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Shasta County Down Payment Assistance

Shasta county will give you a very low interest loan to help you with your down payment. The interest rate is only 3% or they are willing to do an equity share of the appreciation of the property. The Shasta County dap loan is a great way to keep your payments super low because the county does NOT require you to make payments on the loan until sell the home or refinance the home. Click here for a full tutorial of the Shasta County dap loan.

If you have more questions please message me below. I am happy to answer them asap.

Using Your 401k To Purchase a Home

Using a 401k to purchase your new primary residence is sometimes the smartest way to purchase a home. The reason is because the 401k can give you a loan for the money you need for the down payment.

If you take a loan from the 401k the payment and interest you pay will be paid back to your 401k. So the 401k is still making money. And guess what, this is your money. So you are borrowing from yourself. This is way better than borrowing money from the bank. If you do NOT take a loan on the 401k, then you may have penalties and taxes that you have to pay at the end of the year. Talk with you taxe person if you do NOT plan on taking the loan option.

Down Payment Assistance in Redding and California

City of Redding Down Payment Assistance Program

How to do a Lease Option to Buy

How to Prepare to purchase your new first home

How to Purchase a Multi-Unit with Low Money Down

One Time Fee Mortgage Insurance

Potential Out of Pocket Expences when Purchasing a Home

Shasta County Down Payment Assistance

Shasta Lake City Down Payment Assistance

Using Your 401k To Purchase a Home

Purchase & Refinance Forms

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