My last post on Zero Down loans was last fall, 2007. At that time, there were MANY Zero Down payment loans available in all the Southern California Counties. Oh how things have changed! Now there are ONLY two Zero Down payment loans available in all of Southern California: The VA loan (or Cal Vet also) and the FHA loan with a Down Payment Assistance from a Non-Profit Organization.
If you are a Veteran or Active Military, then you are aware of your VA Benefits for buying a home with no down payment. For others who are not Veterans or Active Military, email or call me about the FHA Zero down payment loan. A major court case was just settled by Nehemiah to be able to continue issuing Down Payment Assistance to qualified home buyers.
AND with the 2008 Mortgage Relief Act, FHA loan limits have increased to $500,000 in Riverside and San Bernardino Counties and up to just over $729,000 for Los Angeles, Orange and Ventura Counties. Thus, with just 3% down payment, you can now use the FHA loan program and buy your home, and this is NOT a first time buyer program, it DOES ALLOW all of your down payment to be a gift, AND the FHA loan program allows non-occupying co-signers on the loan!
THIS IS A GREAT TIME TO START LOOKING TO BUY A HOME. PRICES ARE FINALLY AFFORDABLE FOR SOUTHERN CALIFORNIA HOME OWNERS!
For more LOCAL real estate news in Southern California and to SEARCH the Realtor MLS, go to my website at www.TeamHomeSales.com
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