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Investor Update January, 2013:
Cash buyers! A few wholesale properties are currently available. Will work on assignable contracts. Please call for more information.
California Homebuyer (3%) Down Payment Assistance
The California Homebuyer Down Payment Assistance Program (CHDAP) for first time homebuyers. This is a very easy home loan program to qualify for and will allow the homebuyer to receive 3% of the sale price for down payment assistance or closing costs. This home loan program can also be combined with an FHA, Cal HFA or Conventional 30 Year Fixed rate 1st mortgage. For qualifications and eligibility, call or e-mail Irina Kumits. Click here for more information.
Question from Laura M. (home buyer):
Every now and then when perusing the homes for sale in the area I’d like to live in, I see a description that states it is a Fannie Mae HomePath property. What exactly does this mean? Does it make the buying process any different?
When a property is a HomePath property it means that it is (a) a bank-owned home owned by Fannie Mae, and, (b) the buyer of the property is eligible for the Fannie Mae HomePath mortgage program. Fannie Mae is the largest lender in the United States. Fannie Mae currently has thousands and thousands of homes on their books due to the large number of recent foreclosures. In an effort to help banks liquidate their Fannie Mae REO inventory, Fannie Mae came up with the HomePath program. The HomePath program gives lenders and buyers less stringent finance requirements, which is great because more buyers can actually qualify for a loan. Another great thing – you can get a HomePath mortgage for owner-occupied OR investment properties. Fannie Mae also has a HomePath renovation financing program for those distressed properties that need a little help before they’re ready to be lived in.
Going the HomePath route makes the home buying process different for a few reasons:
- No appraisal is required.
- You can make a down payment of as little as 3% of the purchase price.
- No mortgage insurance is required (therefore, less up-front cash from buyers and lower monthly payments).
- Credit score requirements are more flexible.
My big advice for going into escrow on HomePath properties is to fully exercise your due diligence – get that property inspected thoroughly! These banks don’t know a lot of the details on the condition of the property, and they rarely will do repairs before the close of escrow. So do your homework and really understand what you’re getting into.
About Us
- Serving San Diego communities since 2003.
- Knowledge of the local neighborhoods, schools, market conditions and zoning issues.
- Staffed to assist you 24/7. Guidance through the complexities of buying, selling or financing your dreams.
- Daily e-mail service which sends you all new listings that meet your criteria.
- Experienced with Short Sales, Bank Owned Properties, Distressed Properties, Estates, Probate Sales, IRA Roll-over into Land Banking and Condominiums.
- Assistance with Commercial, Industrial, Exchanges and Investment Properties.
Client Testimonials
"Thanks, Irina, for helping us to buy our first home in San Diego. You really helped us through the entire process from the day we initially called you until close of escrow. If we need to sell or buy a home in future, we'll definitely do business with you! "
Julia Gordin, Home Buyer, San Carlos, CA
"Buying a house is a daunting task and probably is the biggest decision a family can make. Making big decisions is nothing new to me but Irina was a tremendous help throughout the process. I dealt with a number of parties throughout the home buying transaction and Irina was the most responsive of all, she provided me with all of the details I needed and went above and beyond by having the mortgage lender and the escrow officer react promptly to my inquiries. Irina is very organized and has high work ethics and passion to what she does, she was available anytime I had a question or concern. I wanted to thank her for all of her efforts in making our home purchase an easy process. I will definitely refer my friends to her and plan to use her in the future for any of my real estate needs."
Raad Taha, Home Buyer, Rancho Bernardo, CA
"Irina's excellent negotiation skills allowed us to get the most money for our home! We liked her detailed approach and organizational skills and how she stayed on the top of deals all the time. We also bought 2 homes with Irina. She is our San Diego realtor and we'll keep referring her to our friends!"
Marat Poselenik, Home Buyer and Seller, San Diego, CA
"I am very happy that I was referred by my friend to Irina. She helped me with both buying and selling my homes. She was in touch with me throughout the entire process and provided very good advices and negotiated the best price for me. When I need to buy or sell real estate in San Diego, I will call Irina again without a doubt."
Marina Zlotnikova, Home Buyer and Seller, Poway, CA
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