American Pacific Mortgage Corporation, NMLS #1850 Equal Housing Opportunity
Licensed in AZ, CA, VA, GA, DC Licensed by the Dept of Financial Protection and Innovation under the CRMLA AZ Corp BK 0906702 VA NMLS ID # 58479VA Georgia Residential Mortgage Licensee texreg.sos.state.tx.us/fids/201504377-1.pdf
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The 5% own funds cap - Is this also a cap on money I will use for closing costs or discount points? For example $1M purchase. $150k DFA + $50k 5%dp + $40k closing costs + $xx amount for buying down the rate.
Hey Jason! I keep watching and rewatching:) It’s so great! Thank you for such an informative video and targeting all the main points. I’d love to work with you in the future (if not this time around). I’m a real estate agent and have friends/family who want to buy in Sacramento and near by cities. All the best!
Trying to buy first home but with the current market is really hard. This program is a big help for whoever qualifies. Is there any program that helps anyone who is a first-time buyer without taking into consideration your parents owning a home? It would be nice if for the future they don't take that into account. Perhaps instead of using that rule they could just replace it with if your parents benefited from any similar program to purchase their home then you can't qualify for this. I think that would be fair. Nice video.
Great info.. I have a question the guidelines say to be considered a first time home buyer you can’t have owned in the last 3 years but then the first generation requirement is you can’t own in the last 7 years nor can your parents own. So essentially you can’t own in 7 years that trumps the 3 years first time home buyer requirement correct?
For the DFA program, yes. Other CalHFA programs require you to be a first-time homebuyer (not owned in the past 3 years), but for the DFA program you must be a first-generational homebuyer (not owned in the past 7 years and your parents do not currently own property in the U.S.)
Hi Jason. One more question. Is there a time frame where the state forgives the 20% down payment? Let's say after 30 years if you still haven't sold the home?
This program is not forgivable. If you have not sold or refinanced the home and you pay off the mortgage after 30 years, you would have to repay the assistance +20% appreciation at that time.
Hi Jason. Thanks for all the good info. Can you please clarify who will be filling out the application in April? Would it be the individual or the CalHFA approved lender on behalf of their client?
@@jmatamortgage We have to get preapproved by a lender first correct? Do we have to submit our preapproval with the application in April or is the preapproval just to get started with a approved lender but not needed for the application?
The upcoming release of Dream for All would be designed for clients looking to purchase this year as there will be a time frame to use the lottery voucher for purchasing in 2024. We'd encourage you to connect with us to help you build a homebuying plan to purchase in 2025.
I am a first time buyer and I recently made an offer on a new construction home. Because the home wasn’t built on time, I pulled out of escrow. My question is am I still considered a first time buyer? Would I still qualify for this program?
Currently the registration is scheduled to open sometime in Spring 2024. We're currently preapproving clients to review eligibility on the program. Thanks!
If I decide to own the home for the entire 30 years and home is fully paid. Do I still have to pay the 20% dream loan? If so, how would it be paid? Also I will qualify as a first generation home owner but my husband is a co-signer for his uncle for a home. Would we still qualify even if i dont currenlty work? My husband is the only one working.
Good Morning! Thanks for your message. If the Shared Appreciation Loan is held for 30 yrs then at the end of this time period the equity appreciation would be due along with the original 20% assistance. For the first generation requirement if your Husband cosigned for a property and has been on title for the last 7 years then unfortunately he would not qualify. However if you meet the first generation requirement and are included in the application with your Husband then that could be an option to meet the qualifying. Thanks!
It depends on the current occupancy of that home that was cosigned for. If you can please reach out to us to schedule a call so we can discuss the scenario further www.jasonmata.com/request-appointment
