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<table border="0" cellpadding="1" cellspacing="1" width="99%" align="center"> <tr bgcolor="#000000"><td> <table border="0" width="100%" cellpadding="3" cellspacing="0"> <tr bgcolor="#000099"> <td colspan="2" align="left"> <font size="2" color="#ffffff" face="Verdana, Arial"> <b>T O P I C R E V I E W</b> </font></td></tr> <tr bgcolor="#dedfdf"> <td valign="top" width="18%"> <font size="2" face="Verdana, Arial"> <b>rgtrahn</b> <br /><small>Member # 7133</small> </font></td> <td width="82%"> <font size="1" face="Verdana, Arial"> <img src="https://californiafords.com/ubb/posticon.gif" border="0" alt=" - " /> posted <script language="JavaScript1.3" type="text/javascript"> document.writeln(timestamp(new Date(2012,0,15,15,43,0), dfrm, tfrm, 0, 0, 0, 0)); </script><hr /> </font> <font size="2" face="Verdana, Arial"> I'm in the very early stages of buying my first home. As I talk to my co-workers, family and friends, I hear about different programs to assist in the process. <br /><br />One of the programs I am interested in, is a Cal HFA loan: <br /><br /><a href="http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm" target="_blank">http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm</a> <br /><br />and more specifically, the School Facility Fee Down Payment Assistance Program (SFF). <br /><br /><a href="http://www.calhfa.ca.gov/homebuyer/programs/sff.htm" target="_blank">http://www.calhfa.ca.gov/homebuyer/programs/sff.htm</a><br /><br />My question is two parts. First, has anyone on the board had any success in qualifying and receiving down payment assistance? Secondly, when it comes to buying a house and putting money down, how many people were actually able to put 20% down? For those that were not able to put 20% down, what is your opinion of paying PMI and how long did it take for you to achieve 20% equity in your home? <br /><br />If I were to buy a house in the price range I am looking at, I would pay approximately $275-300 a month in PMI... Just don't know if it is worth it to put 3.5% down or wait and save 20% and risk the real possibility of interest rates and house prices climbing. <br /> </font> </td></tr> <tr bgcolor="#f7f7f7"> <td valign="top" width="18%"> <font size="2" face="Verdana, Arial"> <b>50Reasons</b> <br /><small>Member # 6452</small> </font></td> <td width="82%"> <font size="1" face="Verdana, Arial"> <img src="https://californiafords.com/ubb/posticon.gif" border="0" alt=" - " /> posted <script language="JavaScript1.3" type="text/javascript"> document.writeln(timestamp(new Date(2012,0,15,15,56,0), dfrm, tfrm, 0, 0, 0, 0)); </script><hr /> </font> <font size="2" face="Verdana, Arial"> Save your dp just my .02 house prices are still<br />Falling or do a FHA where it's 0 down but you have to qualify <br /> </font> </td></tr> <tr bgcolor="#dedfdf"> <td valign="top" width="18%"> <font size="2" face="Verdana, Arial"> <b>Cobra 93-4992</b> <br /><small>Member # 4992</small> </font></td> <td width="82%"> <font size="1" face="Verdana, Arial"> <img src="https://californiafords.com/ubb/posticon.gif" border="0" alt=" - " /> posted <script language="JavaScript1.3" type="text/javascript"> document.writeln(timestamp(new Date(2012,0,15,16,0,0), dfrm, tfrm, 0, 0, 0, 0)); </script><hr /> </font> <font size="2" face="Verdana, Arial"> The rates are cheaper on an FHA than conventional financing right now. I'd rather put less money down. Have the sellers pay for your closing costs too, up to 3%. <br /> </font> </td></tr> <tr bgcolor="#f7f7f7"> <td valign="top" width="18%"> <font size="2" face="Verdana, Arial"> <b>Mr.Lucky</b> <br /><small>Member # 1772</small> </font></td> <td width="82%"> <font size="1" face="Verdana, Arial"> <img src="https://californiafords.com/ubb/posticon.gif" border="0" alt=" - " /> posted <script language="JavaScript1.3" type="text/javascript"> document.writeln(timestamp(new Date(2012,0,15,16,1,0), dfrm, tfrm, 0, 0, 0, 0)); </script><hr /> </font> <font size="2" face="Verdana, Arial"> I went FHA 3.5% down . Have yet to see a 0 down offer pan out. Pmi sucks but I didn't have 20% down. But I'm happy in the end. <br /> </font> </td></tr> <tr bgcolor="#dedfdf"> <td valign="top" width="18%"> <font size="2" face="Verdana, Arial"> <b>wilit</b> <br /><small>Member # 3367</small> </font></td> <td width="82%"> <font size="1" face="Verdana, Arial"> <img src="https://californiafords.com/ubb/posticon.gif" border="0" alt=" - " /> posted <script language="JavaScript1.3" type="text/javascript"> document.writeln(timestamp(new Date(2012,0,15,16,8,0), dfrm, tfrm, 0, 0, 0, 0)); </script><hr /> </font> <font size="2" face="Verdana, Arial"> In this market, it's going to take a long time to hit that 20% mark. Look at an amortization calculator for your loan and you'll see for like the first 10 years, something like 20%-25% of each payment goes towards the principal. <br /> </font> </td></tr> <tr bgcolor="#f7f7f7"> <td valign="top" width="18%"> <font size="2" face="Verdana, Arial"> <b>adower</b> <br /><small>Member # 5955</small> </font></td> <td width="82%"> <font size="1" face="Verdana, Arial"> <img src="https://californiafords.com/ubb/posticon.gif" border="0" alt=" - " /> posted <script language="JavaScript1.3" type="text/javascript"> document.writeln(timestamp(new Date(2012,0,15,16,25,0), dfrm, tfrm, 0, 0, 0, 0)); </script><hr /> </font> <font size="2" face="Verdana, Arial"> </font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">Originally posted by rgtrahn:<br /><strong> I'm in the very early stages of buying my first home. As I talk to my co-workers, family and friends, I hear about different programs to assist in the process. <br /><br />One of the programs I am interested in, is a Cal HFA loan: <br /><br /> <a href="http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm" target="_blank">http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm</a> <br /><br />and more specifically, the School Facility Fee Down Payment Assistance Program (SFF). <br /><br /> <a href="http://www.calhfa.ca.gov/homebuyer/programs/sff.htm" target="_blank">http://www.calhfa.ca.gov/homebuyer/programs/sff.htm</a> <br /><br />My question is two parts. First, has anyone on the board had any success in qualifying and receiving down payment assistance? Secondly, when it comes to buying a house and putting money down, how many people were actually able to put 20% down? For those that were not able to put 20% down, what is your opinion of paying PMI and how long did it take for you to achieve 20% equity in your home? <br /><br />If I were to buy a house in the price range I am looking at, I would pay approximately $275-300 a month in PMI... Just don't know if it is worth it to put 3.5% down or wait and save 20% and risk the real possibility of interest rates and house prices climbing. </strong></font><hr /></blockquote><font size="2" face="Verdana, Arial">If you can save the 20% do it. I don't think that homes are turning around for another couple years. If you're disciplined you can have at least 20k saved by then. <br /> </font> </td></tr> </table></td></tr></table> <br /> <br />
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