Just Approved in SF Gate for Brenda Wyatt!
August 27th, 2015
Just Approved: Down Payment Assistance secures purchase for first-time buyer
Wyatt’s borrower went through a separation and unexpectedly found herself in the market for a home with no resources for a down payment. She’d been working with another lender, hoping to obtain information about down payment assistance programs.
The original lender told her she did not qualify because of her husband’s ownership of residential property. Since her husband owned a home while they were married and the couple previously filed joint returns claiming a mortgage interest credit, she would not qualify as a first-time buyer.
This would make her ineligible for down payment assistance. Down payment assistance programs are typically made available to first-time buyers. A first-time home buyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home.
Determined to find a viable solution to her client’s financing, her Realtor referred the borrower to Wyatt, who researched down payment assistance further and discovered a program to fit her client’s circumstances.
Based on this research, the client qualified for a $10,000 down payment assistance grant, which enabled the purchase of her new home. The CalHFA Zero Interest Program (ZIP) is a deferred-payment junior loan of 3 percent of the first mortgage loan amount, available to first time and non-first time buyers. Wyatt stays abreast of program updates so that her clients have access to the full range of financial options.