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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.

Holmgren and Associates

DBA of Finance of America
1900 Mountain Boulevard
Oakland, California 94611
Phone: 510-339-2121
NMLS 0910184/1071
 

Holmgren & Associates is a branch of Finance of America. We are a full service mortgage banker with an experienced staff offering expertise in residential mortgage lending, with primary focus on loans for home purchase, refinance, and reverse mortgages.

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©2019 Holmgren & Associates is a division of Finance of America Mortgage LLC |Equal Housing Opportunity | NMLS ID #1071 (www.nmlsconsumeraccess.org)| 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5698 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act
Questions, comments, concerns? Send to customerrelations@financeofamerica.com 

This is not a commitment to lend. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states.  Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision.  Any materials were not provided by HUD or FHA. It has not been approved by FHA or any Government Agency.  A preapproval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and approve a complete loan application after you are preapproved in order to obtain financing.  Questions, comments, concerns? Send to customerrelations@financeofamerica.com