Loan Program Update

There are some pretty good loan programs out there that many buyers and agents are not aware of. 

FHA Sapphire. 

FHA Sapphire is a regular FHA loan with higher than usual FHA rates, but the buyer is only required to put down .50% instead of 3.5%. The program allows us to credit the buyer 3%-5% depending on the program they choose to help with closing costs, and the remainder of the down payment. It does have income limits and the maximum loan amount will be $417,000.00. The .50 down from the buyer can be a gift. The income limits are $78,315.00 in Los Angeles County, $97,635.00 in Orange County and $102,005 in Ventura County. Please also note that the buyer will have to pay 1.5 points on the loan and the rates are typically .50% higher for the 3% Grant and 1.0% higher for the 5% grant. This is a great product for first time home buyers that are struggling to save up a down payment. We can refinance the buyers in as little as 7 months to lower their rate back down. The Grant does not have to be repaid!

What do you have to lose?