Does the thought of buying a home in the Inland Empire seem out of reach? As a Realtor in Riverside CA. I speak with people every day that want to buy a home but don’t have the credit to get a loan. They feel like home ownership is an impossible dream.
But what I’m about to share with you is going to bring that dream closer to reality. It is possible to buy a house WITHOUT having your credit even considered! You may not even need to have a down payment!
No, I’m not talking about section 8 housing. I’m not even talking about buying from a family member or getting owner financed. I’m talking about a little known program here in the IE that funds loans for people like you WITHOUT credit consideration.
It’s called NACA and it’s a loan program funded by some of the nation’s largest lenders. It’s specifically geared to low-to-moderate income people and people purchasing in low-to-moderate income communities. It’s purpose is to make housing possible for people who may otherwise not be able to obtain a normal home loan.
Here are some of the benefits:
• No Down Payment Requirement • No Closing Costs (lender paid) • No Points or Fees • No Income Maximum or Minimum • No Perfect Credit Required • No Credit Score Consideration • No Private Mortgage Insurance
How Does It Work
The first step is to contact your Realtor. If you are in the Inland Empire I would love to help!
Next, you are going to need to sign up for a 4 hour “class” that you MUST ATTEND AND COMPLETE! It’s only 4 hours! Sure, you may get a little bored, but isn’t that a small price to pay?
Once you complete your class you will be assigned a “counselor” who will help you with meeting your requirements. Yes, there are requirements YOU have to meet. But don’t worry, I believe in you.
• You must document Payment Shock Savings for 3 to 6 months (Payment shock is your projected monthly mortgage payment minus your current rent. So if you pay $600 in rent right now and you expect a mortgage payment of $1,000 your “payment shock” is $400 a month.)
• You must start demonstrating your Payment Shock Savings NOW
• NACA will evaluate all Bank Account Transactions
• Bank accounts balances should increase
• Without increasing your credit card balance
• Taking out new loans or,
• Without reducing your savings (i.e. moving funds from one account to another)
So let’s break it down: You need to be able to show that you can make the monthly payments once NACA gives you a loan. It can take up to 6 months of documentation that you are able to do so. That’s really the bottom line!
So if you thought it wasn’t possible for you to buy a home then I hope this information helps you to change your mind. Give me a call, or email me to learn more. I would be more than happy to help.
March 25, 2020 at 8:24 am | Uncategorized | No comment