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Old 05-19-2011, 11:03 PM
 
45 posts, read 414,607 times
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I heard of this program with this low interest rate today at 3.25% and no PMI 30yr fixed with low closing cost, and only 5% down payment

is this too good to be true ?
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Old 05-20-2011, 03:04 AM
 
Location: Laguna Niguel, CA
768 posts, read 4,136,188 times
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What are the closing costs?

NACA has a program where for every point you pay you can buy your rate down by 1/2% - so if it starts at 5% you pay 3 points to get it to 3.5%. You sign up for classes, takes like 6-8 months to make it through the process.
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Old 05-20-2011, 06:45 PM
 
Location: El Dorado Hills, CA
3,724 posts, read 8,954,292 times
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There are also various state programs geared towards "lower income" people...though in CA it's about $86K/year so not that low. There is usually some catch in terms of how the loans are structured and up front closing costs. Just read all the fine print.
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Old 05-20-2011, 10:27 PM
 
Location: SF Bay Area
1,290 posts, read 1,866,708 times
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You would see these low rates for 5 year ARM but don't know about 30 year fixed though.
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Old 05-21-2011, 08:00 AM
 
Location: Wisconsin
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What program is it, OP? Your post is a bit vague.
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Old 05-21-2011, 06:55 PM
 
4,246 posts, read 11,042,081 times
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Sounds to good to be true if the closing costs aren't outrageous or the APR isn't sky high. They're going to make up for the interest rate somehow.
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Old 05-21-2011, 08:35 PM
 
45 posts, read 414,607 times
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Quote:
Originally Posted by NinaN View Post
There are also various state programs geared towards "lower income" people...though in CA it's about $86K/year so not that low. There is usually some catch in terms of how the loans are structured and up front closing costs. Just read all the fine print.
I'm still confusing about Household Income limits eligibility... can someone shed some lights...

All the 'Lower income' program required below 80% of AMI.. the rightstep household income limit for 3 is 59+k.....

Now I have 2 questions....


1) Me, the wife and 1year old daughter.. is that consider household of 3 ??

2) the AMI income they required is the income of previous tax year ? or current/ or which ? or the middle of 3 previous years ? reason I ask because 2008 and 2009 we both make about 61k combined each year. and last year (2010) we made 58k and some change... those numbers are from tax transcript.. AM I Eligible base on income ??

many thanks

Last edited by google9; 05-21-2011 at 09:19 PM..
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