This program is only for Escondido School Teachers and Employees of the Schools.  Not all schools in Escondido are covered.  Please call us for your schools qualification.

Lets face it.  The current Real Estate market has left a lot of buyers with tons of inventory to choose from but the lenders have significantly changed the way they qualify potential home owners leaving lots of people with a dream and no way to attain it.

Special Financial assistance is now available from CalHafa, a California State program. 

Here are some of the highlights of the program.

$15,000 Down Payment Assistance

100% Financing Available

Below Market 30 year fixed rates at 5.75%.  The apr is close to 5.95% but this may vary a little depending on the value of the house and how much above the $15,000 assistance you put down if any.

Unemployment Insurance worth $15,000 for the first 5 years.  If it's used you NEVER have to pay it back.

Here are some of the qualifing points you need to meet.

You must be a 1st time buyer
OR
You must not have owned a home for 3 years.
OR
You must not have lived in a home you own for 3 years.

Your income must not be greater than $93,366 or $98,000 for special target areas.  This is important.  If you and your spouse make over the income limit when combined, you can still qualify if only one of you (ie. Teacher/School Employee) are the only one on the loan.

If you want to know where the special targeted areas are please call.

Now you might be wondering what payments would be like on certain loan amounts.  Lori will be able to calculate that for you on the phone in just a minute or two.  However, here is an example.

A loan of $300,000 is $1,663 a month with principal and interest at a rate of 5.75% 30 year fixed.  Not to bad when you consider most rents these days are close to $1,500 a month.  By buying you'll get a tax break that you can take monthly by changing your W-4 withholding at work.  For this value of a home you would be able to take home aproximately $325 extra a month as your tax break.

If you've been considering buying but really are not sure about the market, keep a few things in mind. What's true in the stock market applies to Real Estate.  It's better to buy low and sell high.  We are fairly well into the current lows in the market.  Interest rates are remaining at historically low levels and this program has rates you can not beat on the open market.

This really can be the prime time for you to have a home.

Give Us a Call!