Help you real estate savvy borrowers can take advantage of low
housing prices. We have the ability to finance up to 3 properties per
borrower, and use rental income for subject property!
·10 Financed Properties
BankerBroker.com will allow a borrower to finance up to 3 properties.
For example, if you own 15 properties but only 7 are financed, we will
allow you to finance another 3 properties.
·No Rapid Acquisition
As long as you qualify we will allow for the purchase of up to 3 properties
at one time!
If you have 5 or more financed properties and have a two-year landlord
history, BankerBroker will allow for rental income to be used on the subject
Where can I get more information on the 203K Rehabilitation Program or refinancing a property that needs upgrades, renovations or repairs? HUD 203K Rehabilitation Program
What loan fees does Priority Financial require be disclosed on the GFE?
Loan Fees: $350 Underwriting Fee to FAMT $650 Administrative Fee to FAMT Lender Paid Compensation must also be correctly disclosed on the GFE Please Note: No other fees should be listed in the first section of the GFE
What is Priority Financial`s Mortgagee Clause? Loss/Payee Clause Title and CPL
Priority Financial Network dba of
BM Real Estate Services, Inc
ISAOA/ATIMA 5016 N. Parkway Calabasas, Suite 200, Calabasas, CA 91302
Hazard Insurance Binder:
BM Real Estate Services, Inc
5016 N. Parkway Calabasas, Suite 200, Calabasas, CA 91302
Please note: Binder must cover 100% replacement cost. Provide paid receipt.
Gift funds constitute money given as a gift to the customer. Information about gift funds is used to verify that the funds are coming from an appropriate source and in an appropriate manner. For example, it helps to ascertain that the gift is not an inducement to purchase a certain property. Appropriate sources are typically relatives, a fiancé or fiancée, or a domestic partner. A gift from any other source may be considered an inducement to purchase and may require a reduction in the sales price.
Customers will be asked to complete a gift-letter document, a copy of which is completed for each individual gift. Be sure to include the following information on the document:
Donor’s name and mailing address including the street, city, state, and ZIP code
Donor’s telephone number, including area code
Amount of gift
Verification of the transfer of gift funds
Recipient (must be the customer)
Donor’s relationship to the customer
Subject property address including the street, city, state, and ZIP code
Location of funds, either customer’s or donor’s account; depository name, address, and account number
Donor’s and customer(s)’ signatures
To avoid delays in processing your loan, please:
For this document
Complete the entire gift-letter document.
Send a separate gift-letter document for gifts from different individuals.
For all documents
Make sure the copies you send are legible.
Do not include documents that have been altered with correction fluid or by other means.
Submit the entire requested document and include all pages (even blank ones).
CHDAP(California Housing Down payment Assistance Program)- adown payment assistance programforCaliforniahome buyers is a deal that sounds too good to be true. CHDAP is offering to help with the down payment of your home.
What is CHDAP?
CHDAP is a loan provided by the state of the California to aid first time homebuyers in the purchase of a home. CHDAP provides a home buyer a second mortgage up to 3% of the purchase price that can be used towards the down payment. Currently, the interest rate on the CHDAP loan is 3.25%, and a buyer can borrower up to 3% of the purchase price. These funds can be used towards the down payment and/or closing costs.
How does it Work?
The CHDAP loan is a silent 2nd and unlike a traditional mortgage, does not require a monthly payment. No payments are required on your CHDAP loan until you sell or refinance your home. The CHDAP loan does accrue simple interest until it’s paid off. When using CHDAP you will still need to qualify for a first mortgage since CHDAP only provides a maximum of 3% in assistance. However, using an FHA loan which only requires only 3.5% down, in conjunction with the CHDAP 2nd you can purchase a home with as little as ½%. CHDAP is available in all counties of California, but certain qualifications do apply.
Who is Eligible?
CHDAP is made available to first time homebuyers purchasing their primary residence. (If you have not owned a home in the last 3 years, you are considered a first time homebuyer.) There are exceptions to the first time home buyer requirement, namely if you are a qualified veteran or if you are purchasing a home in a targeted area.
Homebuyers must meet minimum credit and income requirement. A minimum 640 FICO score is required, and a borrower’s income cannot exceed moderate income limits established for each county. In addition, the purchase price of the home cannot exceed the purchase price limits set in each county by CHDAP. (For further information on income and sales price limits, contact your BankerBroker Massey K. 949-244-1880.
The borrower must contribute the greater of $1,000 or 1% of the sales price from their own funds. However, other approved down payment assistance loans or grants in conjunction with CHDAP.
Like many government sponsored assistance programs, the borrower is required to complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization prior to the funding of the CHDAP loan.
In addition to the above mentioned guidelines/restrictions, CHDAP requires the home be a single family, 1-unit residence. Condominiums are required to meet the guidelines of the first mortgage. Manufactured housing, leaseholds, land trusts and Co-ops are not permitted. There is a five acre maximum on all property sizes.
What is the interest rate on the First Mortgage?
Interest rates will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily. We recommend that you call us to receive an accurate rate quote for this program.
How do I apply for this loan program?
CalHFA which offers the CHDAP loan is not a direct lender, the CHDAP loan is offered through private loan officers who have been approved & trained by CalHFA. These loan officers can help you find out more about CalHFA’s programs and guide you through the home buying process.
What documents should I have ready when contacting a loan officer? When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:
• Pay stubs
• Bank statements
• Employment history
• Two years tax returns
If you would like more information about California down payment assistance program-CHDAP(California Housing Down Payment Assistance Program), please give us a call or apply online today!