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Frequently Asked Questions about Down Payment Assistance Programs
What are the basic things I need to qualify?
-Minimum of a 580 Credit Score
-You cannot have any Bankruptcies in the last 2yrs
-You cannot have any Foreclosures, Short Sales or Loan Mods in the last 3 years
(Note: Not Everyone with the above will qualify. You still Must go through the full Loan Approval Process)
What type of Loan Program is this?
There are 3 types of Down Payment Assistance Programs. We offer all three.
It is a Standard 30yr Fixed 1st mortgage combined with an additional 3% Down Payment Assistance to Help you with your Down
Payment.
Down Payment Examples:
-If the Purchase Price is $100,000...The Down Payment is Only $500
-If the Purchase Price is $150,000...The Down Payment is Only $750
-If the Purchase Price is $200,000...The Down Payment is Only $1000
-If the Purchase Price is $250,000...The Down Payment is Only $1250
-If the Purchase Price is $300,000...The Down Payment is Only $1500
Important Details About the FHA 1st Mortgage:
-The 1st Mortgage is a Standard Home Loan. It Has to Be Paid Back Over 30yrs.
-You have to apply for a loan, send us documentation, and qualify for the loan.
-Not everyone will qualify.
-We use standard FHA Guidelines to qualify you.
-The loan process takes about 30 days to close.
Important Details About the 3% Down Payment Assistance:
-If you go with the 1/2 Down CHDAP Program. It is a loan. It does have interest of 3.25% (APR 3.25%). It does have to be paid
back over 30yrs.
If you go with the 1/2 Down GRANT program, It is not a loan. It doesnt have to be paid back. The 3% is forgiven.
There are Pros and Cons to both. What We do is ask the right questions and find the one that fits you best.
Can I see Examples of a $300,000 FHA Loan With and Without Down Payment Assistance Side by Side?
Is $1500 Total Out of Pocket a Guaranteed Amount?
The $1500 Down Payment is a for sure assuming that the price of the house is less than $300,000 (If you qualify) and if the Seller
of the House Pays 100% of the Closing Costs. The closing costs associated with a loan are usually paid for by the Seller, but it is
not a Guarantee that those will be paid by the Seller. Which means that if a seller is not willing to pay for All or Some of the
Closing Costs, you will have to bring in more than $1500. Sometimes we as Lenders can assist with Closing Costs as well.
Is this 3% Down Payment Assistance a Loan?
We Offer 2 Types of Programs.
Program #1 = The 3% Down Payment Assistance IS A LOAN. It has a rate as low as 3.25% (APR 3.25%) depending on your
credit. Wow! Thats less than most of your credit cards.
Program #2 = The 3% Down Payment Assistance IS A GRANT. The 3% Does Not Have to Be Paid Back...EVER!
Do I Need to Be A First Time Buyer?
No. You do not have to be a first time buyer.
Do I need to buy specific homes or can you buy any home available for sale?
You do not have to buy specific homes. As long as the home is in California and it qualifies for FHA financing, you can buy it with
this program. WOW! That's a lot of homes?
Whats the catch?
There is no catch.
Do other banks and Lenders Have "Down Payment Assistance Programs"?
Yes...Other Banks and Lenders Do Offer this program.
If Most Banks Offer this Program WHY Didn't My Agent or Lender Tell Me About It?
Either they didn't know about it...or for whatever reason didn't offer it to you. It is real and it does exist.
If your agent or Lender doesn't tell you about this program...That is a Major Red Flag. If a program like this exists, I would
not want it kept a secret from you!
There are a couple of things to keep in Mind about other Lenders:
-Just because other companies or loan officers offer the Down Payment Assistance Program, this does not mean that EVERY
Loan Officer Knows how to work with these programs.
-This program can take 60-90 Days to Close if your Loan Officer Doesn't have experience with this program.
-Do you really want someone without experience with Down Payment Assistance Programs to use your transaction as a learning
experience?
No Way!
When it comes to get Pre-Approved for an FHA loan with Down Payment Assistance, Trust a Professional with Tons of Experience
with Down Payment Assistance... AL "the Loan Guy" Rivera.
AND...IF YOUR LOAN OFFICER OF REAL ESTATE AGENT HASN'T SUGGESTED DOWN PAYMENT ASSISTANCE TO HELP
YOU...CALL OR EMAIL US IMMEDIATELY. We will help.
What do I need to do to get started?
It's Easy.
Simply Click on the "Apply Now" Button Below to apply for a Home Loan with Down Payment Assistance Today.
It Takes Only 15 minutes to Apply and You Get Your Results Within 24hrs
Once I Get Pre-Approved and Find a House, How Long Do These Take to Close From Beginning to End?
When you find a home and open escrow...it takes us about 30-45 days or less to close the loan.
Once I fill out my application Online, Can I make an appointment to meet with you and bring in my documents?
Absolutely, after you fill out your online application, please put together ALL of your documentation that we ask for and make an
appointment at our "Down Payment Assistance Headquarters".
At Our LOCATION...MAKE SURE YOU ASK FOR "AL the Loan Guy"
Location #1 - Montebello, CA (Monday - Friday 11am - 5pm) 1300 W. Beverly Blvd, Montebello CA 90640
With such a great program like this...What Are You Waiting For?
(THIS PROGRAM IS AVAILABLE IN CALIFORNIA ONLY)
What are the basic things I need to qualify?
-Minimum of a 580 Credit Score
-You cannot have any Bankruptcies in the last 2yrs
-You cannot have any Foreclosures, Short Sales or Loan Mods in the last 3 years
(Note: Not Everyone with the above will qualify. You still Must go through the full Loan Approval Process)
What type of Loan Program is this?
There are 3 types of Down Payment Assistance Programs. We offer all three.
It is a Standard 30yr Fixed 1st mortgage combined with an additional 3% Down Payment Assistance to Help you with your Down
Payment.
Down Payment Examples:
-If the Purchase Price is $100,000...The Down Payment is Only $500
-If the Purchase Price is $150,000...The Down Payment is Only $750
-If the Purchase Price is $200,000...The Down Payment is Only $1000
-If the Purchase Price is $250,000...The Down Payment is Only $1250
-If the Purchase Price is $300,000...The Down Payment is Only $1500
Important Details About the FHA 1st Mortgage:
-The 1st Mortgage is a Standard Home Loan. It Has to Be Paid Back Over 30yrs.
-You have to apply for a loan, send us documentation, and qualify for the loan.
-Not everyone will qualify.
-We use standard FHA Guidelines to qualify you.
-The loan process takes about 30 days to close.
Important Details About the 3% Down Payment Assistance:
-If you go with the 1/2 Down CHDAP Program. It is a loan. It does have interest of 3.25% (APR 3.25%). It does have to be paid
back over 30yrs.
If you go with the 1/2 Down GRANT program, It is not a loan. It doesnt have to be paid back. The 3% is forgiven.
There are Pros and Cons to both. What We do is ask the right questions and find the one that fits you best.
Can I see Examples of a $300,000 FHA Loan With and Without Down Payment Assistance Side by Side?
Is $1500 Total Out of Pocket a Guaranteed Amount?
The $1500 Down Payment is a for sure assuming that the price of the house is less than $300,000 (If you qualify) and if the Seller
of the House Pays 100% of the Closing Costs. The closing costs associated with a loan are usually paid for by the Seller, but it is
not a Guarantee that those will be paid by the Seller. Which means that if a seller is not willing to pay for All or Some of the
Closing Costs, you will have to bring in more than $1500. Sometimes we as Lenders can assist with Closing Costs as well.
Is this 3% Down Payment Assistance a Loan?
We Offer 2 Types of Programs.
Program #1 = The 3% Down Payment Assistance IS A LOAN. It has a rate as low as 3.25% (APR 3.25%) depending on your
credit. Wow! Thats less than most of your credit cards.
Program #2 = The 3% Down Payment Assistance IS A GRANT. The 3% Does Not Have to Be Paid Back...EVER!
Do I Need to Be A First Time Buyer?
No. You do not have to be a first time buyer.
Do I need to buy specific homes or can you buy any home available for sale?
You do not have to buy specific homes. As long as the home is in California and it qualifies for FHA financing, you can buy it with
this program. WOW! That's a lot of homes?
Whats the catch?
There is no catch.
Do other banks and Lenders Have "Down Payment Assistance Programs"?
Yes...Other Banks and Lenders Do Offer this program.
If Most Banks Offer this Program WHY Didn't My Agent or Lender Tell Me About It?
Either they didn't know about it...or for whatever reason didn't offer it to you. It is real and it does exist.
If your agent or Lender doesn't tell you about this program...That is a Major Red Flag. If a program like this exists, I would
not want it kept a secret from you!
There are a couple of things to keep in Mind about other Lenders:
-Just because other companies or loan officers offer the Down Payment Assistance Program, this does not mean that EVERY
Loan Officer Knows how to work with these programs.
-This program can take 60-90 Days to Close if your Loan Officer Doesn't have experience with this program.
-Do you really want someone without experience with Down Payment Assistance Programs to use your transaction as a learning
experience?
No Way!
When it comes to get Pre-Approved for an FHA loan with Down Payment Assistance, Trust a Professional with Tons of Experience
with Down Payment Assistance... AL "the Loan Guy" Rivera.
AND...IF YOUR LOAN OFFICER OF REAL ESTATE AGENT HASN'T SUGGESTED DOWN PAYMENT ASSISTANCE TO HELP
YOU...CALL OR EMAIL US IMMEDIATELY. We will help.
What do I need to do to get started?
It's Easy.
Simply Click on the "Apply Now" Button Below to apply for a Home Loan with Down Payment Assistance Today.
It Takes Only 15 minutes to Apply and You Get Your Results Within 24hrs
Once I Get Pre-Approved and Find a House, How Long Do These Take to Close From Beginning to End?
When you find a home and open escrow...it takes us about 30-45 days or less to close the loan.
Once I fill out my application Online, Can I make an appointment to meet with you and bring in my documents?
Absolutely, after you fill out your online application, please put together ALL of your documentation that we ask for and make an
appointment at our "Down Payment Assistance Headquarters".
At Our LOCATION...MAKE SURE YOU ASK FOR "AL the Loan Guy"
Location #1 - Montebello, CA (Monday - Friday 11am - 5pm) 1300 W. Beverly Blvd, Montebello CA 90640
With such a great program like this...What Are You Waiting For?
(THIS PROGRAM IS AVAILABLE IN CALIFORNIA ONLY)
| If You Would Like to Apply for Down Payment Assistance It Take's Less Than 10 Minutes and You Get Results In Less Than 24hrs or If You Would Like More Information Please Fill Out the Request Below Important Note: Please Be Specific with What Type of Information You are Requesting) |
| The #1 Down Payment Assistance Lender |
AL "the Loan Guy" Rivera Email: al@altheloanguy.com For More Info Call: (562)587-5284 NMLS ID: 260314 |
| Learn How to Buy a Home with Less than $1500 Down |
| In 30 Seconds or Less... We will Explain How this Works: What is this Program All About How Can I Buy a Home with $1500 Down? What are the Basic Guidelines to Qualify for This? -580 Credit Score or Higher -No Bankruptcies in Past 2yrs -No Foreclosures in Past 3yrs -No Short Sales or Loan Mods Past 3yrs Does this sound like you? What's Next? Step 1: We Are Direct Lenders. In 24hrs or Less, We Review Your Information and Help You Qualify for a Home Loan with Down Payment Assistance. Step 2: You start shopping for homes that are located anywhere in the State of California Step 3: Once you find a home that you like, it takes about 30 days for us to process your paperwork and for you to get the keys to your house! It's that Easy...We Keep It Simple! Our goal is to help you buy a home with as little down as possible. Examples: $150,000 Price = Only $750 Down! $200,000 Price Only $1000 Down! $250,000 Price = Only $1250 Down! $300,000 Price = Only $1500 Down! Before you put more than $1500 Down on a House...Contact Us First! We are the Experts. This is Our Specialty. Read Below For More Info |
| AL "the Loan Guy" Rivera Montebello, CA (Monday - Friday 10am - 5pm) 1300 W. Beverly Blvd Montebello, CA 90640 Direct (562)587-5284 NMLS ID# 260314 |
| ------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Why AL the Loan Guy? -I I am a Licensed Loan Officer. I am a Licensed Loan Officer NMLS# 260314 -My Company is a Direct Lender -I Know this Program Well -We Can Qualify you in 24hrs or Less! |
| For More Info Call (562)587-5284 |
| Is this Program Real? -This is an FHA 30yr Fixed Loan. -Its a Regular Home Loan. We simply help you fill out Extra Paperwork for the Down Payment Assistance -Extra Work...But Worth It. |
| Cities that we have closed many Down Payment Assistance Loans: Los Angeles Down Payment Assistance, Inglewood Down Payment Assistance, Compton Down Payment Assistance, Willowbrook Down Payment Assistance, Lynwood Down Payment Assistance, Southgate Down Payment Assistance, Bell Gardens Down Payment Assistance, Cudahy Down Payment Assistance, Downey Down Payment Assistance, Paramount Down Payment Assistance, Bellflower Down Payment Assistance, Lakewood Down Payment Assistance, Long Beach Down Payment Assistance, Norwalk Down Payment Assistance, Santa Fe SpringsDown Payment Assistance, Whittier Down Payment Assistance, Pico Rivera Down Payment Assistance, Montebello Down Payment Assistance, Buena Park Down Payment Assistance, Corona Down Payment Assistance, Riverside Down Payment Assistance, Anaheim Down Payment Assistance, Santa Ana Down Payment Assistance, Fontana Down Payment Assistance, Chino Down Payment Assistance, Chino Hills Down Payment Assistance, Covina Down Payment Assistance, West Covina Down Payment Assistance, La Puente Down Payment Assistance, Pomona Down Payment Assistance, Ontario Down Payment Assistance, Rancho Cucamonga Down Payment Assistance, Pomona Down Payment Assistance, Ontario Down Payment Assistance, Norco Down Payment Assistance, Moreno Valley Down Payment Assistance, Hemet Down Payment Assistance, Menifee Down Payment Assistance, Temecula Down Payment Assistance, Lake Elsinore Down Payment Assistance |