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how to qualify for homesteps mortgage

by jeremyferacola37 from , California. Aug 16th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

HomeSteps homes are available in California, (they are just Freddie Mac foreclosed homes), however HomeSteps mortgages are not available in California. they are only available in Alabama, Florida, Georgia, Illinois, Kentucky, North Carolina, South Carolina, Tennessee, Texas and Virginia. In reality, there's little difference from a conventional 3% down loan. HomeStep mortgages do not have mortgage insurance, however the lender charges 1.5%-2% higher interest rates to use this program, so when you compare a conventional 3% down with MI, the payment is about the same as the HomeStep3% down with no MI. but your first step when you've decided to purchase a new home is to contact a local mortgage broker and apply with them.. once they look at your complete scenario, they will be able to assist you in picking the right loan product that best suits your situation. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 16th 2013
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Larry Gray (lgray_312_247)
#592 ranked lender in California - 1,139 contributions

Perhaps you are looking at home owned by Freddie Mac. The Homepath program (from Fannie mae) is available to home buyersin California and there are quite a few more Fannie Mae owned homes for sale.

Aug 16th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Work with a good real estate broker, to expand your choices.

Aug 16th 2013
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Ernesto Marez (Ernesto)
#68 ranked lender in Maryland - 137 contributions

there is also a Rural Develpoment Program that you can use.Ernesto Marezemarez@thefederalsavingsbank.com301.535.2912

Aug 16th 2013
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