First Time Buyer Program
BACF . First time buyer program has the following features:
· Ten per cent down payment
· No limit on gift funds
· No PMI / mortgage insurance (despite 90% loan)
· Urban areas of San Francisco, Los Angeles, San Diego, Sacramento
· No reserves required
· Need to income qualify (cannot exceed certain limits)
· Purchase price must meet guidelines
· Many low-income census tracts qualify automatically
· No prepayment penalty
· 30 year fixed loans
For more details, please contact us directly at 650-631-1800. This is a fantastic program, perfect for school teachers, fire fighters, police, and health care workers. It is simple to understand, and easy to qualify for. There is no second loan involved; the lender provides you with just one loan at 90% of the purchase price, and waives the PMI requirement. This program can close in about 30 days.
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