TRADE DOWN TO A SMALLER HOME:

 

First short sell your current home and then buy your next home.

 

This is ideal for California homeowners with steady moderate income and

good credit looking to buy a smaller, more affordable home.

 

If you want to continue home ownership, however with a more affordable mortgage

and a smaller home or FHA approved condo:

 

The Short Sale of your current property in any U.S. state, must "close" prior to the purchase/closing of your new California property; the Short Sale must serve as Payment in Full;-- and you must at least meet all the *Minimum Requirements* to qualify.

NOT ENOUGH INCOME TO QUALIFY?

 

Consider adding a Co-Signer who does not have to live with you now, or later. Combine their monthly income with your monthly income to better qualify.  Consider a Parent, Brother, Sister, Aunt, Uncle, or close Cousin, Etc.


 

Homeowners must qualify for at least all the following:

 

1)   3.5% down payment documented & available for new home.

          (can be a gift from a relative)

 

2)   640+ middle FICO Credit Score from all 3 credit bureaus.

 

3)   No late mortgage nor installment loans in last 12 months

        (as reported 30+ days late on credit reports)

 

4)   New home must be purchased in the State of California.

 

5)   Historical Bankruptcy or Foreclosure disqualifies applicant.

 

6)   Ineligible if existing home loan is an FHA insured loan.

 

7)   Adhere to HUD County Limits on new mortgage.

 

8)   Purchaser(s) must qualify with normal FHA income ratios.

 

9)   If you've gotten your existing home loan modified, it requires

        12 month good payment history on permanent  loan modification,

        or 36 month good payment history on temporary loan modification.

 

10) Your new home must be "inferior" in price and in size than the home

         you are short selling, unless you are moving for a specific job relocation

         outside your current reasonable commuting distance.

         (See HUD Mortgagee Letter 09-52 for specifics)

 

 

Non-owner-occupant co-borrowers are allowed to qualify

along with you for this particular home loan program

(which means your Mom, Dad, Brother, Sister, Aunt, or Uncle

can co-sign, but they don't have to live in your new home!)

VETERANS WHO QUALIFY CAN:

 

- Buy a home with $0 down (instead of 3.5% down payment)

 

- Buy your next home with VA Financing, even if your current home loan is an FHA loan

VETERANS: CLICK HERE TO SEE IF YOU QUALIFY

 

 

 

APPLY HERE

or

Call ROGER Directly (760) 383-1293