Posted by roni on 2/24/08 6:13pm
Msg #236938

Got my answer to my extra credit question.

I recently asked for some help on an extra credit bonus question for my California Real Estate Finance class. I guess no one knew where to direct me because there were no replies.

He wanted us to tell him what the 9 programs are that offer 100% financing to first time home buyers. I found 6 out of the 9 so I didn't do so bad.

Here are the answers;
Home Possible
VA
CalHFA
FHA Access 100%
My Community
Flex 100%
Dream Maker
House America
Home Opportunities

To qualify, buyers need full income documentation.

I just thought I would pass that along and hopefully it can help someone.

Reply by KBLedgard_CA on 2/24/08 6:24pm
Msg #236940

Why should anyone help you on a test question *you* are expected to answer? We may have known where to direct you but how does it help you by giving you the answer? You need to learn to research for yourself!

Reply by roni on 2/25/08 2:18am
Msg #236991

never said "test question", not much of a test then huh . n/m

Reply by Susan Fischer on 2/24/08 9:05pm
Msg #236955

It is a TEST. Why, on earth, would you post answers?

You misunderstood the absence of responses. It's not that people didn't know the answers, it's that your perceived entitlement to the information is disgraceful.

I'm sure the administrators of your Calif RE Finance class are thrilled with your student ethos.

Reply by roni on 2/24/08 9:31pm
Msg #236957

Re: It is a TEST. Why, on earth, would you post answers?

First of all, I wasn't asking for the answer I was asking for GUIDANCE as to where I could go and find the answer.

Second, it was NOT a test question it was a bonus question for extra credit for the course.

When I originally posted, I had already been doing research for several days but I didn't know get all 9 programs that the instructor was asking for, I had 6.

I guess I should have known better.

Sorry to have upset some of you.

Reply by JK/TX on 2/24/08 10:00pm
Msg #236958

Re: It is a TEST. Why, on earth, would you post answers?

These are 100% financing lenders or down payment assistants programs ?

Reply by roni on 2/24/08 10:25pm
Msg #236963

Re: It is a TEST. Why, on earth, would you post answers?

These are programs that banks offer from what I understand. Such as the one that is called My Community, BofA offers it but they call it something like "My Neighborhood"

These are loans, but if you don't qualify for the 100% financing you may qualify for 95-97%, that can then work with down payment assist program.

I believe that Cal HFA is the program that is only for California.

Reply by JK/TX on 2/24/08 10:44pm
Msg #236968

Re: It is a TEST. Why, on earth, would you post answers?

I've seen some that lenders combine (separately) with their loans (no 2nd DOT), Countrywide has done this off and on. Then I have seen some that are completely separate from the lender, these are DPA companies (no 2nd DOT). The seller actually contributes the funds.

Ex. Seller agrees to pay 6% of buyer c.c./ppd's and ALSO contributes approx. 3.?% to a down payment asst. program (DPA) and the DPA gives 3% of that contribution to the buyer as gift funds and it actually counts as "funds from buyer", so that's their 3% down payment, then the .?% goes to the DPA company. Legal way of the seller "giving" the buyer money.

FHA fought and lost to do away w/this program back at the first of the year. I hear FHA is trying to fight it again and may win on the second round this year.

Reply by KBLedgard_CA on 2/25/08 12:21am
Msg #236984

Re: It is a TEST. Why, on earth, would you post answers?

Did you ever hear of Google or Yahoo!? Learn to do your own research/homework. No one's going to do it for you!

Reply by roni on 2/25/08 2:13am
Msg #236990

Of course I used google and yahoo as well as others!

That's how I found the 6 out of 9. Once again, I was simply asking for guidance as to another link maybe that might help me to do more research. I just thought that someone in the forum might have some suggestions. Since no one responded, I thought it would be helpful give the information out so that it may help someone else. I know it could help out at least three people that I know, so I'm passing the message on to them as well. They could take it or leave it, I really don't care. Don't get me wrong, if someone handed me the answer, I would have researched that and if I found that it met the requirement of the BONUS question I would have used it.

Kyle, thank you for the suggestion anyhow.

Do I sound angry or something about not getting any response in my first post? I apologize if I do, as that was not my intention. I took it as no one new the answer, so maybe someone can use the information I found and do their own research. I wish I knew this stuff when I bought my house 10 years ago, back then I had no idea that this financing even existed.

Now, I want to thank the people who pm'd me with the nice responses. You know who you are. Thank you so much!!

Reply by JanetK_CA on 2/26/08 2:35am
Msg #237166

Re: Of course I used google and yahoo as well as others!

Others' unwillingness to respond is not your fault. It's because many who have come before you have been too lazy to do their own study or research and have actually posted requests for answers to test questions from a variety of sources. Some of them were easy questions that anyone wanting to do this business should know. And I'm not talking about just one or two people. After a while, we tend to get a little testy (pardon the pun...) You seem to have come with the right attitude, though. Good for you!

Reply by Shane_OH on 2/25/08 8:38am
Msg #237005

Of course many of those programs are gone now....

Lenders across the country are eliminating 100% financing in every form.
The Flex 100 is no longer offered from most lenders (not all but most)
FHA Access - I believe now requires a minimum of 3% down by the buyer.

80/20's are mostly history....and the new 75/25, is even going away by a large number of banks.

100% financing is disappearing because banks understand that if the borrowers have nothing vested in the home, its easier to not make payments and just walk away. If you put 5% down, you are less likely to want to walk away from your investment.