If you are a buyer or seller you NEED this information in order to make informed decisions. Drop me an email at brokerkellie@inreach.com  for your custom market report.

Kellie Williams is your source for market information on the Central Coast
Interested in obtaining information about Shortsales, Foreclosures/ REO’s or unique properties on the Central Coast? Email brokerkellie@inreach.com

     1.     Friendly people.

Q. Are there any no-down payment programs left?

Yes. While it’s true that most of the popular no-down payment programs disappeared in the wake of the subprime mortgage collapse, there are still two longstanding government-backed programs that offer mortgages with no down payment: the USDA Rural Development Program and the VA Loan Program.

A USDA Guaranteed Loan is a government-insured, 100% purchase loan. YES CAMBRIA QUALIFIES.. inquire about other towns!! This means there is no down payment required if you – and the house you intend to buy – qualify for the program. Not all areas qualify, but you’d be surprised at how many neighborhoods in your area do. There are income and other limitations, but if coming up with a down payment is challenging, you might want to consider this program.

If you or your spouse is a military veteran, you may qualify for a 100% financed loan from the US Department of Veterans Affairs. More than 29 million veterans and service personnel qualify for this service benefit.

 Q. Are there any other government-insured programs that can help someone struggling with a down payment?Yes. In 1965, the federal government created the FHA loan programs to encourage homeownership throughout the country. FHA-insured mortgages offer many benefits, including a minimum down payment of 3.5%. FHA-insured loans have grown in popularity recently due to the seller’s ability to pay closing costs up to 6% and a temporary increase in loan limits up to $729,750 in certain high-cost areas, which allows more potential buyers to utilize this program.

Q. May I use funds from my IRA for my down payment?Yes. First-time home buyers can use funds from an IRA under certain circumstances for a down payment. The rules regarding this option, however, can be complicated, especially with a Roth IRA, and it’s important to understand any and all tax implications before tapping into these accounts. Please talk to your tax professional before making any decisions.

Q. May I use the $8,000 tax credit as my down payment?No. At the time of the writing of this article, qualified first-time home buyers do not have direct access to the $8,000 credit to use as a down payment. In May, HUD officials made an announcement to the contrary, but statements backing the announcement were quickly withdrawn from the HUD website. This doesn’t mean that HUD and lawmakers will not allow this in the future. 

Buying or selling? You can count on Kellie’s local knowledge to assist you in a successful, smooth transaction.

Also did you know Cambria qualifies for a USDA Rural development loan? This guaranteed rural housing loan program provides compelling affordable housing options for borrowers and families.  Interest in pursuing these incredible loan opportunities? Call Kellie today.

“It’s good for everybody. If the foreclosure numbers are down, it means we’re coming to maybe the bottom of our market and things are going to start looking good for buyers and real estate, and the things are going to look good for the owners of real estate to sell too,” said Kevin Irot, vice president of First American Title Company in San Luis Obispo.

From December 2008 to January 2009, San Luis Obispo County saw more than 0.5 percent decrease between the two months.

In that same time period, Santa Barbara County also saw a drop. The number of foreclosure filings decreased about 11 percent, with the bulk of all foreclosures filed mainly in Santa Maria.

Looking for a foreclosure on the Central Coast?  I will locate your ideal foreclosure on the Central Coast.  Call me anytime for assistance 805 927-2269 or drop me an email at brokerkw@aol.com