Jorge I Montoya's Page

Yes, that is correct. While many lenders FHA underwriting overlays are forcing them to require any where from a 620 to a 650 credit score we are still closing loans well below that. Our current minimum fico requirement is a 600 and only requires a 3.5% down payment all of which can come froma a gift if need be. Additionally for buyers with litle to no credit history we are still able to build alternate credit for them so they to can take advantage of the 3.5% down payment…

Continue

Per Cathy Kope with the City of South Lake Tahoe.The State of California notified the City on October 29th that it will be awarded $800,000 to fund the First-Time Homebuyer Program. Now that the funds have been awarded the city is waiting for the state to let us know when applications will be accepted



For those of you not familiar with this great program here's some key points.



- Up to $150,000 down payment assistance from the City of SLT

- Deferred payments for 45… Continue

Per CNN Money here's what is currently know about this possible historic intervention.



The plan: According to the administration's proposal, the federal government would buy up as much as $700 billion of illiquid assets at a deep discount from banks. The program has been expanded beyond just problem mortgages and will now include other problem assets.



The cost: While the proposal calls for the purchase of as much as $700 billion of bad loans, it's unknown… Continue

*FIRST-TIME HOME BUYER TAX CREDIT: Up to a $7,500 tax credit for first time home buyers (defined as; having not owned a home in the last three years) when the home is purchased between April 9, 2008 - June 30, 2009. Income limits for the maximum credit are $75,000 for single taxpayers and $150,000 for married couples. This tax credit is paid back over 15 years at $500 per year, thus being interest free. Tax credit is forgiven upon death if your home does not go up in value by the time you sell… Continue