First, congratulations (future Mrs. Northcutt!) – you have a lot of new and exciting things going on right now!

Ok, there may be two different programs you are thinking about – the First, is the City of San Jose Teacher Homebuyer Program – THP. This is an affordable housing loan to teachers that work in the City of San Jose.

The second loan you may be looking at is the Good Neighbor Next Door program offered by HUD. This program is a little more complicated as you can only purchase specific homes in specific “revitalization areas”.

As a Teacher, you may also want to look into the CalSTRS 80/17 Home Purchase Program. You do not have to be a member of CalSTRS to qualify, only work in a California Public School, Community College or School District.

Each of these programs has different qualifying guidelines, benefits and restrictions. The VERY FIRST STEP is to get you started on the approval process to make sure that you qualify for these programs.

YES, I do know of some great Realtors in your area. Are you already working with a Homebuying Specialist from our company, Broadview Mortgage – Katella Branch? If not, i’ll have someone shoot you an email with their contact information, and they will get you pointed in the right direction for both qualifying for the loan and some names of Realtors that we trust.

I know this isn’t a quick and easy answer….it never is! I appreciate you asking questions though, that is the best way to educate yourself about your options so that you can make informed decisions about which path is the most beneficial for you and your family.

Scott

Please respond soon.

Mary Wenger (aka – soon to be Northcutt)

I apologize for taking so long to get back to you – shoot me an email with the best time and number to reach you, I’ve got a few questions before I know where to look for assistance. You can email me at ScottS@BroadviewMortgageCorp.com

Have you looked at CalHFA CDPAP yet?

That’s really a great question. The “best interest rate possible” is really a relative term when it comes to FHA. Lenders have the ability to offer you any rate they wish. I think the place to start is to determine if the lender is being transparent and honest with you about your options or are they just giving you a loan and a rate?

Now, here’s my test for determining the honesty of a lender. Are there discount points on the good faith estimate? Most (actually ALL) rates you hear on the radio and see on the internet include “discount points”. Sometimes this is an actual cost to the lender that allows you to buy the rate down to below market, sometimes it’s a way for the lender to make a few extra bucks.

If a lender is offering you discount points but has not given you all of your buy down options….there might be something fishy going on here. The fact is, you can buy the rate down pretty far below market…it might be too costly, but it should at least be explained to you in order for you to have the information available to make an informed decision.

The last thing I would look at is if there are any special programs for you, like if you are a public employee, a first time homebuyer if you work in a public school or community college district or are you eligible for a VA loan – there are special programs out there for buyers that qualify. Also, in what area are you looking to buy? There are special programs depending on what city or county you live in that may offer other options to consider as well.

I am happy to review the good faith estimate from your lender as well. I can identify pretty quickly if there is any funny business going on.

Thanks for the comment Jose. If you would like to explore this further, feel free to shoot me an email at ScottS@BroadviewMortgageCorp.com and leave me the best time and number to reach you.

Hope this helps!

Scott

There are many factors that go into determining what down payment assistance is available for you. Please email me at ScottS@BroadviewMortgageCorp.com and let me know the best time and number to reach you so we can discuss this further.

Let me do a little more research on the availability of this program. The very first step would be to get approved for the primary purchase loan. This will also tell us if you meet the qualifying requirements for the City program. We will contact you shortly.