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1st Priority One Real Estate Inc Blog

Friday, October 19, 2018   /   by Diona Miller

Short Sale FAQs: Understanding the Short Sale Process

What Is A Short Sale?


A short sale is the sale of a property for less than what the owner still owes on the mortgage. A short sale is an alternative to foreclosure when a homeowner needs to sell and can no longer afford to make their mortgage payments. The lender agrees to accept less than the amount owed to pay off a loan now rather than taking the property back by foreclosure and trying to sell it later. Lenders agree to a short sale because they believe it will net them more money than going forward with a lengthy and costly foreclosure process.


Can Any Real Estate Agent Effectively Handle My Short Sale?


No. A short sale is a very complicated real estate transaction and one that has very important implications for you. More than any other type of residential real estate transaction, a short sale should be handled only by a real estate broker who has substantial experience with the short sale process , and a strong track-record of success in negotiating short sales ...

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Friday, October 19, 2018   /   by Diona Miller

California Homebuyer's Downpayment Assistance

California Homebuyer's Downpayment Assistance
Financial Assistance for Homebuyers in California
In order to help homebuyers afford mortgage costs, the California Housing Finance Agency (CalHFA) has set up the California Homebuyer’s Downpayment Assistance Program (CHDAP). This is a deferred-payment junior loan that grants applicants up to 3% of the purchase price or appraised value of the property, which can be put towards the down payment and/or closing costs. Borrowers intending to apply for CHDAP must meet certain requirements:

They must be first-time homebuyers
They must occupy the home as their primary residence
They are required to successfully complete a homebuyer education counseling course
Homebuyers’ income must fall under certain CHDAP limits, depending on the type of mortgage they have
Applicants must meet the requirement of their lender and mortgage insurer

CalHFA's income limits cannot exceed certain federal maximum limits and offers low&n ...

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1st Priority One Real Estate Inc
Diona Miller
16200 Ventura Blvd,Ste 224
Encino, CA 91436-4659
866-306-2115
DRE# 01899288

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