Oakland Bay Area Real Estate: Below Market Financing
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Hamid Grinage
May 8, 2013, 1:10:03 AM5/8/13
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Article Title: Oakland Bay Area Real Estate: Below Market Financing
Author: Hamid Grinage
Word Count: 379
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The Bay Area market is one of the highest priced markets in the country, so naturally it's more difficult for first time buyers to afford to buy here. Luckily, there are several programs that are being offered by various lenders that allow the borrower get a much better interest rate than they normally
would.
Two of these programs are ACORN and Cal HFA. Acorn is a non-profit organization that works with chosen lenders to provide below market interest rates to borrowers. Currently the Acorn program offers an interest rate on a 30 year fixed loan that is approximately 1/2 of a point lower than the current market rate. This means less interest charged to you, which in turn
means that you have more purchasing power than you would otherwise have.
There are certain guidelines for the program, such as income and purchase price limits, and borrowers must attend a free first time home buyer seminar to qualify. However, the guidelines are fairly lax and I always tell my first
time buyer clients that if you can qualify for the Acorn program you take advantage of it. No other lender program can match the rate that Acorn can offer.
Cal HFA also offers below market interest rates, and they even offer 3% loans for closing costs or down payment assistance that are "silent" which means that they do not have to be repaid until the home is sold or refinanced.
So if you are a first time buyer, make sure you ask your Realtor about whether or not you qualify for Acorn or Cal HFA, as they can save you tens of thousands of dollars in interest, and possibly allow you to spend more than you thought you could for your next home.
Interest rates in general are still near historical lows, which is why many are choosing to buy now instead of later. No one knows what the future holds, but serious buyers who are qualified can be assured that the interest rate they are getting is likely to be the best they can get for a long time to come. Most analysts agree that they probably won't go down much more, but they surely could go back up.
About The Author: http://www.oaklandhomespecialist.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=168801
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*****************************************************************
Please consider this free-reprint article written by:
Hamid Grinage
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=168801
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=168801
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Oakland Bay Area Real Estate: Below Market Financing
Author: Hamid Grinage
Word Count: 379
Article URL: http://www.isnare.com/?aid=168801&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=168801
Easy Publish Tool: http://www.isnare.com/html.php?aid=168801
*********************** ARTICLE START ***********************
The Bay Area market is one of the highest priced markets in the country, so naturally it's more difficult for first time buyers to afford to buy here. Luckily, there are several programs that are being offered by various lenders that allow the borrower get a much better interest rate than they normally
would.
Two of these programs are ACORN and Cal HFA. Acorn is a non-profit organization that works with chosen lenders to provide below market interest rates to borrowers. Currently the Acorn program offers an interest rate on a 30 year fixed loan that is approximately 1/2 of a point lower than the current market rate. This means less interest charged to you, which in turn
means that you have more purchasing power than you would otherwise have.
There are certain guidelines for the program, such as income and purchase price limits, and borrowers must attend a free first time home buyer seminar to qualify. However, the guidelines are fairly lax and I always tell my first
time buyer clients that if you can qualify for the Acorn program you take advantage of it. No other lender program can match the rate that Acorn can offer.
Cal HFA also offers below market interest rates, and they even offer 3% loans for closing costs or down payment assistance that are "silent" which means that they do not have to be repaid until the home is sold or refinanced.
So if you are a first time buyer, make sure you ask your Realtor about whether or not you qualify for Acorn or Cal HFA, as they can save you tens of thousands of dollars in interest, and possibly allow you to spend more than you thought you could for your next home.
Interest rates in general are still near historical lows, which is why many are choosing to buy now instead of later. No one knows what the future holds, but serious buyers who are qualified can be assured that the interest rate they are getting is likely to be the best they can get for a long time to come. Most analysts agree that they probably won't go down much more, but they surely could go back up.
About The Author: http://www.oaklandhomespecialist.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=168801
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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