Mortgage Updates

If you are a first time home buyer you have a huge advantage in buying a newly built home from your favorite New Home Builder!  Through funds made available to the State of California, the School Facilities Fee grant is back.

If you don't know about this wonderful program you'll definitely want to send me a query, or give me a call at 800-530-9421 to discuss.  The incredible short version is that what ever the dollar amount of school fees paid to the school districts as part of the permitting process where your home is being built... could be a grant to you.  Yes, a grant!  All you have to do is qualify and  live in your new home for a minimum of five years.  Then you do not pay back a dime.

The school fees are based on the home's square footage and the school district assessments.  Some districts charge significantly more per foot than others... I have seen the grant range from $2,400 for an 800 sq ft condo to 20,000 for a 3,500 sq ft home. 

The money can be used for pretty much anything. - Down payment, interest rate buy down either temporary (2/1) or permanent, closing costs or upgrades to your new home.  This is where it really is to your advantage to work with a lender that knows how to layer programs to your advantage. 

Of course as with anything else in this world there are restrictions... There are both income and sales price imitations based on your county.  The income limits are based on household size.  The larger your household, the more allowable income.

Here is a link to Sacramento Area Builders  that you might just check out.  While there be sure to ask about the SFF Grant.., and let the sales person know you heard about it here... on the VITEK webblog.

It's a great week-end to shop for a home.. lowest rates... and now the SFF grant!  That's not a trick... just a treat!