State of the Lake, October 14, 2021
The approximate 1/4″ of rain plus a breeze last week helped clear smoke from the air. Cooler weather and turning leaves indicate fall has arrived. The lake level is about 60% and will continue lowering until mid-November where it will hold at 50% until next April.
Active Residential Listings As Of September 30th 2020 vs 2021
Bass Lake Market Share By Total Dollar Volume Jan to Sep 2021
The California Down Payment Resource Directory
The California Down Payment Resource Directory is a powerful search tool that identifies current down payment assistance programs in communities throughout California.
Buyers can search by city or address for public- and private-funded assistance programs including FHA/VA, HUD, affordable fixed-rate mortgages, rehab loans, and more.
Down Payment Assistance Program Types and Features July 30, 2021
The Second Quarter 2021 Homeownership Program Index (HPI) reveals that Down Payment Assistance (DPA) programs make up 73 percent of the programs in the Down Payment Resource database.
These programs may come in the form of a repayable second mortgage loan or a non-repayable grant. They’re offered by federal, state, county or local government agencies, nonprofits or employers, and they’re available across the country for income- and credit-qualified buyers ready for homeownership.
“From grants to forgivable loans, down payment assistance is the largest category of programs we track. This gives buyers flexibility when it comes to applying for down payment and/or closing cost help,” said Rob Chrane, CEO of Down Payment Resource.
“Buyers should discuss their program options with their loan officer and real estate agent to make sure they choose the program best suited to their personal needs.”
Repayable down payment assistance programs are often a 0 percent interest second mortgage.
Some accrue interest, while others are amortizing loans. They typically range from 5-year to 30-year loans with varying payback provisions. The repayment may start immediately or kick in after a predetermined period of months or years, referred to as a “soft” second.
Some repayable programs have a partial balloon payment, where the remaining balance of the original second mortgage will come due at the end of the second mortgage term.
Nearly two-thirds of all down payment programs are silent seconds or deferred loans.
With a silent second or deferred loan, payments are postponed until one of several events occurs—usually, when the borrower sells, refinances, rents or moves out of the original home purchased.
These loans are ideal for buyers who plan to live in the home for several years, so they can benefit from the home’s appreciation in value. However, there could be a 1099 coming in the mail after the buyer sells, refinances, rents or moves out of the home—a taxable event buyers need to be aware of and plan for.
Forgivable second mortgage programs account for almost half all of down payment programs.
With a forgivable second, some or all of the original down payment assistance amount is forgiven. When and how much will vary, but it’s common for a percentage of the loan to be forgiven each year for a predefined number of years. If the program’s conditions are not met—for example, the buyer moves out of the home—the loan must be repaid, at times with interest.
Grant programs are gifts which do not have to be repaid by the homebuyer.
Grant programs do not incur a lien on the property being purchased and have no associated note or deed. These programs offer a true gift to the buyer at closing to help cover the cost of some or all of the down payment or closing costs and provide immediate equity.
The PenFed Foundation Dream Makers Grant is a national grant program that provides eligible military or veteran homebuyers with a 2-to-1 matching grant up to $5,000.
HELP THOSE IN NEED Manna House Can Food Drive
Accepting canned or packaged goods such as hygiene products, diapers, dog/cat food, and paper products.
Accepting Donations from Oct. 15th – Nov. 15th. Drop off location outside Bass Lake Realty front door.
For Manna House PayPal Donations, please visit Manna House of Oakhurst . . .
Experience Your Smoothest Real Estate Transaction Ever
What do you get with Bass Lake Realty? Peace of Mind. Smooth sailing. Fun. Your dream home. And new friends. Why not call us now?
559-642-3610 or EMAIL