Can you PLEASE tell me about your home buying situation w/the Ameridream program (or whatever you used)? Can you also tell me the provisions to your loan. For example.. if you sale early or if you make a profit when you sale.. how much must you pay. I'm confused... When I was reading I noticed that some (different programs) ask you to give 50% of the PROFIT you make off of your home when you sale even if it is 9 years later. Is you program like this? I'm confused can you guys help me out here..lol!
I used Cal Gold for downpayment assistance. It is a second with the same interest as my first, which is an FHA loan. The payoff time is 20 years if I make the small payments each month, however no problems or charges with paying early which I am doing by paying double for that each month. There are no other restrictions, penalties or shared profits. This is really just an FHA mortgage with a small $5,000 second. One of the really nice things about this program is that I had been paying on a judgement and my loan broker said I had to pay this off at closing. I said ok since it was only $600 left and I had been prepared to do this anyway. I was told before closing that the amount had been included in my closing costs and the Cal Gold program paid it along with the other items. I am not familiar with any other programs and I had not heard about Cal Gold before my loan broker suggested it. I just left everything up to her. John
I already got my house through ameridream. It was a wonderful experience and extremely simple. My loan is for 30 yrs fixed with option to pay every two weeks 1/2 my morgage to make it 13 payments a year and 7-9 years off my morgage. Interest rate 5.75 first year, 6.75 years 2-30. I came out of this purchase with 1800 dollars. ONLY out of pocket expense was 300.00 for loan application fee. NO preapproval fee. House loan was for 125,000. I was extremely surprised how easy it was to get the loan. I had to go on my credit alone because my husband's credit is worse than mine. We could have gotten one with his income too but that would have to go to the underwriters. I am assuming my equifax score was around 675 and experian around 690. I have no idea what my TU is or was. I never once met with my morgage broker we did everything via phone and fax. One last thing, if I sale early I do not get penalized. All profits will be mine. All and all we close within 2 months! Hope this is what you were looking for. If I can be any assistance please let me know.
