You Can Buy Real Estate
with No Down Payment

One of my recent new clients asked me about how he could buy a two-unit building with no down payment. Frankly, at that moment I had no idea if that was possible. However, as it often happens, when the student is ready, the teacher will appear.

DPA PRO PLUS (Down Payment Assistance Program, 100% combined loan to value FHA loan) appears to be a solution. Compared to the regular DPA PRO program which has a 10% second mortgage and is forgivable after ten years, the PRO PLUS program has many advantages. For instance, it has no income restrictions, and the borrowers are not required to be first time home buyers. And YES, it is available for buying a two-unit building. A loan for two units can up to $1,442,250.

Though those programs sound very attractive, borrowers need to be able to qualify. In some cases, a 3.5% down payment (which can be a gift) will lower monthly payments and therefore makes it easier to qualify.

You can learn more about the subject by watching the attached video which is a fragment of a recording featuring our company’s weekly staff meeting*

Please feel free to contact me with any questions at:

(415) 225-7920 or mannykagan@comcast.net

Enjoy and Share!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602

* Scrabble tiles spelling out “No down payment” (Photo: Flickr/Jake Rustenhoven, GotCredit)