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How You Can Still Buy Oakland Real Estate With No Money Down
By Hamid Grinage
The changing face of the mortgage industry is creating a situation where 100% financing is almost non-existent in high cost areas such as Oakland and the surrounding Bay Area. Even in areas that aren't high cost, the only option for 100% financing (other than seller financing) is an FHA loan that is capped at $417,000. For many other parts of the country that's fine, but the reality is that the median price in Oakland is over $500,000, which means FHA financing is unrealistic for a huge percentage of borrowers.
Fortunately, Bank of America in Oakland (to whom I am not affiliated with in any way) has a program called Acorn. Acorn is a non-profit organization that works with lenders to offer financing at more favorable terms for first time home buyers purchasing Oakland real estate or a home anywhere in the Bay Area. Up until the subprime mortgage problems arose, the program also offered interest rates that were 1/2 to a full point lower than anyone else could offer. Now, although the below market interest rate feature is no more, it still allows for a 100% 30 yr fixed loan with no pre-payment penalty and no PMI (Private Mortgage Insurance) on a property up to $515k. This is something that no other program that I have found can do while providing a competitive rate.
There are some basic qualifications to be eligible for the program. First, as mentioned the purchase price of the home (for single family homes) cannot exceed $515,000. Also, your gross annual income cannot exceed $84,000, but other than that, as long as you don't have any late payments or collections on credit accounts, you should be able to qualify. Borrowers must also attend a mandatory first time home buyer seminar by Bank of America in Oakland.
The bottom line is, buyers need to know about all the options that are available to them. The media has painted a picture of doom and gloom, however if you look deeper you will see there may be a way to still get that home with nothing down.
Hamid Grinage sells Oakland real estate with Prudential California Realty.
Montclair real estate.
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