Key Delivery Experience was the Best!

Last week I closed a transaction on a home for my clients. Generally, once I have “FUNDED” the loan and informed the buyer that we have gone on record I am done. I get to send a Thank you card but the last time that I have seen the client was at the signing. The signing is a time to get the paperwork done and laugh a little but generally it is still stressful because you are almost done. There is still the whole funding process to go through. This could take a few days and there is still a remote possibility that it does not happen.

This time was different. Once we had funded and recorded the transaction I received a call from the Realtor, James Herron, and he said, “Hey I am meeting our clients at the property at 1pm and I have some Champagne. I am going there to deliver the keys. Do you want to meet us there? This was the first time that I was invited to join a Realtor to drop off the keys. This was my very first experience of the key delivery. IT WAS AMAZING. Not only did we toast to the completion of the deal, the clients showed me around the house and explained all the plans they had. The EXCITEMENT on their faces was irreplaceable. I really enjoyed being part of the Key delivery. It is obviously  the most gratifying part if the transaction.

I am thankful for my clients and James for allowing me to share in the moment. This is something that I would like to be part of moving forward. The joy on the clients face when they get the keys is a look that is better than any other time of the transaction. Thank you all so much.

Matt Freeman

CalHFA Regains it’s Composure!

*IMPORTANT UPDATE* – Radian the last Mortgage Insurance company going to 95% LTV has announced that they are pulling out of the California Market. That means that we will be capped at 90% LTV on this product and the standard Mortgage Insurance guidelines will apply. You will need a 720 FICO and a debt to income not to exceed 41%.

CalHFA is back in the market with a few new products. These products include but are not limited to the Cal 30 Conventional loan, the reinstatement of CHDAP and the Schools Facility Fee down payment assistance is back. As with many of the programs that we as brokers have access to I expect to see a few overlays mainly regarding credit scores.Here are a few notes about each:

Cal 30 Conventional Loan has many great qualities but special attention should be paid to a few of the requirements:

• Up to 95% financing available with a Combined loan to value of 102% utilizing a combination of DPA programs.
  
• First Time Home-buyer only
• Primary Residence Only
• Income Limits – 2 person household in Placer and Sacramento can make $69,900 or lower and $87,350 for 4 persons
• Sale Price limits not to exceed $506,795 in both Sacramento and Placer
  
• Home-buyer Education Required
  

CHDAP – is a down-payment assistance junior lien with the following requirements:

• First Time Home-buyer
  
• Income Restrictions same as Cal30
• Home-buyer education
  
• Primary residence
  
• Up to 3% for closing costs or down payment
  
• other restrictions may apply. consult your loan officer
  

SFF or School’s Facility Fee  – conditional grant that can be used on new home construction and can be layered with othe programs like CHDAP:

• There are two different program’s
  
• Go directly to CalHFA homepage for more Info.

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