Crescent City real estate - financing your home purchase - 
Real estate financing has changed in my market quite a bit from the liars stated income loans and easily obtainable 100% financing of the early part of this decade.
Gone are the days of having a real estate agent show you several homes and your lender being able to find you a loan for whatever you wanted to purchase.
The subprime meltdown has changed the face of lending and only the real estate agents who get on board with this new reality are going to meet their clients needs and excel in this market.
The best advice I can give a prospective buyer is, "Go see a good lender first." This should be the first step. A good agent will work closely with your lender and tailor the home you will purchase to meet the qualifications of your loan.
For instance, one of the most popular forms of financing a home in Crescent City right now is the GRH program. The GRH program (USDA) is alive and well in our county as all of Del Norte County qualifies for this program, which is not the case in most California counties. Usually it is only certain areas that meet the "rural" requirement for this program, but yippee, all of Del Norte County is considered rural for GRH. That is good news indeed as the GRH program has 100% financing.
However, and you knew that was coming, the GRH program will not cover a manufactured home on land UNLESS it is brand new. That leaves out every manufactured home currently listed in my market and means you would want to be looking at site-built or stick-built homes only. What would be the point of looking at manufactured homes if your financing will not allow them? None, however if you work with an agent who isn't paying attention to this point, you may end up wasting quite a bit of time.
FHA will finance manufactured homes as well as stick-built AND if you are Native American and belong to a tribe who has money available (we have at least one such local tribe) then you may be able to have your down payment covered. There are so many variables to each buyers situation that the only way to find out what programs you qualify for and which would be best for you is to see a reputable lender and have an evaluation of all your data.
If you need the name of a lender who is aware of GRH, FHA and Native American money programs as well as conventional forms of financing, give me a call. There are several local lenders I work with who do a fabulous job and give my clients the excellent customer service they deserve.
As always, I am here to assit you with all your real estate needs. I am here to answer all your Crescent City / Del Norte County real estate questions. Thank you for stopping by.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009, 2010 and 2011--*in units sold and volume--than Fran Gatti. Put Fran to work for you!
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Fran: Excellent advice and I love that you have brought up some niche lending that will work for your readers.
RIP, stated income loans.
Great financing advice!! I agree with Janet, some very good niche lending programs are out there to assist!