Down payment assistance helps couple close quickly

Mortgage adviser: Brenda Wyatt.

Property type: Condo in Oakland’s Lake Merritt area.

Loan amount: $ 450,000.

Loan type: CalHFA Conventional

Rate: 4.875 percent.

Backstory: A couple expecting their first child was working with another lender on a possible purchase transaction when they began to have second thoughts. Feeling their best interests were not being met by their current lender, they were referred to Brenda Wyatt for a second opinion.

Wyatt carefully analyzed their complete financial profile and found multiple options that would work better with their budget than what they were being offered by their current lender. Wyatt recommended the couple consider California Housing Finance Agency’s Down Payment Assistance Program. The CalPLUS Conventional program is a conventional 30-year fixed first mortgage and is combined with funds from the CalHFA Zero Interest Program (ZIP), which will help to cover a portion of closing costs. The ZIP program can also be combined with the MyHome Assistance Program, a deferred-payment junior loan of an amount up to the lesser of 3.5 percent of the purchase price or appraised value that can also assist with down payment and/or closing costs.

Wyatt preapproved the couple under these terms, and the borrowers quickly found a beautiful, modern live/work condo and had their offer immediately accepted. With Wyatt’s guidance and proactiveness, the borrowers closed in 22 days with less than $10,000 out of pocket. The couple acknowledged how great it was that Wyatt kept them educated and informed throughout the entire process and appreciated Wyatt’s vast knowledge of programs, patience and flexibility, and knew that Wyatt was always looking out for their best interests.

This week’s Just Approved is written by

Brenda Wyatt, All California Mortgage, 510-761-7071.

bwyatt@allcalifornia.com.