|The Access loan program is designed to
assist homebuyers in California and a few counties of Nevada to obtain a loan for 103% of
the sales prices without the assistance of the seller. This program is extremely
beneficial in a competative market, where sellers are receiving full price offers.
This is a FHA first mortgage that requires 3% Down, but Access 2000 provides
a 2nd. mortgage in the amount of 6% of the sales price.
This loan is fully amortized for 20 years and the interest rates
competitive, currently at 8.5%. Altogether, the homebuyer receives financing for 103% of
the sales price. The 6% covers the 3% down payment and the remaining 3% covers most of the
FHA regulated closing costs associated with purchasing a home. Therefore, an individual
can purchase a home with almost no money.
You are not required to be a first time buyer to use this
program, but you do have to fall within income limits for the county you are purchasing
the home in. Check the Access income limits >> Here
Additionally, there maximum loan limit will be based on the FHA
maximum loan in the county that you are purchasing in. The current FHA range of loan
limits for a single family, home, condo, or townhome is up to:
The Access loan program can be used to purchase a single family
home, condominium, townhome, and PUD.
If you know of any family, friends, or co-workers that live in
California, that my be benefit from this type of FHA mortgage program, let them know by
Referring this page
If you are buying a home and are thinking of using this mortgage
loan program then learn about the next step
FHA Loan Qualifying
*FHA Loan Limits vary by area.