BACF .

First Time Buyer Program

BACF . First time buyer program has the following features:

· Ten per cent down payment

· No limit on gift funds

· No PMI / mortgage insurance (despite 90% loan)

· Urban areas of San Francisco, Los Angeles, San Diego, Sacramento

· No reserves required

· Need to income qualify (cannot exceed certain limits)

· Purchase price must meet guidelines

· Many low-income census tracts qualify automatically

· No prepayment penalty

· 30 year fixed loans

For more details, please contact us directly at 650-631-1800. This is a fantastic program, perfect for school teachers, fire fighters, police, and health care workers. It is simple to understand, and easy to qualify for. There is no second loan involved; the lender provides you with just one loan at 90% of the purchase price, and waives the PMI requirement. This program can close in about 30 days.