FHA Loans - Access 2000
The Access 2000 loan program was orginally designed to help homebuyers in California and some of Nevada to acquire a loan for up to 103% of the apprasied value without the sellers assistance. In competitive markets, such as CA, this program is almost a neccessaty becasue sellers areten of receiving price offers above their asking price.
This program requires an FHA loan with 3 percent down, but Access2000 provides a 2nd home loan which totals 6 percent of the sales price.
This mortgage is fully amortized of 20 years and the fixed interest rates are very competitive. Altogether, the browwer receives financing for up to 103% of the sales price. The 6 percent on the access 2000 loan covers the 3 percent downpayment and the other 3 percent covers the closing costs. In esences, homeonwers can purchase a new home with very little to no money out of pocket.
There are no FHA Loan Requirements to be a first time buyer, but you must be an owner occupant to apply for this program. Please remember like all other FHA Loan programs, you must meet the FHA Loan Limits for your county the home is located in.
