Greg Cowart on Zillow
Greg Cowart - Mortgage Broker or Lender at The Securus Group
Greg Cowart - Roseville Loan Guy

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I am pleased to announce a new Down Payment Assistance Grant Program being offered by Comstock Mortgage

I am very pleased to announce a new Down Payment Assistance Grant Program being offered by Comstock Mortgage.  It is our Return to Homeownership Program and, as opposed to many community-lending products from agencies like SHRA and CalHFA this grant is not only for first time homebuyers and is actually a grant, not a 2nd mortgage or anything of the sort. It’s really free money!

This loan is originated, underwritten, and funded within Comstock Mortgage, with underwriting/docs/funding all in our Sacramento home office. There are no outside agencies providing overlays, restrictions, or time delays to the purchase process. It really is THAT simple… 

Of course there are some rules and not every buyer or property will qualify. Some of the pertinent features of the loan are:

** Loan
– FHA 30–year fixed rate loan only (no 203K)
– Interest rate is determined daily, currently 5.5%

** Grant
– 3% of total loan amount
– Proceeds can be used for:

  • down payment
  • closing costs
  • prepaid items
  • earnest money

– Not a 2ndlien: Grant does not need to be calculated into the loan calculation in any way

– No monthly payment: Since it’s not a loan there is no monthly payments and the grant does not have to be paid back

 **Borrower Eligibility
– Income limits ( Sacramento, El Dorado, Placer counties $87,720.00)
– Buyer does not have to be a 1st time homebuyer

 **Properties Allowed

– Owner occupied primary residence in California
– Single Family Residences, FHA approved Condos, Planned Unit Developments (PUD’s)

**Properties Not Allowed
– 2-4 Units
– Rental Homes
– Co-ops
– Investment Properties
– Recreational, vacation, or second homes
– Manufactured Housing

 **Underwriting

– Underwritten by Comstock Mortgage Underwriting Staff
– Run through FNMA Desktop Originator Automated Underwriting
– Minimum FICO score of 640
– Seller paid closing costs up to 6% to cover normal and customary fees

 Please call me with any questions…

 -Greg

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