✅ Start your pre-approval now - Dream For All, FHA, VA, Conv, Jumbo - www.videoask.com/f54r31fba ⏩ Learn more about CA Dream For All - Are you eligible? - kzread.info/dash/bejne/qGqas9GmgcbgcrA.html

Your video thumbnail says "Rip Off!". Then the video explains how it's the best option available. Thanks for the clickbait and wasting my time.

@joshlewisCMC

Ай бұрын

YW. Thanks for watching.

Great comparison. Puts a new light on the costs of each. Thanks.

@joshlewisCMC

2 ай бұрын

It's a unique program and not surprising that it's hard for people to grasp that while the money isn't free, it's probably as cheap of money as you'll ever get.

Didnt realize you had your own channel!

@joshlewisCMC

Ай бұрын

We're working at it. We do VettedVA live on Tuesdays and try to get a new video up every week. Thanks for checking it out.

I don’t understand the chart here. How did you get the numbers in the end (red) or how the 20% appreciation affects the overall cost. You also don’t talk about closing costs that are much higher with DFA.

@joshlewisCMC

Ай бұрын

The example is an 84 month comparison of repayment showing how much more you would pay in monthly payments with either of the 3 options versus repaying 20% of your appreciation after 7 years assuming 4% appreciation (which could obviously be lower or higher). There's no 2 ways around the closing cost issue. 99% of traditional loans are done with lender paid compensation, meaning the mortgage originator is paid by the lender, not the borrower. Down payment assistance programs (and ALL CalHFA programs) are more commonly borrower paid where the borrower is responsible for paying their loan officer which makes them considerably more expensive. If you assume $10k difference, which should be to the high side, the Dream For All is still going to be the obvious choice for anyone who is eligible and is selected for a voucher. The payment is significantly lower. The borrower qualifies for far more property. The re-payment will be less than paying monthly as you go with a traditional loan unless you get exceptional levels of appreciation going forward, which would be a good problem to have. Hope this helps and thanks for watching.

What are the requirements to be able to win a voucher?

@joshlewisCMC

Ай бұрын

You need to be pre-approved by a CalHFA approved lender, complete the 1 hour online shared appreciation training, and complete the CalHFA application to be entered into the voucher lottery. Hope this helps!

@kingjamokrates2560

Ай бұрын

@@joshlewisCMC Thank you very much!

@joshlewisCMC

Ай бұрын

@kingjamokrates2560 YW. Let us know if you'd like to get pre-approved. The link to get started is in the description of the video.

@jamesyang2930

14 күн бұрын

How can I get pre-approved by Calfha? Where can I contact cslfha?

@nebcross11

8 күн бұрын

@@joshlewisCMCalso you need to be first generation homeowner right?

I thought the cal dream for all max 20% was 120,000?

@joshlewisCMC

Ай бұрын

Good news...it's up to $150,000 or 20% of the sales price or appraised value, whichever is less. Thanks for watching and commenting.

DFA's advantage is not having to come up with big upfront cash. Other than that, you will pay back the loan and appreciation through sell or refinance either way without forking over upfront cash at that time. It'll just be added to your existing loan. If you can afford it by that time, the program is incredible and gets you into a home quicker and way cheaper monthly. I think there's more good to it than there is bad. You're not really even forking over hard earned cash. You're financing the original loan and appreciation on top of existing loan. Doing FHA loan is horrible because that PMI is going to be max no matter your credit. The monthly payments will eat up your wallet. I'd rather save a couple hundreds monthly and worry about the DFA loan later when I'm more established and earn higher wages.

@joshlewisCMC

Ай бұрын

1. You can get in with no money out of your pocket 2. You qualify for more home 3. You have a lower payment 4. You repay less over time unless you see MASSIVE appreciation which would still be a win. I'm not a big fan of CalHFA programs but this one is a no-brainer if you are eligible and can win a voucher.

@hangguy209

Ай бұрын

@@joshlewisCMC agreed but the monthly payments with 20% down is so much lower than 3.5% with premium rate of PMI. To me, most people see monthly costs as one of the main factors. The difference between paying 2200 vs 3000 a month is way important. The average family doesn't care for all the appreciation and equity if they don't plan to sell. With today's market, I don't see the dream home scenario anymore. People are settling with what they have. So while i agree with you on those points, the monthly payments with DFA truly saved you a bunch of money.

@joshlewisCMC

Ай бұрын

I think you misunderstood my comment. All those factors I listed are why DFA is a no-brainer if you are eligible and win the voucher lottery.

@hangguy209

Ай бұрын

@@joshlewisCMC gotcha. My bad! The DFA isn't the most amazing program due to owing back more than borrowed but I haven't seen anything as good as DFA.

Predatory lending with a facelift .

@joshlewisCMC

4 күн бұрын

I'm not sure how giving someone use of a 20% down payment for up to 30 years with no monthly payments and the only repayment coming IF you make money on the home can be considered predatory...