Central Coast Lending recently helped map out a path to affordable ownership that took two loans and over six months to complete.
The clients were 18 months removed from a short sale, and wanted to return to the market while the window of affordable buying conditions (low interest rates and low home prices) was open.
Central Coast Lending used the FHA Back-to-Work program to get them in the door and purchase a home.
Over the following six months, market appreciation helped improve the value of their new property. At the 24 month threshold, the borrowers had built a 20% equity stake in their now property – an 80% loan-to-value on the home.
The clients now qualified for a conventional loan, and Central Coast Lending helped them refinance to eliminate the monthly mortgage insurance charged by their initial FHA-backed loan.