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Census tract map for loan program offering 3.75% 30 year Fixed.

Posted on 11/7/22 at 2:19 pm
Posted by Kujo
225-911-5736
Member since Dec 2015
6044 posts
Posted on 11/7/22 at 2:19 pm
Looking at homes in California that have this “eagle loan” program that offers a fixed low rate.

Here’s an example of a home: LINK

quote:

3.79% 30 yr fixed available, rate not guaranteed subject to lender guidelines. Set on a corner lot, 440 Southgate Ave presents sophistication and charm in the desirable Westlake Highlands neighborhood. Inside, natural light floods through large bay windows to the right of the foyer and shimmers against the refinished hardwood floors and fresh paint. Walk through the spacious living area to meet the well equipped kitchen.


Apparently this program is not advertised. I spoke to our mortgage broker and she affirmed a rate lower (3.75%) for this property. Unfortunately with the seller publicizing it they are expecting it to go for 1.3M.

The question: the broker says she can’t tell me which houses qualify. I have to reach out to her each time to see if one qualifies or not.

She says it’s based on comparative income levels and “census tracts”.

I’ve been able to source 3 properties but want to dig deeper into the data to see which homes may be “sitting” unaware that they qualify for the program. (You have to specifically ask the one lender managing the program)

Anyone have any insight into where to find address by address census track data with layers of poverty, income, and other attributes to help better frame qualified neighborhoods?

They say it’s neighborhood by neighborhood and can be split down a streets where only 1-2 home’s qualify on a block. Trying to recreate their map layer based on attributes.
Posted by el Gaucho
He/They
Member since Dec 2010
58525 posts
Posted on 11/7/22 at 2:33 pm to
Dave Ramsey says if you can’t pay cash you can’t afford it baw
Posted by I Love Bama
Alabama
Member since Nov 2007
38423 posts
Posted on 11/7/22 at 3:26 pm to
Good find. Will dig into this tonight.
Posted by SDVTiger
Cabo San Lucas
Member since Nov 2011
93885 posts
Posted on 11/7/22 at 3:41 pm to
So you are a low or moderate income earner trying to buy a 1.3mil house?

Not sure that will work

Just get the 3-1 or 2-1 buydown if you are going with a Conv/FHA loan

I dont think Jumbo has it but HB does and Cali has some high lending limits
Posted by Kujo
225-911-5736
Member since Dec 2015
6044 posts
Posted on 11/7/22 at 5:52 pm to
There are no income restrictions, this isn’t a BMR purchase program. Income is not a issue.

Have close to 40% to put down, but we are frugal. We don’t want to spend more than 1.2. Broker says 5.5% traditional but want lower if it’s available. “Sales People” are telling us to go 7/10 ARM to save a few bucks in the short term.

We have rent control, so we don’t need to buy, but if we can buy low at a lower than market rate, seems we should try. So I’d like to map properties, see what’s eligible, see what has sat, then work a deal if I can….hence to reason for the post, census tract layers down to the address.
Posted by oneg8rh8r
Port Ludlow, WA
Member since Dec 2003
2939 posts
Posted on 11/7/22 at 6:59 pm to
I'd be leary of a rate like that over 1M. Even in Jan when I closed on my loan, I had to refi less than 1M due to the steep increase in rates above that and I locked in 2.25%.
Posted by tigerfive
Member since Nov 2020
529 posts
Posted on 11/8/22 at 1:50 am to
Is this only offered for primary residences? Is it available nationwide?
Posted by Aubie Spr96
lolwut?
Member since Dec 2009
43977 posts
Posted on 11/8/22 at 8:35 am to
quote:

We have rent control, so we don’t need to buy, but if we can buy low at a lower than market rate, seems we should try.


I would think prices will continue to slide especially when the layoffs start.
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