By Jayson Stebbins Mortgage Professional

Jayson Stebbins is a 23 year veteran of the Mortgage Banking industry and an Accredited Mortgage Professional through the Mortgage Bankers Association . He grew up in Morgan Hill and currently lives in Gilroy . He is the local Branch Manager of Guild Mortgage , a 56 year old Mortgage Banking firm . His office is in Morgan Hill and serves all of Santa Clara , San Benito , and Monterey counties . You can reach Jayson and his Team at 408-782-8800 or at jstebbins @ guildmortgage . net

Rising rents and the tax benefits to owning a home require us to still get creative , find solutions , and use all the tools available to us to help not only firsttime buyers in our market but also those who are looking to buy up , downsize , or invest in rental property . Below are some of the creative ways to buy in a high cost market .

REX Homebuyer : this program is designed to match a borrower ’ s down payment in return for shared investment in the Real Estate . A borrower must have 10 percent of their own funds , but REX , in participation with limited lenders in CA , then matches that 10 percent in return for a percentage of appreciation at time of sale . No interest and no payments makes this a true Real Estate investment product , and creates buying power for borrowers they did not have before .

A Family Affair : co-signing or adding a co-borrower is a common way to help boost qualifying and buying power .

Adding parents or family members to the loan can help when income numbers are difficult to validate . Gift funds from family members to help drop the mortgage amount is widely accepted across all loan programs . And we are seeing more “ family homes ” now where multiple generations buy together to mitigate the cost of living .

Grants or Government programs those who are under the median income , or who have not been able to save for a down payment there are programs through the state to help by offering down payment assistance . This comes in the form of low or no interest grants that are paid back at the sale of the home . Usually these are designed for those whose total income is below the area average .

Below Market Rate homes : most cities have a Below Market Rate ( BMR ) program that allows a certain number of homes to be allocated for lower income families . These homes sell at a reduced price with down payment assistance and have deed restrictions on how the homes can be sold or refinanced down the road .

Also remember that many programs now offer 5 percent down options , even for a Jumbo purchase like we see so often in Morgan Hill and Gilroy . Sometimes it isn ’ t ideal timing to buy a home , but if you can find one of these solutions to help , the upside of homeownership could be within reach .

Jayson Stebbins is a licensed mortgage agent in CA for Guild Mortgage Company NMLS # 38463 ; Licensed by CA Disclosure : Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act . NMLS Company Unique ID 3274 ; Branch Unique ID 38480 . The postings on this editorial don ’ t necessarily represent the positions , strategies or opinions of Guild Mortgage Company or its affiliates . This information is not guaranteed to be accurate and shall not be construed as a guarantee of loan approval . All loans are subject to underwriter approval , and are subject to change without notice . Equal Housing Lender .

GILROY • MORGAN HILL • SAN MARTIN NOVEMBER / DECEMBER 2016 gmhtoday . com

33