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

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