I encourage anyone shopping for a house right now to check out Acorn Housing and see if there’s an office in your area.  Depending on your income and your area you may qualify for the program which can get you rates otherwise unattainable even with perfect credit.  Here in San Diego the program guidelines are as follows.

  • 8% down payment minimum required……
  • No Private Mortgage Insurance
  • ½ point off on a 30 year FRM (this is half a point off the prime rate)
  • Income Limit is now $ 90125.00
  • Area Median Income now $72100.00
  • 80% $57680.00
  • 50% $36050.00
  • Income = 0 – $36050.00 – 1 point off and $3000 dollars towards closing costs
  • Income = $36051 to $57680 – ½ point off and $3000 dollars towards closing costs
  • Income = $57680 to $90125.00 – ½ point off

You go through a one on one budget session with an Acorn counselor and once you’ve got the required down payment you can speak to a loan officer from the affiliate bank.  The great thing about this program is that it will give you access to interest rates well below market even without a perfect credit score.  So if you make less then 90k in San Diego then you’re eligible for at least a half point reduction on your interest rate.  Free Money!!