Privacy Policy Haven West Mortgage is a division of Golden Empire Mortgage and is licensed by the Department of Corporations under the California Residential Mortgage Lending Act, license number DOC-153697.  Haven West Mortgage is an ‘Equal Opportunity Lender’.  NMLS #153697.  If you are planning on buying a home in California and are a first time home buyer 1 , you may qualify for a deferred 2nd mortgage loan which allows you to finance up to 99.5% of the  purchase price 2  of the home.  Here’s how it works: 1. The first loan is a FHA 30 year fixed rate mortgage that allows you to finance up to 96.5% of the purchase price 2  (3.5% down payment) 2. The second loan is a 3%, deferred payment, 30 year fixed rate loan.  No payments are required on this loan during the term of the mortgage.  The balance is required to be paid when you sell, refinance or pay off the first mortgage.  The second loan does accrue simple interest during the term of the loan.  Currently the rate is 3.25% with a 3.25% APR.  This loan can be paid at any time without a pre-payment penalty. Qualification Guidelines 1. Be a first time home buyer.  A first time home buyer is defined as a person who has not had an ownership interest in any principal residence (a home in which they lived) during the three-year period prior to the execution of the mortgage loan. 2. Occupy the property as your primary residence. 3. Have an income that meets or is below the allowable maximum income guidelines for the number of persons in your family and the county you will be purchasing. See limits--> 4. Have a credit score of 640 or greater 5. Make a minimum contribution of 1% of the purchase price. a. note: although the down payment is 1/2% the program requires that you contribute at least 1% of the purchase price.  The other 1/2% can go towards pre-paid taxes, insurance and/or closing costs.  6. Complete a first time home buyer course and earn a certificate (There is no cost for this and it can be taken on-line at your convenience.) 7. Sales price of the home cannot exceed the sales price limits established for the county in which the property is located. 8. Property must be a single-family, one-unit residence, including approved condominium/PUDs. 9. The seller can pay all or a portion of the buyers pre-paid and closing costs costs.  This must be negotiated directly with the seller at the time the offer is made.  Keep in mind that you must contribute 1% of the purchase price. 10. You cannot have had a bankruptcy in the past 2 years and no foreclosure, short sale or loan modification in the past 3 years. 11. In addition to the above guidelines the standard qualification guidelines such as debt to income ratio, credit history and assets must be met to qualify.  Call for a free pre-qualification and additional details (800) 992-1900 or email us at info@havenloan.net.  You can also apply on-line right now: Apply Now --> 1. A first time home buyer is defined as a person who has not had an ownership interest in any principal residence during the three-year period prior to the execution of the mortgage loan. 2. Loan amount is based on the lesser of the sales price or appraised value Call us toll free: (800) 992-1900 ©Copyright Haven West Mortgage 2011.  All rights reserved.