FHA

• Minimum Down Payment: 3.50% which can come as a “gift” from approved sources

• Up Front MI of: 1.75%, can be added to Loan

• Monthly MI of: .85%

• Maximum Loan Amount SFR: Loan amounts are set by counties. In many northern California counties, the limit is $474,950. Loan amounts above $417,000 have additional costs and or rate increases. In the San Francisco Bay Area, FHA loan limits are as high as $625,500.

• Maximum Seller Concession: 6%

• Minimum FHA FICO requirement without additional down payment requirements is 580…but most companies require at least 620.

• Refinancing is allowed, at high loan to value ratios

• Both Fixed-Rate and Adjustable-Rate loans permitted

• Roof & Pest inspections not mandatory unless noted by appraiser or called for in contract

• No Income Limits

• Do not have to be a first-time buyer

• Must be owner occupied

• No requirement for reserves when purchasing a single family dwelling.

• Non-Occupying co-borrowers allowed

• Can utilize other state, county and city programs, and Energy Efficient Mortgage options

• FHA requires 90 days from date of trustee sale before purchase contract can be written unless REO is a federally chartered bank

• FHA Loans are Assumable

FHA 203(k) Streamlined

• The 203(k) Rehabilitation Loan provides funds for both the purchase of the property and the costs of its rehabilitation.

• 1 to 4 Units / Refinance and Purchase Transactions

• Threshold for rehabilitation work is at least $5000.

• Streamline 203(k) available for smaller Non-structural work

• Rehab work funds are escrowed and dispersed upon inspection

• Appraised value considers work completed

USDA Loans

• 100% financing with no down payment for certain qualified transactions!

• Property must be 8 acres or less

• Property can’t have a pool

• Properties must be located in eligible rural areas (generally towns with a population of 20,000 or less that are removed from an urban area)

• Income limits are 115% of the U.S. Median Income (for most counties, the 4 person household income limit is $65,000 maximum)

• No cash reserves are required

• Borrowers are not required to be first time homebuyers

• No Loan limit restrictions

• Minimum credit score of 620 from most lenders

CalHFA

• 30-Year Fixed-Rate Mortgage at below market rates (in most cases) for first-time buyers

• Government Insured/Guaranteed Loans

• 30-Year Fixed Government Insured/Guaranteed Mortgage. This program is for mortgage loans that are insured or guaranteed by FHA, VA or USDA and features a 30-year term with a low, fixed interest rate

• Real Estate Owned (REO) Loan Programs

• CalHFA Community Stabilization Home Loan Program. This program helps first-time home buyers purchase vacant home that are owned by participating financial institutions in certain area of California.

VA

• One of the only 100% LTV programs around. No down payment required

• Loan amounts above $417,000 require a downpayment

• Must have DD214 with honorable discharge

• Must be owner occupied

• Bankruptcy and foreclosures do not necessarily eliminate veteran from qualifying– looking for 2 years in most cases

• No cash reserves required

Reverse Mortgages

• Must be 62 years of age, or older

• Must be owner occupied

• Must be able to demonstrate your ability to pay your property taxes and insurance

• Available for most property types – Single Family, FHA approved condominiums, PUD’s and manufactured homes that meet FHA and lender guidelines

• Can be used as a tool for guaranteed income, periodic payment of obligations, or in purchasing a home with no mortgage payment

For any inquiries, questions or commendations, please call: 888.316.4947 or fill out the following form