Loan Programs
FHA
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Minimum Down Payment: 3.50% which can come as a “gift” from approved sources
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Up Front MI of: 1.75%, can be added to Loan
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Monthly MI of: .85%
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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.
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Maximum Seller Concession: 6%
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Minimum FHA FICO requirement without additional down payment requirements is 580…but most companies require at least 620.
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Refinancing is allowed, at high loan to value ratios
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Both Fixed-Rate and Adjustable-Rate loans permitted
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Roof & Pest inspections not mandatory unless noted by appraiser or called for in contract
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No Income Limits
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Do not have to be a first-time buyer
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Must be owner occupied
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No requirement for reserves when purchasing a single family dwelling.
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Non-Occupying co-borrowers allowed
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Can utilize other state, county and city programs, and Energy Efficient Mortgage options
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FHA requires 90 days from date of trustee sale before purchase contract can be written unless REO is a federally chartered bank
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FHA Loans are Assumable
FHA 203(k) Streamlined
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The 203(k) Rehabilitation Loan provides funds for both the purchase of the property and the costs of its rehabilitation.
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1 to 4 Units / Refinance and Purchase Transactions
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Threshold for rehabilitation work is at least $5000.
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Streamline 203(k) available for smaller Non-structural work
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Rehab work funds are escrowed and dispersed upon inspection
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Appraised value considers work completed
USDA Loans
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100% financing with no down payment for certain qualified transactions!
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Property must be 8 acres or less
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Property can’t have a pool
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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)
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Income limits are 115% of the U.S. Median Income (for most counties, the 4 person household income limit is $65,000 maximum)
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No cash reserves are required
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Borrowers are not required to be first time homebuyers
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No Loan limit restrictions
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Minimum credit score of 620 from most lenders
CalHFA
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30-Year Fixed-Rate Mortgage at below market rates (in most cases) for first-time buyers
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Government Insured/Guaranteed Loans
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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
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Real Estate Owned (REO) Loan Programs
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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
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One of the only 100% LTV programs around. No down payment required
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Loan amounts above $417,000 require a downpayment
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Must have DD214 with honorable discharge
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Must be owner occupied
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Bankruptcy and foreclosures do not necessarily eliminate veteran from qualifying– looking for 2 years in most cases
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No cash reserves required
Reverse Mortgages
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Must be 62 years of age, or older
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Must be owner occupied
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Must be able to demonstrate your ability to pay your property taxes and insurance
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Available for most property types – Single Family, FHA approved condominiums, PUD’s and manufactured homes that meet FHA and lender guidelines
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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
Locations
1677 Eureka Rd # 201
Roseville, CA 95661
917 7th street 1st floor
Sacramento, CA 95814
Tel: 916-773-5351
BRE #01872387
NMLS #253083