Every day seems to bring new challenges for new home buyers looking to purchase homes in the State of California. As home prices drop to seemingly jaw dropping levels California Teachers and Public Employees are making up a large percentage of first time home buyers entering this market.
If you do not belong to special organization like CalSTRS or CalPERS there are still programs available to purchase with little or no money down, but not nearly the options available to members of these organizations.
CalSTRS made a startling announcement earlier this week that it have successfully defended an important underwriting guideline with Fannie Mae that has resulted in many more California Teachers and Employees being able to qualify for the 80/17 loan program.
There is no program available anywhere in the State or Country that has the benefits of this loan program. No mortgage insurance, low interest rates, low fees, deferred payments on down payment for 5 years – Inquire here for more information on this program.
CalHFA still offers great programs to first time home buyers, and specifically to Teachers working in high priority (title 1) schools in the State of California. The Extra Credit Teacher program provides a 3% silent second mortgage with no payments due for the life of the first loan. Teachers that qualify for this loan program may have to come in with as much as 2% down payment, but as little as nothing down with the use of other down payment assistance programs available through CalHFA and it’s affiliate DPA program. Inquire here for more information on this program.
CalPERS offers a loan program that allows you to borrow up to 95% loan to value plus take a personal loan of up to $18,000 or half of your CalPERS value to cover the additional 5%. The result is that you can borrow up to 100% of the purchase price. Inquire here for more information on this program.