| Real Estate Loans Currently in the Market: |
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The following is a list of real estate loans that there exists in the market. Lighthouse Real Estate Services is not a provider of these loans, however we know how they work and we can contact you, if you wish, with the lender who does handle them. These loans do offer to first time home buyers unique advantages. There are restrictions for each loan and they can change without previous notice. Quite often they can not be mixed. This is a list of loans:
FHA LOANS: This is a great loan for first time buyers. This loan is insured by the Federal Housing administration. The down payment can be in the form of a gift or subordinate financing. There is a maximum loan amount which is determined HUD.
The following are some types of FHA loans:
- FHA 203B - 3.5% down payment
- FHA 203K - Streamline up to $35,000.00 in repairs. (For homes that need repairs!!!)
- FHA 203K - Regular program. For larger repairs and additions to properties.
FHA LOANS FOR HUD HOMES: This is a variation of the regular FHA loan which allow the purchase of HUD Homes with a down payment of only $100.00
CONVENTIONAL LOANS: These loans are not insured by any Government program of insurance or guarantee. These loans are normally purchased by Fannie Mae and Freddie Mac. These loans follow standardized underwriting guidelines issues by those agencies. These loans can have fix or adjustable interest rate and have different repayment terms available that can be adjusted to fit individual needs.
CALHFA: CalHFA stands for the Californias's Housing Finance Agency Homeownership Loan Program. The program provided by this agency offers below market interest rates, down payment and closing costs assistance. The agency established 'set fees'. There are income, credit and sales price limitations in order to be eligible for CalHFA Loans.
CalSTRS: CalSTRS stands for the California State Teachers Retirment System. The program offered is designed for Publick School District Employees, certified or non-certified, and teachers, professors and employees of the California Community College System. Some of the features of this program are: Various down payment options and on float down opportunity when rates go down within 45 days of the lock.
CalPERS: CalPERS stands for the California Public Employees Retirement System. Its members are eligible for program benefits such as reduced fees, highly competitive rates, and special low or no down payment program. Such programs are available for any active, inactive, or retired member of CalPERS. This program include free interest lock down with the float down option.
VA Loans: VA stands for Veteran Administration. These loans are available for persons that have served or are currently in the United States armed forces that meet eligibility requirements. These loans are ideal for first time home buyers. VA loans can be with no down payment. Closing costs are regulated by the agency.
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