LOANS IN THE MARKET:
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:HOMEPATH LOANS:
Probably the best loans in the market. They have two versions. The
regular HOMEPATH and THE HOMEPATH RENOVATION LOAN. This last one will
loan additional monies to make repairs in the home. The home needs to
qualify. As low as 3% down payment. Seller could pay a part of the
closing costs.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.
Any of the described loans in this page make change without previous notice.