2013 CalSTRS Home Loan Connection Program
CalSTRS released a revised proposal for their Home Loan Connection program on September 17, 2012. We have confirmed that CalSTRS has narrowed down several options for the master servicer for this program. It is expected that a vote will take place to make a final decision on the master servicer for the CalSTRS Home Loan Connection program by the end of January 2013. Following are the details of program that are expected to be available first quarter of 2013. Home Buyer Focus Employees...
VA Guaranteed Home Loan Program
Military Service Requirements for VA Guaranteed Loan Eligibility Veterans that received less than an Honorable Discharge from military service will require further discovery from VA. Discharge may not be dishonorable to be eligible for VA home loan financing. Wartime Eligibility - Veteran service during wartime periods: WWII: 9/16/1940 to 7/25/1947 Korean: 6/27/1950 to 1/31/1955 Vietnam: 8/5/1964 to 5/7/1975 You must have at least 90 days on active duty and been discharged under other than dishonorable conditions. If you served less than 90 days, you may be eligible...
CalSTRS 80/15/5 Educator Mortgage
UPDATE September 2012: This program as originally proposed has been modified by CalSTRS. Here are the latest updates from CalSTRS about the Home Loan Connection Program: CalSTRS Home Loan Program Update Revised CalSTRS Home Connection Program The California State Teachers Retirement System (CalSTRS) discontinued the CalSTRS 80/17 Home Loan Program on October 1, 2011. Upon discontinuing this program, CalSTRS announced that it will offer a new program, the CalSTRS Home Connection Program with an original target release date of October 1, 2011. The Home Connection...
Conventional Mortgage – Fannie Mae Guidelines
A conventional mortgage is a term used for a home loan that is not Government insured such as FHA, VA or USDA mortgages. There are two underwriting models for determining eligibility for conventional financing, Fannie Mae and Freddi Mac. They are very similar in terms of qualifying with Fannie Mae being the most popular and widely available. It is a common misunderstanding that a home buyer needs at least a 20% down payment to use conventional financing. This is not true Conventional Mortgages Above...
FHA Government Mortgage
FHA home loans are often misunderstood as first time home buyer loans. You do not have to be a first time home buyer to use a FHA insured home loan. Many first time buyers use FHA insured home loans because they offer very flexible qualifying, lower credit score requirements, lower closing costs and most importantly a very low down payment of 3.5%. Another benefit of FHA insured home loans that appeals to home buyers is the flexibility with using gift funds to...
VA IRRRL – Interest Rate Reduction Refinance Loan for Veterans
The VA IRRRL - Interest Rate Reduction Refinance Loan sounds like it's one of those crazy Government programs that has more acronyms than benefit to homeowners, but that's not the case with this incredible Veteran's only streamline refinance loan. As interest rates have remained at record lows we write often about the special programs available to homeowners that do not necessarily qualify under standard refinance qualifying guidelines. FHFA, Fannie Mae and Freddie Mac announced last week major changes to the Home Affordable...
FHA Streamline Refinance
I know that sometimes FHA home loans get a bad rap because of the mortgage insurance premium, but there are benefits that go far beyond that of simply being easier to qualify. FHA home loans have a built in benefit of allowing you to reduce the interest without having to go through the expense and paperwork of the entire home loan process again. I know, I know...I'm usually the first one to call B.S. when something sounds too good to be true -...
USDA 100% Home Loan Financing Facts
The USDA 100% Financing Home Loan is another one of those programs you just don't hear that much about. I know what you're thinking....Do I have to buy a dairy farm to qualify? NO - These loans are not for buying farms, as a matter of fact, they cannot be used for purchasing an income producing dairy or agricultural property. With a rural development home loan you can buy a single family residence as long as you and the property meet certain requirements. Here is a...
Fannie Mae Foreclosure HomePath Mortgage Loan
I'm not going to go into a long drawn out explanation of what Fannie Mae is...but let's just say that they had a lot to do with the current housing mess that we're in right now. This is bad for home owners, good for home buyers. Now, Fannie Mae has a bunch of foreclosure homes that they own and they're blowing them out with financing options that you can't get anywhere else! Fannie Mae HomePath Loan in a Nutshell 3% Down Payment No MORTGAGE INSURANCE Down...
CalSTRS 95/5 No Down Payment Home Loan
NOTE: The CalSTRS 95/5 Has Been Discontinued Program Summary: CalSTRS is the California State Teachers Retirement Program providing retirement related benefits to teachers in public schools and Community Colleges in the State of California. Facts about CalSTRS: Largest U.S. Teachers Retirement Fund 2nd Largest U.S. Public Pension Fund CalSTRS assets stands at $164 Billion as of March 31, 2008 CalSTRS membership stands at 795,000 The CalSTRS Home Loan Program was established in 1984 as a result of legislation that provided CalSTRS with a mortgage-backed security investment opportunity...
