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Home Loan Program Advantages

Low Cost Loans with Many Options

Whether you are dreaming of buying a new home, lowering your existing payments, or taking cash out, the CalSTRS Home Loan Program can help by offering competitive rates on a variety of mortgage loan programs:

• Conventional 15 or 30 year Fixed Rate Program — Competitive rates are available for buying a new home or refinancing to meet your individual needs. Mortgage loan amounts are available up to $834,000.
• 80/17 Program — Qualifying for a larger home mortgage is now available because of the low payment during the 5-year second mortgage deferral period.Mortgage loan amounts are available up to $650,000. Purchase only.

7x7 Group is your local bay area source for CalSTRS loans.

This program is open to any active, inactive or retired CalSTRS member. This usually includes all benefitted employees of California Public Schools K-1 and community colleges. Look at your pay check for the CalSTRS deduction.

Call Ken Dean 415-254-7524 or Mickey Cogliandro 415-699-8111 for more information.

FHA is help many of our clients purchase new homes in San Francisco. The new FHA limits is $729,250. FHA offers financing with as low as 3.5% down payments.

FHA is the only lender out there that will finance condo with less than 10% down payment.

Dispelling Common Myths About Participating with FHA

Myth: Takes more time processing.

Truth:
Takes no more time than a conventional loan. Close fast or faster than most loand. 
Adds no additional or special requirements.
Uses TOTAL Scorecard/AUS approval allowing you to complete a loan in the amount of time it takes to get the appraisal.


Myth: More paperwork is involved.
Truth: Requires only one additional document signed by the borrower.

Myth: Higher costs are inevitable.
Truth: Rates are competitive with the best in the industry. 
Streamlined loan process.


Myth: The borrower can't pay certain loan costs or fees.
Truth:

FHA eliminated non-allowable closing cost fee schedule (ML 06-04, 06-07) .
The borrower, or any interested party to the loan, may pay all reasonable and customary charges.

Myth: FHA is too restrictive.
Truth:
FHA provides guidelines for underwriting; same as industry investors.
FHA allows for manual underwriting for all loan programs; some in the industry will not approve a mortgage loan without an automated approval.
Automated Underwriting Systems approval is not required - allows for hands-on, common sense judgments

Myth: FHA requires a perfect property
Truth: FHA will accept an as is appraisal with no health or safety issues

Myth: FHA is only for 1st time home buyers.
Truth: It is availalbe to all home buyer

Myth: FHA has low dollar limits on their loans:
Truth: Here are the limits for San Francisco, Marin, San Mateo, Alameda, Contra Costa Counties.

One-family loans: $729,750

Two-family loans: $934,200

Three-family loans: $1,129,250

Four-family loans: $1,403,400