Travis Du Bois
601 Posts |
 Posted - 02/19/2009 : 3:01:54 PM
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CalSTRS made easy.
This is a purchase money product. It is an 80/17 LTV/CLTV loan in which the 2nd is deferred for 5 years.
30yr fixed, no pre-pay and the 2nd rate is the same as the 1st.
Your borrowers are qualified off the 80%LTV loan only!!!
Who is eligible:
Anyone who receives a paycheck from a public school or community college.
Any member of the California State Teachers' Retirement System. (does not have to currently be employed can be retired)
What type of property:
Any owner occupied California property currently acceptable to lend on by FNMA guidelines
No Manufactured homes
What are the MAX loan amounts:
Conforming 1st 80%LTV up to $417,000
Conforming 2nd 17% LTV up to $88,612
o Max combined loan amount = $505,612
o Max purchase price = $521,250
Non-conforming 1st up to $536,082
Non-conforming 2nd up to $113,918
o Max combined loan amount = $650,000
o Max purchase price = $670,103
Basic Guidelines:
Borrower can not own any other homes.
Home buyer education is required for 1st time home buyers
Occupying borrowers only
3% seller concessions allowed
3% down: only 1% needs to be borrowers own funds, additional funds may come from:
o Gift from a relative if repayment is not required
o Grant from a government agency or an employer- assisted housing program, which has been approved Countrywide
620 FICO required for loan amounts up to $400,000
680 FICO required for loan amounts greater than $400,000 to $650,000
Reserve and DTI requirements:
o Conforming is determined by AUS
o Non-confirming requires 2mo PITI and 38% back end DTI max
You can run DU for this program just make sure that the 2nd financing is ran as a community 2nd so that the Flex 97 program acknowledges it.
Now go out and find some public school and community college employees and lets close some loans!
Call or e-mail me if you have any questions.
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