National sponsors of the following Government Loan Programs

Let's begin our tour together by quickly watching our helpful videos below

9 Steps to Home Ownership Video

HomePath

This special financing is available on Fannie Mae homes with the following logo:

The benefits include:

· Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)

· You may qualify even if your credit is less than perfect

· Available to both owner occupiers and investors

· Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer

· No mortgage insurance*

· No appraisal fees

HomePath® Renovation Mortgage Financing

Available only on homes you make your primary residence and offers these benefits:

· Financing to fund both your purchase and light renovation

· Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)

· Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer

· No mortgage insurance*

CalHFA

The California Housing Finance Agency's mission is to finance below market rate loans to create safe, decent and affordable rental housing and to assist first-time homebuyers in achieving the dream of homeownership.

· Created by State Legislature in 1975

· CalHFA is not a direct Lender

· Purchase CalHFA first-time homebuyer loans from Lenders as an investor

· Loans are facilitated through CalHFA’s network of approved lenders and affordable housing partners.

CalPERS

Who is CalPERS?

· CalPERS is the California Public Employees Retirement System created in 1931 by state legislation and became operational for retirement benefits for state employees in 1932. In 1939, public agency and classified school employees were allowed to participate.

It is:

· The largest pension fund in the US

· Assets in excess of $162 Billion

· Over 1.6 million members.

· CalPERS is available only to CalPERS members.

· Borrower must participate in the CalPERS fund.

· As of June 30, 2008 CalPERS provided benefits to over 1,126,133 active and inactive members and over 476,252 retirees.

CHF

Who they are…

· In 1993, a group called the “Regional Council of Rural Counties or RCRC” (made up of 30 rural counties in CA) formed the California Rural Home Mortgage Finance Authority (CRHMFA) aka as Cal Rural to help increase homeownership opportunities.

· In 2002, CRHMFA sponsored the Homebuyers Fund, Inc., now known as CHF.

Who they serve…

· Families and individuals who can afford a mortgage loan but do not have the resources for the down payment and closing costs

What they provide…

· CHF offers financing up to 99.50% designed to increase homeownership opportunities to low-to-moderate income individuals and families in CA.,

FHA-VA-Government Loan Programs

• Some of the other benefits of FHA financing: Only a 3.5 percent down payment is required.
• Closing costs can be financed. One thing to keep in mind is that the seller of a property may pay up to 6% of the purchase price for buyer closing costs. This can help reduce the buyer amount needed to close.