Incredible Home Loans for Teachers!
Are you looking to capitalize on low home prices and rates? This a new program with one of our lenders, it's a 97% loan split into a 1st and 2nd.
The 2nd is deferred for 5 years.
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
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
If you are interested in more details, please do give me a call at 818-378-8669 or email me at Liz@mortgagesmart.biz
