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Mortgages on California Real Estate, CalPERS Home Loans for CalPERS Members

FHA Home Loan Mortgage Program

- 203(b) Purchase and Refinance - Streamline Refinance - 203(k) Renovation Purchase -

- 203(b) CalPERS FHA Purchase - 203(k) Renovation Refinance - FHA HUD REO -

- FHA Energy Efficient Mortgage (EEM) - FHA Reverse Mortgage -

The Federal Housing Administration provides both current and future home owners with many unique financing options. While the FHA mortgage program is technically not 'credit score driven' most lenders have set their own minimum credit scores. FHA Home Loans can be the perfect choice for first time home buyers as the minimum down payment is less than what conventional mortgages require. Conventional loans can have extremely high fees with little money down and credit scores that may be average or below.




What are the main benefits of the FHA program?

*The program is available to First Time Home Buyers or prior home owners. FHA loans may only be used on Owner-Occupied residences.
*The CalPERS Personal Loan may be used for part or all of the down payment. See below for details.
*As Little as 3.5% Down Payment Required.
*Sellers may credit up to 6% of the purchase price towards the buyer's closing costs.
*Down Payment may be a gift from an immediate family member. It must be trackable and have no repayment requirement.
*The FHA home loan is also available to borrowers with damaged credit.
*Non-Occupant Co-Borrowers are allowed.
*Lower monthly Mortgage Insurance than comparable conventional programs.
*FHA Streamline Refinances do not require appraisals or credit reports.
*FHA Home Loans are available for purchases, rate and term refinances, and cash-out refinances.
*New FHA Mortgage limits are up to $729,750 in some areas. Call for details for specific county information.
*FHA Home Loans are available to many non-resident aliens (please contact us for more information).
**CalPERS Members may use a CalPERS Personal Loan for the down payment of a home. This feature is available on the CalPERS FHA Home Loan as well as the CalPERS Conventional Home Loan. Members may borrow up to half of the amount in their CalPERS Retirement Account. The maximum CalPERS Personal Loan may also not exceed 5% of the purchase price of the home and is currently limited to a maximum of $18,421. The CalPERS Personal Loan is not technically considered a second mortgage but it is tied to the first mortgage. The CalPERS Personal Loan must be repaid when the home is either sold or refinanced.



We work to get you the best loan possible. Our qualification process is simple and fast!

To apply for an FHA Home Loan please complete the online loan application. An FHA Mortgage Loan Officer will contact you within one business day.







Licensed by the California Department of Real Estate Broker's License #01871737


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Program Development Jason Shapiro Tuesday 04 April 2006 - 18:04:52 | Quality Funding, LLC
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