FHA - The Federal Housing Administration (FHA), a wholly owned government corporation, was established under the National Housing Act of 1934 to improve housing standards and conditions; to provide an adequate home financing system through insurance of mortgages; and to stabilize the mortgage market. FHA was consolidated into the newly established Department of Housing and Urban Development (HUD) in 1965. Since 1934, FHA has been extremely successful in achieving these goals. An FHA loan allows you to put a very low down payment on your home. The maximum loan limit is based on the average cost of living in your area. The FHA program for homebuyers is one of the most popular due to the ease of qualifying and low down payments.  back to top

FHA-EEM - An FHA Energy Efficient Mortgage recognizes the energy savings of a home. It allows the buyer (or homeowner who is refinancing) to qualify for a larger mortgage to finance the construction or installation of improvements that will increase the home’s energy efficiency. Improvements might include insulation, new energy efficient heating and air conditioning systems, new water heaters, etc. The maximum amount is 5% of the property value (not to exceed $8,000) or $4,000, whichever is greater. This loan can be used on existing single family homes or two unit properties (such as a duplex.)  The home must be inspected by an energy consultant. The fee for the inspection may be financed by the loan. The rating report will determine if the cost of the improvements (plus any maintenance costs) will increase the energy efficiency of the home. If the improvements will save money on the utility bills, the cost of the improvements may be financed in the loan. back to top

VA - The purpose of the VA-guaranteed loan program is to provide loans to veterans to purchase or refinance a home. Veterans can obtain up to 100% financing on purchases. The benefits of a VA loan are: no down payment, no cash reserves, existing home or new construction, manufactured homes or lots, can be used for refinance, no monthly mortgage insurance, no need to be a first time buyer, can repay without penalty.  The limitations are: co-borrower must be spouse or have own entitlement, only open to veterans, active duty military or reservists, funding fee is added to the loan and the loan limit is $203,000. back to top

CalPERS - This loan program is for members of the California Public Employees' Retirement System who are eligible for the 100% Financing Program may be able to get into a home with no out-of-pocket money.  They can receive a secured CalPERS Personal Loan for their down payment for up to 3% of the purchase price of the home.  The Personal Loan fulfills the minimum 1% down payment required from the borrower's own funds.  In addition, a 3% Silent Second from California Housing Loan Insurance Fund (CaHLIF) can be used for closing costs (recurring and non-recurring), permanent interest rate buydowns, and down payment.  Also, seller contributions of up to 3% towards closing costs are allowed. (Note: the borrower cannot receive any cash back) back to top

CalSTRS - This loan program is for members of the California State Teachers Retirement System and has competitive loan rates on a variety of mortgage loan programs:

PERS - Members of the Public Employees' Retirement System are eligible for financing home purchases and refinances up to $350,000. Members or annuitants receiving benefits are eligible under the P.E.R.S. Member Home Loan Program. Public employees who are participating in P.E.R.S. second tier retirement programs and are not required to contribute to the system are considered active members. An annuitant is a person who receives a monthly retirement benefit from the retirement systems described above.

P.E.R.S. loans are available to finance one to four unit properties, townhomes and condos located in California. Borrowers must occupy the property for at least 1 year. back to top

ACCESS GOLD - This is a loan which carries a second loan for up to 5% of the value of the propert which can be used for the down payment and closing costs.  The total of the first and second loan can be up to 102% of the property value. back to top

MTA LOANS - The MTA ARM’s interest rate adjustments are based on a 12-month moving average of the 1-Year Constant Maturity Treasury yield. Because the MTA Index is an average, it will move slowly and smooth-out any large 1-Year CMT fluctuations that might occur. 

Since the interest rate changes more frequently that the payment amount, and payment increases are limited, the loan’s monthly interest could exceed the payment amount. Any such difference is added to the loan principal - resulting in negative amortization. Of course you could avoid negative amortization by making sufficiently higher loan payments. back to top

FARM LOANS -USDA Rural Development's Guaranteed Rural Housing (GRH) Program is designed to meet the needs of rural home buyers who have the necessary income and credit history required to qualify for a conventional mortgage, but not the down payment. The GRH program encourages lenders to provide financing to qualifying home buyers by reducing the amount of risk involved for the lender. back to top

COFI - The cost of funds index (COFI) is not an interest rate. It reflects the average interest paid by savings institutions for their various sources of funds over a specified period of time. Deposits in checking and savings accounts — including certificates of deposit, money market deposit accounts, transaction accounts, and passbook accounts — are the primary source of funds for most savings institutions. Other sources of funds include loans obtained through credit programs (known as "advances") and money borrowed from other financial institutions.

In general, the COFI does not move up or down as rapidly as market interest rates (such as the prime rate, the discount rate, or Treasury bill rates) because many savings institutions rely on fixed rate deposits of medium- and long-term maturities as a primary source of funds. Since rates on these deposits are not affected by changing market interest rates until the deposit matures, the total interest expense paid by savings institutions in a particular month reflects, to a significant degree, interest rates that were prevalent in previous months or years. back to top

CHAFFA - CHFA or ‘CHAFA" as it is sometimes known, is operated by the California Housing Finance Authority. It is designed to provide up to 100% of home loan financing to prospective eligible first-time homebuyers. It generally consists of a standard 97% EHA - CHFA fixed-rate 30-year mortgage and a 3% CHFA down payment assistance second mortgage, which is also called a "sleeping" or "silent" second. The second mortgage is offered for 30 years at 3% simple interest. All payments are deferred on this second mortgage until one of the following happens: the CHAFA first mortgage becomes due and payable; the first mortgage is paid in full or refinanced; or, the property is sold.  back to top

FREDDIE MAC GOLD - Freddie Mac (Federal Home Loan Mortgage Corporation) is a stockholder-owned corporation established by Congress in 1970 to support home ownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage passthrough securities and debt instruments in the capital markets. Freddie Mac guarantees these securities and mortgage lenders sell their loans to Freddie Mac and use the proceeds to fund new mortgages, which in turn increases the money supply to homebuyers. The Company does not make loans directly to homebuyers, but puts private investor capital to work for homebuyers in general. back to top

JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage with full document, alternate documentation and limited documentation. This product is for our elite borrower’s, therefore, offers higher loan amounts and very competitive pricing.

Cash out and No cash out refinance are allowable.  Single family detached, Condo’s, PUD’s and 1 unit second homes can be financed with no prepayment penalty.  Secondary financing is allowable on lower LTV’s. back to top

1% DOWN PROGRAMS - There are several programs available that allow financing a property loan with a minimum of 1% down.  Some may or may not require the buyer to pay the closing costs, buy down points or higher interest loans. back to top

STATED INCOME - Loans where your income is not requested or verified for as little as 10% down are stated income loans.  There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers. back to top

FANNIE MAE FLEX - Fannie Mae buys single-family home loans from mortgage bankers, savings and loan associations, commercial banks, credit unions, state and local housing finance agencies (HFAs), and other financial institutions thereby providing a steady stream of mortgage funds available for lending to America's homebuyers. back to top

100% FINANCING - A 100% financed loan will finance the total cost of the property, usually leaving only the closing costs to be paid by the borrower. back to top

ZERO DOWN PROGRAMS - Loans requiring No Down Payment maximum financed amount can include closing costs and prepaid items to a maximum loan to value of 103%. back to top

CAL VET - CAL-VET is a program very similar to the VA programs. We can provide all the information that you will need to determine if a CAL-VET loan is a good option for you.

Some to the features of the program are: 6.95% interest rate; Peace time era veterans are eligible; $250,000 maximum loan amount; 2% down payment; Low loan fees; 60 to 75 day loan processing; Use your CAL-VET loan again, if qualified; Construction loan; Low cost insurance program. back to top

MANUFACTURED HOMES - Most loan programs can be used for the purchase of manufactured homes providing they are on a permanent foundation and were constructed after 1976. back to top

FUTURE VALUE LOANS - A borrower may acquire a loan on construction or improvement of a property based on the value of that property upon completion of the construction and/or improvements. back to top

HIGH DEBT RATIO LOANS - Borrowers having the ratio of their monthly bills to their monthly income higher than 50% is concidered a high debt ratio.  Loan programs are available for these borrowers, allowing them to finance the purchase of a home or property. back to top

SELF EMPLOYED LOANS - This loan is designed mainly for self employed borrowers who minimize their income on their tax returns, or may simply not wish to disclose their income for the purpose of doing a loan. They can qualify by their stated income, or with bank statements. back to top