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UNDER 640 FICO SCORE LOANS

ZERO DOWN & HALF PERCENT DOWN PURCHASE LOANS & MUCH MORE
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Call Today for the Loan that fits your needs. SERVING CALIFORNIA ONLY.
Loan Programs: Frank Shaw / Sheryl Arndt, Broker offers
 
This is a list of some of the Loan Programs we offer. Too many more to list... HUD's Shopping for your Home Loan Booklet

FHA:
FHA loans are ideal for first time homebuyers. They are made only by approved private lenders and insured by the Federal Housing Administration. Down payments, when and where required, can be in the form of gifts, grants or subordinate financing. These loans can be either fixed or adjustable interest rate with 30 year repayment terms. There is no prepayment penalty on FHA loans. Each area of the country has its own designated maximum loan amount, as determined by the Department of Housing and Urban Development (HUD).


CalHFA:
is just one of a limited number of approved lenders to offer California's Housing Finance Agency (*CalHFA*) Homeownership Loan Program. Featuring below market interest rates, down payment and closing cost assistance, with set fees. CalHFA is the perfect loan program for qualified first-time homebuyers. There are income, credit and sales price limitations in order to be eligible for CalHFA loans. For over 30 years, California Housing Finance Agency (CalHFA) has supported the needs of renters and first-time homebuyers by providing financing and programs that create safe, decent and affordable housing opportunities for individuals within specified income ranges. Established in 1975, CalHFA was chartered as the State’s affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds. A completely self-supporting State agency, bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars.


HELP: Half Percent Down Payment Program   PROGRAM ON HOLD


CHF Access Half Percent Down Payment Assistance Program

Owning a home may be easier than you thought possible with the CHF ACCESS Down Payment Assistance Program. The Program is designed to assist low-to-moderate income homebuyers with the purchase of a home, by providing a means to finance most of the associated down payment.
The Program combines a 30-year fixed interest rate FHA First Mortgage Loan with down payment and/or closing cost assistance from CHF in the form of a low fixed interest rate Second Mortgage, making combined financing up to 99.5% of the purchase price possible. It is available for purchases of both new and existing homes, as long as the home will be the primary residence of the homebuyer, and does not require that the homebuyer be a first-time homebuyer.  

CHF Access Program - Income Limits


CHDAP: Half Percent Down Payment Assistance Program

The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less, to be used for their down payment and/or closing costs. This program may be combined with a CalHFA or non-CalHFA, first mortgage loan. The down payment would be half percent with a minimum 640 fico score. You must be a first-time homebuyer (have not owned a home within 3 years), owner occupy only, non-occupant co-borrower is not allowed. You must complete a homebuyer education counseling course. The eligible properties are single family residence, one-unit residence, including approved condominium/PUDs. Manufactured housing is not permitted. There is a five acre maximum for the size of the property.  

The sales price cannot exceed CalHFA's sales price limits established for the county.

Your income must be less than the allowable CHDAP FHA first mortgage income limits.

CHDAP with VA, USDA, or Conventional first mortgage. CHDAP income limits with VA, USDA, or Conventional first mortgage.

 

CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.


MCC: Mortgage Credit Certificat Tax Credit Program, MCC Flyer

A federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their U.S. individual income tax returns.


HUD - Section 8 Homeownership Voucher Program


Conventional:
Conventional loans are mortgages that are not covered by any government program of insurance or guarantee. Such loans may be eligible for purchase by the major secondary market agencies, Fannie Mae and Freddie Mac, which offer standardized underwriting guidelines. these loans can be either fixed or adjustable interest rate and have a variety of repayment terms available that can be tailored to your individual needs.


Jumbo or Non-Conforming:
If the anticipated amount of your mortgage loan exceeds the maximum amounts permitted with Conventional loans. Blue Sapphire Investments offers a variety of mortgage options which will meet your needs. Referred to as Jumbo or Non-Conforming, loan amounts may be up to $1.0 million or more. They can be either a fixed or adjustable rate mortgage. Program parameters vary depending on the down payment and actual loan amount and terms acquiring their second, third or subsequent home loan.

Fannie Mae:
F
annie Mae provides stability, liquidity, and affordability to the nation's housing finance system under all economic conditions. We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Our job is to help those who house America. Fannie Mae was created in 1938, under President Franklin D. Roosevelt, at a time when millions of families could not become homeowners, or risked losing their homes, for lack of a consistent supply of mortgage funds across America. The government established Fannie Mae in order to expand the flow of mortgage funds in all communities, at all times, under all economic conditions, and to help lower the costs to buy a home. Fannie Mae has a unique duty to the public it serves -- and the private investors that fuel its service -- to be a model company focused on service, reliability, and value. Like all who participate in the housing market, Fannie Mae has a responsibility to help home buyers, homeowners, and communities through market challenges. We believe in the long term health of America's housing market. The nation is growing and that growth will bring a renewed demand for housing and for responsible, sustainable mortgage lending. Fannie Mae will be there to help meet America's changing housing needs.

Freddie Mac:
Every day Freddie Mac helps millions of families in neighborhoods across America buy their own homes or enjoy quality and affordable rental housing by linking them to the world's capital markets. In the process we reduce the costs of housing finance and expand housing opportunities for all families, including low-income and minority families. It is a unique mortgage finance system that makes homeownership a reality for more of America's families.

Ginnie Mae:
At Ginnie Mae, they help make affordable housing a reality for millions of low- and moderate-income households across America by channeling global capital into the nation's housing markets. Specifically, the Ginnie Mae guaranty allows mortgage lenders to obtain a better price for their mortgage loans in the secondary market. The lenders can then use the proceeds to make new mortgage loans available.Ginnie Mae does not buy or sell loans or issue mortgage-backed securities (MBS). Therefore, Ginnie Mae's balance sheet doesn't use derivatives to hedge or carry long term debt.What Ginnie Mae does is guarantee investors the timely payment of principal and interest on MBS backed by federally insured or guaranteed loans — mainly loans insured by the Federal Housing Authority (FHA) or guaranteed by the Department of Veteran Affairs (VA). Other guarantors or issuers of loans eligible as collateral for Ginnie Mae MBS include the Department of Agriculture's Rural Housing Service (RHS) and the Department of Housing and Urban Development's Office of Public and Indian Housing (PIH).Ginnie Mae securities are the only MBS to carry the full faith and credit guaranty of the United States government, which means that even in difficult times an investment in Ginnie Mae MBS is one of the safest an investor can make.

CalSTRS: non-conforming loans suspended
Public School District Employees, certified or non-certified, and teachers, professors and employees of the California Community College System are eligible for California State Teachers Retirement System (*CalSTRS*) loan programs through FMC. High loan balances loans with various down payment options are just some of the many features of the CalSTRS program. CalSTRS allows one rate float down, at anytime after locking in the loan, if rates move down. The float down opportunity is available, just once, for 45 days following the lock-in of the loan.

CalPERS:
is an approved California Public Employees Retirement System (*CalPERS*) lender. CalPERS members are eligible for program benefits such as reduced fees, highly competitive rates, and special low or no downpayment programs. such programs are available to any active, inactive, or retired member of CalPERS, Legislators' Retirement System (LRS), or the Judges" Retirement System (JRS). Qualifying for a CalPERS Home Loan is no different from qualifying for any other type of mortgage. But, the CalPERS program offers you many advantages over other loan programs. Key features include a free 60-day CalPERS interest rate lock with float down option.

VA or CalVet:
Available to individuals who have served or are currently in the U.S. armed forces that meet eligibility requirements. VA mortgages may be provided with no down payment required, making them ideal for first-time borrowers. VA loans are make by approved lenders, such as FMC and guaranteed by VA. Closing costs are regulated for the protection of the Veteran. VA loans are also assumable with release of liability and there are no penalties for prepayment.

USDA Rural zero down:                          Frank Shaw, Sheryl Arndt, Authorized USDA Rural Loan Officer
No where is the American dream of home ownership more desired than in California. There is no more committed group, helping Californians realize this dream than the USDA Rural Development Single-Family Housing Team. Their Single-Family Housing Program helps finance new or improved housing for moderate-,low- and very-low-income families each year. In 2007, they invested over $104 million in loan and grant programs to encourage affordable housing in California.Major initiatives within this department include Home Ownership Loans, which help low-income households purchase, construct, repair or relocate homes; Home improvement and Repair Loans and Grants, which enable very-low income rural homeowners to remove health and safety hazards from their homes and make homes accessible for people with disabilities; and Self-Help Housing Loans, which enable groups of 8-12 low-income families to build their own homes providing materials and skilled labor they cannot furnish themselves. California's robust housing market has created significant challenge for affordable housing in California. Strong demand for housing combined with higher construction costs and lagging incomes, makes homeownership difficult, especially for first-time homebuyers. USDA Rural Development, with its theme, "Committed to the future of rural communities," is committed to forming new partnerships with local business groups and lenders to strengthen the economic fabric of rural counties. They will remain steadfast in their missions to encourage development of low-income housing.
Zero Down Payment is Adelanto, Phelan, Pinon Hills and county areas outside other city limits. Call Now for list of foreclosures.
 

USDA RURAL ZERO DOWN BROCHURE 

 

USDA RURAL ZERO DOWN PROPERTY ELIGIBILITY SEARCH LINK


Self Employed, Foreign Nationals, W2 Wage Earner, Primary Residence, Investment, Second Home, 1-4 Units, SFR, PUD's, Warrantable Condo's.
Eligible Borrowers: U.S. Citizen, Permanent Residents, Foreign Nationals with valid passport, visa to US ( Visa Waiver Program allowed ).
*Credit Scores are not required for Foreign Nationals
Purposes: Purchase, Rate and Term, Cash-Out Refinance.

H.A.R.P. 2.0 : (Refinance) UNLIMITED LTV
Lost home equity? Upside Down / UnderWater home owners..... there is hope! Find out if you qualify for the new Obama HARP 2.0 Refinanceprogram. Most are saving $250 - $600 a month or more with this refinance program.


203k Loans: 203(K), 203(K) Refinance, 203(K) Streamline Refinance: The FHA 203(k) loan lets you purchase or refinance and rehabilitate a property with one loan closing. The projected rehabilitation costs are held in an escrow account and disbursed as work is completed and inspected. The loan amount is based on the lower of the projected market value following repairs or purchase price plus renovation costs.

These are just some of the Loan Programs available, and why Frank and Sheryl should be considered...

"YOUR BEST LENDING RESOURCE"

SHERYL HAS THE LOAN FOR YOU... CALL NOW! 760-486-4225


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