CalSTRS Home Loan Program Special Programs

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1 Great Rates. Great Programs. Great Service. CalSTRS Home Loan Program Special Programs Built On Knowledge, Commitment, and Trust Since 1988 REV:

2 About CalSTRS! CalSTRS History Loan Officer Certification General CalSTRS Home Loan Program Guidelines Standard Conventional Product Guidelines Home Connections Product Guidelines (effective ) Rate Locks and Float Downs Fees CalSTRS Marketing Guidelines CalSTRS Web site 2

3 CalSTRS Home Loan Program 3 The CalSTRS Home Loan Program was created in 1984 and restructured in July of Bank of America is the Program Administrator since July of 2004, with approved mortgage correspondents that originate, package and deliver closed loans on behalf of the CalSTRS Member. The Program was designed to offer CalSTRS members a great choice of mortgage loans with competitive rates, along with first-class service. Borrower Advantage: Borrower s Money Works for the Pension Fund Borrowers can obtain a great loan with a competitive rate and their money works for them, since Income derived through the Home Loan Program goes directly into the California State Teachers Retirement Fund.

4 New Requirements for Loan Officers CalSTRS is enforcing additional requirements to lenders who originate loans under their program. This is to ensure the loan officer is knowledgeable of the program. Unique id's will be assigned by Land Home for each CalSTRS approved loan officer. Mandatory training for each loan officer and processor (conducted by lender). 4

5 CalSTRS Home Loan Program Standard Conventional Product 80/17 Product (discontinued with locks ) Home Connections (80/15) effective

6 General CalSTRS Guidelines Eligible Properties Properties must be located within the State of California Owner occupied Principal residences Manufactured homes are not eligible Condos meeting Fannie Mae eligibility requirements No unpermitted additions or conversions to property 6

7 General CalSTRS Guidelines Eligible Borrowers A member of the California State Teachers' Retirement System Employees of a California public school district Employees of a CA Community College CalSTRS Employees As proof of eligibility, a copy of a CalSTRS benefits statement, or a pay stub or VOE from a California public school district must be included in the file sent to underwriting at time of loan submission. Borrowers must have a valid social security number 7

8 General CalSTRS Guidelines Temporary and permanent buy-downs are not permitted Loans are not assumable No prepayment penalties are allowed Alt docs (paystubs, W2 s, bank statements, etc.) are permitted, according to Fannie Mae and Freddie Mac guidelines. Appraisal or property inspection required according to AUS cert, unless waived by AUS cert (fee assessed) No Flips under 1 year allowed (Bank of America overlay) 8

9 Standard Conventional Loans Purchases Refinances (including Cash Out Refi s) 15 and 30 Year Fixed Rate Conforming 9

10 Standard Conventional Loan Summary Eligible Properties Term Owner-occupied 2- to 4-units; attached and detached SFRs; condos; and PUDs 15 or 30 years Conforming Loan Amount Up to $417,000 Loan-to-Value (LTV) of 1st Mortgage 95% Down Payment Sources of Closing Costs Standard Fannie Mae Guidelines Standard Fannie Mae Guidelines

11 Standard Conventional Conforming Loans Loan Amounts up to $417,000 LLPA s are required for loan characteristics, adverse market, and escrow waiver. The LLPA s are the same as what is in use by Fannie Mae.

12 Standard Conventional Underwriting Guidelines Homebuyer education is not required Non-occupant co-borrowers and co-signers are permitted 5% minimum down payment from borrowers own funds Closing costs may be paid by third party Borrowers may not own other property. Non-permanent resident aliens are eligible CalSTRS will not require impounds on the Conventional Standard product loans if the LTV is below 89% Conforming: Ratios : Standard Fannie Mae/Freddie Mac Guidelines Reserves: stricter of 2 months or AUS instruction 12

13 Mortgage Insurance Required on all loans exceeding 80% LTV Any Bank of America approved MI Company is eligible to insure first mortgage loans. Standard Fannie Mae required MI Coverage

14 Home Connections Purchase Transactions 30-year Conforming Loans 14

15 Home Connections Eligible Properties Term Conforming 1 st Loan Amount Up to $417,000 Loan-to-Value (LTV) of 1st Mtg 80% Loan-to-Value (LTV) of 2nd Mtg 15% Max CLTV of 1st and 2nd Mtgs 95% Down Payment 5% Sources of Closing Costs 2nd Mortgage Loan Level Price Adjustments Owner-occupied SFRs; approved condos; approved attached and detached PUDs 30 years (1st and 2nd mortgages) Borrower s own funds, seller contributions up to 3%, gift from relative, or unsecured grant from approved government agency Fully amortizing 15% 2nd mortgage Refer to CalSTRS Price Guide

16 Home Connections Second Mortgage Loans Interest rates for the second mortgage loan carries the same rate as the first mortgage 30-year term with no deferral period CalSTRS Note and Deed must be used 16

17 Home Connections Loans Loan Type LTV 1st LTV 2nd Maximum Loan 1st Maximum Loan 2nd Max Combined Loan Conforming 80% 15% $417,000 $78,187 $495,187

18 Home Connections Underwriting Guidelines Homebuyer Education is required for 1st Time Homebuyers Borrower(s) can not own any other property Non-occupant co-borrowers and co-signers are not permitted 5% down payment is required, a minimum of 3% must come from the borrower s own funds. Remainder may come from: Gift from a relative if repayment is not required Grant from a government agency or an employer- assisted housing program, which has been approved by Bank of America Title Policy for 80/15 must cover 1st and 2nd loan amounts and be disclosed on the 1 st Mtg. GFE Recording fees should be disclosed on each the 1 st and 2 nd CalSTRS will requires impounds on all 80/15 loans. Non-permanent resident aliens are eligible Credit score of 640 is required for all combined loan amounts up to $400,000 Credit score of 740 is required for all combined loan amounts above $400,001 18

19 Home Connections Underwriting Guidelines Conforming: Ratios: Standard Fannie Mae/Freddie Mac guidelines Reserves: Stricter of 2 months or AUS instruction 19

20 Allowable Fees Origination Fee: 1.00% Standard Conventional 1.25% Home Connections (only on 1st loan) Discount Points: Not allowed Other Closing Costs: Normal and customary fees are allowed including the appraisal fee, credit report fee, survey fee, title insurance premium, and other closing, costs as permitted by the respective agency such as Loan Level Price Adjustments (LLPA s). 20

21 Fannie Mae Fees All CalSTRS Conforming conventional loans are subject to the Fannie Mae 0.25% Adverse Market Delivery Fee, in addition to the applicable loan level pricing adjustments per LTV and Credit score (LLPA table posted on the Extranet). 21

22 CalSTRS Interest Rate Lock and Float Down Interest Rate and Lock Period: Programs priced daily by CalSTRS, posted on CalSTRS Website 45 day rate lock, loans A one time free 15 day extension is available. Float Down Opportunity: One-time free float down. Float down must be locked with CalStrs same day. Requests for float downs with prior dates will not be honored. The float down may occur at any time during the 45-day lock period The float down is not available after the 15-day extension period is exercised, regardless of when the extension is taken 22

23 Rate Locks and Commitment Locks for the Home Connections 1st and 2nd mortgages must be made concurrently Property changes require a new lock There is no fee for cancellations - All loans that will not be delivered must be cancelled Loans may be locked with normal Land Home locking process through PC Lender, please ensure you are requesting the lock for both the 1 st and the 2 nd. 23

24 Marketing Guidelines All marketing materials must be approved by Bank of America and CalSTRS. Marketing materials include hard copy advertisements (e.g., flyers, letters, ads, bulletins, etc.) as well as electronic advertising. Please do not post any CalSTRS advertising without prior approval from our marketing dept. You must be CalSTRS certified to in order to advertise CalSTRS products. For Information/training contact your local account executive. For Marketing Materials, please contact 24

25 PCLender Program Codes CSTRS CalSTRS Fixed 30 CSTRS CalSTRS Fixed 30 (80/17/3) discontinued CSTRS2nd CalSTRS Fixed 30 Yr. 2 nd (80/17/3) discontinued CSTRS CalSTRS Fixed 30 (80/15/5) CSTRS2nd CalSTRS Fixed 30 Yr. 2 nd (80/15/5) 25

26 PCLender Process Once you have established your 1 st Mortgage 80% CalSTRS loan in PCLender, prior to disclosure, simply Export the Record, then select Import in order to create the 2 nd mortgage. After this record is created, you must go into the Mortgage data screen and change the applicable fields for the 15% 2 nd Mortgage, including changing the lien position to 2 nd. Next, you will need to go into the fee screen to ensure the only fee reported on the 15% 2 nd Mortgage is the recording fee. Now you can generate disclosures to be issued to the client for both the 1 st and the 2 nd mortgages for customer review and signatures. Please refer to the Program Term Sheet to ensure you have recorded all applicable fees. 26

27 CalSTRS Website Home Loan Program

28 Great Rates. Great Programs. Great Service Willow Way, Suite 250 Concord, CA Phone: Equal Housing Opportunity Lender. AMX is a Division of Land/Home Financial Services, Inc. NMLS# Land/Home only conducts business in states we are licensed in. REV:

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