UPDATED Home Loan Options for CalPERS Members Homeownership Education Workbook and Notes

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1 UPDATED Home Loan Options for CalPERS Members Homeownership Education Workbook and Notes

2 Slide 1 UPDATED Home Loan Options for CalPERS Members Thank you for attending We will begin in a moment Class Scheduled to begin at 6:00pm Scott Schang Branch Manager Katella Homeownership Educator Broadview Mortgage Corporation Slide 2 The Purpose and Goals of this Class Purpose: To Create and Empower Home Owners Goal: Educate you about the Specialty Home Financing Benefits available to CalPERS Members Goal: Provide homebuyers with the tools and resources necessary to understand all of the options available to you Goal: Update you on recent changes, challenges and opportunities with the CalPERS loan programs Slide 3 Topics We Will Cover In This Class Eligibility Guidelines for CalPERS Loans Available CalPERS 100% Financing Option CalHFA CHDAP Closing Cost and Down Payment Assistance Options Changes and Challenges with CalPERS loans Wrap Up and Take Aways

3 Slide 4 Ask Questions during presentation You may type questions in at any time during the presentation Questions box on your screen Homeownership experts are standing by to answer your questions during the presentation This is an interactive learning environment. You will get the most value by having your specific questions answered The only dumb question is the one you don t ask Write number down now in case you get disconnected Slide 5 How CalPERS benefits from Program CalPERS pension fund invests in mortgage notes as mortgage backed securities CalPERS is not a lender Payments go back into CalPERS, pension fund Contributes to the growth and stability of your retirement system as a member of CalPERS Slide 6 Who is Eligible Active or inactive Member of the California Public Employees Retirement System CalPERS Active or inactive Member of the Legislators Retirement System LRS Active or inactive Member of the Judges Retirement System JRS Retired and Annuitant Members are also Eligible

4 Slide 7 Available Loan Programs CalPERS offers Conventional & FHA Loan Options FHA allows 1-4 unit properties Conventional loan programs are subject to PMI Maximum 90% LTV & 41% DTI Debt to Income (DTI) ratios limited to 45% on Dec. 12 th Underwriting guidelines follow standard guidelines CalPERS sets interest rates and fees Rates set and published daily by CalPERS Origination fees limited No rebate or yield spread to lenders allowed Maximum lender fees - $ CalPERS - Slide 8 Property Qualifications Eligible Properties Single Family Residence Detached 2-4 Unit Properties Attached Conforming FHA Only Up to $417,000 loan amount Cannot use down payment assistance Condominiums / Townhomes Attached Must intend on occupying property as primary residence No investment or second homes Home can be located in any State You must move into home within 45 days of note date documents drawn Slide 9 FHA Fixed Rate Low to No Down FHA Loans are Government insured - MIP Up to 96.5% Loan to Value 3.5% minimum down payment Can be used in conjunction with a CalPERS personal loan to pay down payment Must meet requirements for personal loan Credit and Qualifying guidelines are much more flexible than conventional Can use non-occupying co-mortgagers to qualify

5 Slide 10 FHA Fixed Rate Low to No Down FHA Loans require 2 types of Mortgage Insurance Premiums - MIP Upfront Mortgage Insurance Premium 1.75% of Loan Amount Can be financed into loan amount Monthly Mortgage Insurance Premium.55% of Loan Amount Included in monthly payment Included on mortgage statement Slide 11 CalPERS Personal Loan Guidelines Personal Loan is available to take out for the purposes of contributing to the down payment required to purchase a home CalPERS Personal Loan is secured by Member s retirement account with a pledge agreement. Funds are not withdrawn from the Member s account, but used as collateral for the CalPERS Personal Loan Loan is treated as a liability and payment included in debt to income ratio No lien is placed against the property Slide 12 CalPERS Personal Loan Guidelines Eligible Borrowers Active or inactive members of CalPERS, LRS and JRS Retired and annuitant members, and Tier Two Member whose contributions are service credits are not eligible for the Personal Loan

6 Slide 13 CalPERS Personal Loan Guidelines Eligible Properties Single family residence - Detached Condominiums - Attached Planned Urban Development - PUD Must be occupied as principle residence No multi family properties - 2 to 4 units not eligible Slide 14 CalPERS Personal Loan Guidelines Loan Type Personal loan is fixed rate, fully amortized Loan Term Loan term is determined by loan amount $1,000 - $1,499 3 Years $1,500 - $2,999 4 Years $3,000 - $4,999 5 Years $5,000 - $9, Years $10,000 - $18, Years Minimum loan is $1,000 Minimum term is 1 year Slide 15 CalPERS Personal Loan Guidelines Maximum Loan Amount Up to 5% of the value of the home or Up to 50% of each Member s current contribution to retirement account Maximum Personal Loan amount is $18,421 Members may obtain their current contribution amount, available for use on a CalPERS Personal Loan by contacting CalPERS at First loan amount can not exceed $350,000

7 Slide 16 California Homebuyer s Downpayment Assistance Program - CHDAP Maximum loan amount 3% of purchase price Fixed interest rate for the entire loan term Rates set and published by CalHFA Rates do not float like typical loan programs See tools & resources on site for link to rate sheet Term of CHDAP Loan Term matches the term of the first mortgage Payments on the junior loan are deferred for the life of the first loan Minimum Borrower Contribution Minimum 3% of the sales price required from the borrower(s) own funds Slide 17 California Homebuyer s Downpayment Assistance Program - CHDAP Repayment of CHDAP Transfer of title Sale of the residence Payoff or refinance of the first loan Upon the formal filing and recording of a Notice of Default (unless rescinded) Program Limitations Income limits - Determined by county & household First time homebuyer Cannot have owned in past 3 years Sales price Determined by county Program Restrictions First lien holder must allow for community seconds Slide 18 Using CHDAP with CalPERS CalPERS Personal Loan meets borrower minimum contribution requirements CHDAP can be used for down payment assistance or closing costs CalPERS FHA 1 st Mortgage + Down Payment Assistance + CHDAP = Max 102% CLTV Loan

8 Slide 19 Using CHDAP with CalPERS Opportunities with CalPERS Loan Programs CHDAP may be used with non-calhfa first mortgages if first lender is approved with CalHFA CHDAP may be used in tandem with CalPERS FHA and CalPERS personal loan (borrower s own funds) Possible Uses for CHDAP with CalPERS Additional down payment beyond the 3% required by CalHFA Pay upfront Mortgage Insurance Premium 1.75% Reduces monthly payment Saves thousands in interest by not financing MIP Cover closing costs title, escrow, taxes, insurance, points Slide 20 Changes and Challenges Interest Rate Float Down Eliminated Removes opportunity to reduce rate if drop occurs during escrow Benefit of using CalPERS is only lender fee Opportunity: Standard FHA may be better pricing As of today CalPERS pricing is better! Broadview Mortgage will honor $350 lender fee Other lenders may not Slide 21 Changes to FHA Condo loans On November 2 nd, 2009 FHA to adopt stricter guidelines for Condo s to match Fannie Mae Must be 50% owner occupied Cannot have unresolved litigation More than 15% HOA delinquency not eligible Condos using FHA financing could be Approved on a case by case basis Spot Approval No longer available starting November 2 nd New construction condominium project guidelines more strict as well

9 Slide 22 CalPERS Home Loan Review Conventional conforming and non-conforming loans require minimum 10% down payment Can use Personal Loan up to 5% if eligible FNMA Guidelines more restrictive Dec. 12 th 45% DTI max Interest Rate Float Down eliminated Standard FHA may offer more aggressive pricing FHA fixed rate first mortgage with Personal Loan provides no down payment option Lender closing costs are limited by CalPERS to $350 If you work in a Public School or Community College May be eligible for CalSTRS 80/17 3% down payment required No MIP Slide 23 Wrap up and Take Aways We are a direct Lender that specializes in CalSTRS, CalPERS, CalHFA, FHA, VA, USDA and Community based down payment assistance programs We are CalPERS experts and would like an opportunity to speak with you about your options We are more than happy to be your second opinion if you are already working with someone We are more than happy to recommend you to a qualified Real Estate Agent that shares our values and passion for education Slide 24 Wrap up and Take Aways You will receive a Thank you with links to the information we ve talked about here today including Copy of Workbook & Notes PDF Links to the topics we discuss in class CalPERS Interest rates FHA Loan Limits FHA Approved lender search CalHFA CHDAP program guidelines CalHFA Interest rates

10 Slide 25 Thank You for Attending If you enjoyed this class Tell a friend Please tell us how we re doing Follow up includes a link to Praise page Your feedback is greatly appreciated For more information Homeownership Educator Scott Schang Branch Manager Broadview Mortgage Corporation

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