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USDA |
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Geographically and income driven call for eligibility |
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100% Financing |
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No mortgage insurance (2% one time guarantee fee which can be financed) |
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Borrower does not have to be a first time homebuyer, but cannot own another property. |
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Alternative credit allowed each borrower needs 4 trade lines rated for 12 months with no 30 day lates. |
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FHA approved appraiser |
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SFR only |
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No reserves required |
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Competitive rates |
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Closing costs can be paid by seller or with gift funds.
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VA |
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100% Financing |
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Seller can pay all closing costs |
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Pest clearance required |
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No mortgage insurance (one time VA funding fee can be financed) |
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Loan limit of $417,000 including funding fee |
Cal Vet |
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100/95% Financing |
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Minimal fees |
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Pest clearance required |
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Loan limit of $521,250.00 |
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Program is for all Veterans purchasing in California |
Cal PERS |
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For PERS members only (Example: County, City and State employees) |
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Purchase or refinance |
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Minimal fees |
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60 day lock in with the float down option |
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95% Financing |
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Can borrow 5% down payment against PERS retirement if fully vested. |
FHA |
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97% financing |
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Current loan limits
$393,750.00 - SFR
$504,050.00 - 2 units
$609,300.00 - 3 units
$757,200.00 - 4 units |
As of January 2009
$327,750.00 - SFR
$419,550.00 - 2 Units
$507,150.00 - 3 Units
$630,300.00 - 4 Units |
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FHA approved appraiser |
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Upfront mortgage insurance can be financed, but also has monthly mortgage insurance |
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Owner occupied only |
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Gift funds allowed |
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Alternative credit accepted |
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Non-occupant co-borrowers allowed. |